Author: Muindi

Co-operative Bank Group shareholders are set to receive Ksh 5.9 billion hefty dividends which translate to Ksh 1.00 per share for the 2019 fiscal year. This follows the conclusion of its 12thAnnual General Meeting (AGM) held virtually Tuesday. Co-op Holdings Co-operative Society, the 64.5 percent strategic shareholder will receive a dividend of Kshs 3.79 Billion. The bank has maintained a solid dividend track record on the back of sustained profitability over the years.   According to the lender, its 2019 financial performance was remarkable with the Bank reporting a profit before tax of Sh20.7 Billion, a 14 percent increase from the…

Kenya’s Commercial Court Judge Francis Tuiyott gave a restraining order to creditors’ intention to sell assets of struggling retailer Tuskys Supermarket. Through their lawyer, advocate Patrick Ogola, the retailer under a certificate of urgency sought orders against the continued attachment of its properties and freezing of its accounts by various creditors. “Having read the affidavit of Patrick Ogola sworn on October 16 2020, I hereby order a stay of any attachment, sequestration, distress or execution against the property of the company pending directions that are to issued on 27th October 2020. However this order does not affect Greenspan Ltd,” Justice…

Francis Kimanzi and his entire technical bench, consisting of assistant coach Zedekiah Otieno and goalkeeping coach Lawrence Webo have parted ways with Harambee Stars with immediate effect. This is according to Football Kenya Federation (FKF) who said their departure was by mutual consent. “The Federation is immensely grateful to coach Kimanzi and his departing members of staff that include assistant coach Zedekiah Otieno and goalkeeper trainer Lawrence Webo for their exemplary work, dedication, and unrivaled professionalism, which has strengthened Kenya’s chances of qualifying for the Afcon 2022 final tournament.” FKF says it will unveil a new coach on Wednesday. The…

Nicholas Mwendwa retained the Football Kenya Federation chairmanship after he garnered  77 votes during the FKF national elections held Saturday at Safari Park, Nairobi. His closest challenger Lordvick Aduda got five votes. Herbert Mwachiro garnered three votes while Bonface Osano and Daniel Mule didn’t get a single vote. “77 votes. 7 is the number of completeness and perfection…symbolizing everything positive and valuable. 77 is complete completeness! Mwendwa Tweeted Sunday. “…This clearly shows that the delegates have more confidence in me, better than they did four years ago.” In 2016, he won by 54 votes out of the 78 cast defeating…

TransCentury PLC has been given additional time to publish its 2019 full-year report by the Capital Markets Authority (CMA). The infrastructure firm was to publish its results no later than 30 September 2020. However, CMA says it has to do so by December 30, 2020. In a statement released on Saturday, TransCentury said it had negotiated with, and received approval from the CMA to file and publish its results by year-end. The troubled firm, says its fundraising and currently negotiating a transaction that will boost its liquidity as outlined in its Ahidi 2018-2022 strategy plan. The plan’s objective is to…

Tax collections for the first quarter of the 2020/21 fiscal year fell almost 15% to Ksh.317.7 billion against the previous year’s Ksh.151 billion. This largely attributed to the COVID-19 pandemic which hit on various tax heads including excise duty and income taxes according to the National Treasury statement on actual revenues and net exchequer issues as of September 30, 2020. From the data, Kenya Revenue Authority (KRA) in September collections declined 14.2 percent equivalent to Ksh.129.6 billion from Ksh.151 billion in September 2019. Non-tax revenue collections doubled in the period to Ksh.24.9 billion from Ksh.12 billion last year. Cumulatively, ordinary…