Author: Muindi

Browns Investments PLC has completed its acquisition of James Finlay Kenya from Finlays. The deal, announced in May 2023, excludes the Saosa tea extraction facility, which remains under Finlays’ ownership. Browns Investments PLC, a Sri Lankan company with a long history of operating plantation businesses, owns three tea-producing companies in Sri Lanka, with a total area of over 30,000 hectares and more than 10,000 employees. James Finlay Kenya covers a self-contained area of 10,300 hectares, including 5,200 hectares of tea fields over nine tea estates. As part of the sale agreement, Browns and Finlays have agreed to offer 15% of…

Monica Chege, Head of Marketing at Jubilee Health Insurance, has been named Marketer of the Year 2023 at the Marketing Society of Kenya (MSK) Awards 2023.  The award recognizes an outstanding individual who demonstrates a comprehensive mastery of marketing planning, from the inception of strategic concepts to successful execution. The award also celebrates professionals who have shown exceptional expertise in various facets of marketing, contributing to the growth and success of their organization. Jubilee Health Insurance also received the Best PR Campaign Award 2023 for its AFYA MASHINANI initiative, which aims to revolutionize healthcare accessibility for underserved communities across Kenya.…

Two listed companies, Crown Paints Kenya PLC and WPP Scangroup, have issued profit warnings for the financial year ending 31st December 2023. Crown Paints, a leading paint manufacturer, expects its full-year earnings to drop by more than 25% compared to the previous year.  The company attributed the decline to “The increased cost of raw materials, increase in transportation costs, volatility in foreign exchange rates and the slowdown in economic activities during the year. WPP Scangroup, a marketing and communication group, expects its full-year earnings to be lower than the previous year as well. The group said that the subdued economic…

ILAM Fahari Real Estate Investment Trust (ILAM Fahari I-REIT) has received the approval of its unitholders to undergo a major operational restructuring and delisting.  The unitholders passed all the resolutions recommended by the REIT Manager and the Trustee during an Extraordinary General Meeting (EGM) held on Friday, November 24th. The resolutions include: Converting ILAM Fahari I-REIT from an unrestricted to a restricted I-REIT will allow it to pursue a more focused investment strategy (93% approval). Delisting ILAM Fahari I-REIT from the NSE will provide greater flexibility in managing the REIT’s portfolio (92% approval). Quoting ILAM Fahari I-REIT units on the…

The East African Community (EAC) welcomed Somalia as its eighth member on Friday, expanding the regional free trade bloc to more than 300 million people.  Somalia, with a population of 17 million, applied to join the EAC in 2012 and was admitted at a summit in Tanzania. The outgoing EAC chair, Burundian President Evariste Ndayishimiye, announced the decision to admit Somalia under the treaty of accession.  🔺23rd Ordinary Summit of the EAC Heads of State. 📌 The EAC Summit of Heads of State admits the Federal Republic of Somalia as the 8th Member of the EAC in accordance with Article…

Orange, a telco group, has launched a super app’ called Max It in the Middle East and Africa region.  The app aims to provide a range of services, including telecommunications, financial services, and e-commerce, on one platform. Max It is open to anyone, regardless of their operator, and will be available in Cameroon, Senegal, Mali, Burkina Faso, and Botswana first. It will then expand to 12 other countries in the region in the next few months. The app allows users to manage their mobile and fixed-line accounts, access Orange Money’s financial services, and shop online for digital content and tickets…