East African Portland Cement Company (EAPCC) has hired Stephen Kyalo Nthei as managing director in acting capacity, a role that will be a key part of the firm’s realization of its turnaround efforts in the medium term plan. The Head of Financial Management replaces Simon Peter ole Nkeri who has been sacked following a board meeting held on May 17, according to a memo sent to staff on Monday, the Business Daily reported. “The board resolved to release Simon Peter Nkeri for his duty as the managing director,” said the memo. Kyalo joined the cement maker on 1st April 2007.…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
The Coca-Cola Company will maintain its majority stake in its African bottler Coca-Cola Beverages Africa for the foreseeable future. With the change, Coca-Cola will begin presenting the financial statements of CCBA within its results from continuing operations in the second quarter of 2019. Coca-Cola previously announced its intention to refranchise CCBA, which is the largest bottler of Coca-Cola beverages in Africa, serving 12 countries. The company has had discussions with a number of potential partners about the divestment of its controlling stake. Last year, the beverage giant reported a 10% decline in net revenues as it was hurt by the…
MultiChoice Africa has announced a partnership between its flagship initiative MultiChoice Talent Factory (MTF) and the New York Film Academy College of Visual & Performing Arts (NYFA), a world-renowned visual and performing arts school in supporting the development of young filmmakers across Africa. The MultiChoice Talent Factory’s mission is to ignite Africa’s already established creative industries through training and skills development, as well as foster new and original programming. The much-anticipated MTF masterclasses kicked off in January, supported by various industry partners and include a series of “best in class” workshops intended to increase MultiChoice Talent Factory’s purpose of upskilling…
Commercial Bank of Africa (CBA) on Tuesday held its fifth Economic Forum to take stock of the Affordable Housing pillar amid persistent structural challenges in the housing sector. The Forum was graced by the Principal Secretary, State Department of Housing and Urban Development Charles Hinga as the keynote speaker. Also in attendance was a panel of experts from public and private sector, who provided deep insights and understanding on various housing sector issues. The forum touched on development within the industry such as tenant purchase scheme (TPS), joint ventures, property purchase overseas, offshore funding for development, the housing bubble, and…
Cytonn Asset Managers Ltd (CAML) says it has received two licenses from the Retirement Benefits Authority (RBA) for the Cytonn Personal Retirement Benefits Scheme and the Cytonn Income Drawdown Fund. These additional two licenses come on the back of the December 2018 approval by RBA that gave CAML the license to manage pension funds. This means Cytonn can now manage segregated funds, personal pension funds, and the income drawdown fund. David Mwakitele, Head of Pension at CAML noted, “Our pursuit for these licenses from RBA was driven by the need to expand our pension’s product portfolio which is in line…
Coca-Cola Kenya has embarked on a nationwide transformational journey that seeks to educate secondary school students on the importance of a cleaner environment by taking care of plastics disposal. The initiative will involve 2,000 out of the 5,400 participating schools in COPA Coca-Cola. The schools were selected based on the reach of the current recyclers and collectors. The programme is part of the company’s wider commitment to impact behavior change in relation to plastic disposal. Kenya, amongst fourteen other Southern, East and Central Africa countries, have been earmarked to kick start the project, set up to stimulate plastic recycling industries…