Michael Joseph and Dr. Kamau Thugge will next month seek the approval from shareholders of Kenya Airways PLC (KQ) to continue serving as board chairman and Non-Executive Director respectively. “Mr Joseph, aged over 70 years, retires in accordance with Article 69 of the company’s Articles of Association, and being eligible, offers himself for re-election,” said the airline in the notice. In a public notice Friday, KQ called upon its shareholders to its 43rd Annual General Meeting on June 10, in which part of the business will include the election of directors and the approval and adoption of its Company’s audited…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
Maisha Microfinance Bank, licensed by the Central Bank of Kenya as a nationwide microfinance bank, is seeking KSh 1 billion as a capital injection to cushion it against potential effects of IFRS9 loan provision requirements. According to a statement from the lender, the new capital will be set aside for “anticipating risky loans” as well as investing in technology and funding growth in the business. “The Bank requires adequate capital to roll out an expansive portfolio of innovative and customer-led products and services. To this end, the Bank initiated a standard regulatory procedure with the intent to recapitalize the bank,”…
Tropikal Brands Afrika, a leading manufacturer, and distributor of a wide range of household, personal care, and food products has launched Nutripro Family Porridge flour to address changing trends from consumers. “We are setting foot into familiar territory, and offering a refreshing twist to a well-loved staple food. We are pleased to present to Kenyan households a first-in-kind porridge flour mix, fortified with the widest range of micronutrients, uniquely blended to deliver a smooth cooking experience, and hygienically packed to eliminate contamination”, said Davies Mukuria, Tropikal Brands Afrika Managing Director. The flour has been milled from graded maize and millet…
NIC Group managing director John Gachora will head the new outfit that will be formed out of the bank’s merger with Commercial Bank of Africa (CBA). In a joint statement, Gachora will be in charge of the management of the merged outfit while his CBA counterpart, Isaac Awuondo, will become chairman of the Kenyan banking subsidiary and maintain direct oversight over the digital business. “The merged group will operate under a new name and brand, which will be determined prior to concluding the merger. The combined entity’s board of directors and executive management team will also be well balanced between…
The Capital Markets Authority (CMA) has fined Nairobi businessman Mr. Rodrick Muhoro KSh 208 Million and banned him from the industry for 10 years following the conclusion of investigations with respect to the allegation of irregular trading of Government Securities in 2016 and 2017. “The authority has imposed a financial penalty of Kshs 208 Million being twice the amount of benefit Mr. Muhoro received from irregular trading and banned him from conducting bonds trading for a period of 10 years,” CMA announced in a statement. The Authority will refer the matter to the Director of Public Prosecution for consideration of…
Fuel Prices have increased further in new monthly rates announced by the Energy and Petroleum Regulatory Authority (EPRA). Super petrol will retail for KSh 5.43 more starting Wednesday, while those of diesel and kerosene have increased by KSh2.24 and KSh2.40 respectively. “The changes in this month’s prices have been as a consequence of the average landed cost of imported super petrol, diesel and kerosene. Super petrol rose by 11.39% from $620.54 to $691.25, diesel by 2.75% from $624.25 to $641.51 and kerosene by 2% from $662.55 to $675.55. The pump prices are inclusive of 8% Value Added Tax (VAT) in…