NIC Group’s shareholders have approved its merger with the Commercial Bank of Africa. “I’m delighted that our shareholders share our vision and have overwhelmingly supported this important merger that will create a leading Tier 1 bank,” NIC’s Chairman James Ndegwa said in a statement. “The approval allows NIC and CBA to merge their operations and amalgamate the shareholding through which the shareholders of CBA will become 53 per cent shareholders of NIC,” He added. “The endorsement paves the way for completion of the merger that will deliver significant benefits to the group stakeholders. It is expected that the process will…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
The Employment and Labour Relations Court has suspended the Government’s suspends directive to employers to implement 1.5% housing levy pending hearing of a case filed by Consumers Federation (Cofek). On Wednesday, Justice Maureen Onyango said the suspension would allow the consolidation of the current case by the Consumers Federation of Kenya (Cofek) with another filed by the Central Organisation of Trade Unions (Cotu). “I will grant a temporary stay until May 20, 2019. I direct that the applicant consolidates the case with another similar matter before Justice Hellen Wasilwa,” said Justice Maureen Onyango. READ: 1.5pct Affordable Housing Levy to Take…
Taxi-hailing firm, Uber, has unveiled a new tipping feature for its riders to do more than just rate drivers, but show their appreciation through tips for excellent service. Alon Lits, General Manager for Uber in Sub Saharan Africa said all tips from riders and eaters will go directly to drivers and Uber will not deduct any service fees from the tips. “Driving and delivering food is more than just getting people and food from point A to B. Every day, our driver-partners and delivery-partners do their best to make our riders and eaters lives easier – from getting them to…
Mauritius Union Assurance (MUA Ltd), an insurer that owns subsidiaries in East Africa, is adding its investment in Kenya’s insurance sector by increasing 36% on from its previous investment. Five years on from a Ksh2.2 billion investment, the insurer is injecting Ksh3 billion into the sector ‘the company’s single biggest investment in the country’. “This will mark another key milestone in our group’s commitment in this fast-growing region and is a sign of MUA’s confidence in the Kenyan economy and the greater East African region,” said Bertrand Casteres, Group CEO of MUA. Casteres says the firm that is listed in…
Uchumi Supermarkets has begun implementing the franchise as a viable means to growth given its strong brand value. The struggling retailer on Tuesday announced a five years deal with local traders to operate its Nairobi West branch. CEO Mohamed Mohamed said franchising is among its strategic moves towards recovery. “Franchising of this branch marks an important milestone for Uchumi Supermarkets. We plan to franchise other stores in addition to cost leadership initiatives,” said Mohamed in a statement. READ: Uchumi Supermarkets Board Approve Deal to Cut Debt by Voluntary Arrangement Last year, Mohamed said they can unlock their super brand value…
Kenya Airways will increase the capacity on its Kisumu and Mombasa routes by 5 and 6 flights respectively during the Easter holiday as a result of ‘the very high demand for travel’. The airline will upgrade a total of 6 flights to operate the Boeing 787 Dreamliner on the Nairobi-Mombasa route; 2 flights on Thursday 18th April, 1 flight on Good Friday, 1 flight on Easter Sunday and 2 flights on Easter Monday. Kenya Airways will also schedule an additional flight to Kisumu on Thursday 18th and Monday 22nd April operating the Q400 aircraft. This will increase the number of…