The KCB Group Plc Board has appointed Andrew Wambari Kairu as its new Chairman with immediate effect taking over from Ngeny Biwott who has chaired the Group Board since 2013. KCB Group CEO Joshua Oigara said the Group is looking forward to Kairu’s leadership in the lender’s growth agenda into the future. “He has extensive business and technical experience that is aligned and central to KCB transformation journey into the future,” said Oigara. Kairu has over 20 years of executive experience in the financial sector, with extensive experience in banking. Prior to his appointment, he was an Independent Non-Executive Director…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
In 2017, Kenya announced visa on arrival for all Africans to enhance free movement of people, spur economic growth and development as well as promote Intra-African trade. “The freer we are to travel and live with one another, the more integrated and appreciative of our diversity, we will become. The political balkanization that risks our mutual security, the negative politics of identity, will recede as our brotherhood expands to embrace more Africans,” announced President Uhuru Kenyatta. On the other hand, it is not easy for African citizens to gain entry in Kenya according to Rebecca Enonchong, founder and Chief Executive…
Safaricom Wednesday unveiled ‘18For18’ for its mobile customers as it marked its 18th Anniversary Safaricom (NSE:SCOM) Kenya’s leading telecommunication has launched a month-long ‘18For18’ offer for its mobile customers who will enjoy 18 minutes of talk time every day for only Ksh 18 to make calls across local networks for Ksh 1 per minute up to 12th December 2018. “This promotion will run up to Jamhuri Day, and each customer will be able to redeem this offer once a day,” said Ms. Sylvia Mulinge, director in charge of special projects at Safaricom. The announcement was made on Wednesday as the…
A bid by Rubis Energie, to acquire 100 percent of Kenolkobil has hit a stumbling block with Kenya’s Capital Market Authority after it launched investigations into alleged irregular shares trade on Wednesday. CMA said its market surveillance had identified potentially irregular trading of KenolKobil shares in the run-up to the Rubis bid announcement in which it had acquired 367,793,124 ordinary shares at a market price of Ksh 15.30 per share. “Consequently, in connection with these investigations the Authority has instructed the Central Depository and Settlement Corporation to place a freeze on the suspected accounts to allow for the conduct of…
Airtel Africa Ltd, a subsidiary of India’s Bharti Airtel Ltd, has raised close to KSh126 billion from Singtel, Warburg Pincus, Temasek, SoftBank Group International, and others through a primary equity issuance to lower its existing debt and grow its business ahead of an intended Initial Public Offering. “This primary equity issuance clearly underlines the confidence of leading global investors in Airtel Africa’s successful business strategy and its potential to sustain growth and profitability,” said Raghunath Mandava, MD and CEO, Africa, Bharti Airtel. “Airtel Africa subsequently intends an Initial Public Offering (IPO) and use the proceeds primarily for further reduction of…
At Ksh 23 per share, Rubis’ takeover offer would value KenolKobil at USD353 million – Rubis SCA French fuel storage and distribution company Rubis SCA has announced its takeover bid for Kenyan oil marketer KenolKobil Ltd. Rubis, a downstream fuel industry specialist in fuel retailing, support and services including refining, shipping, supply, and terminal operations with operations in 35 countries across Europe, the Caribbean, Africa, and the Indian Ocean seeks to buy out the remaining shares for KSh23.4 billion. It currently owns 24.99% percent (367,793,124 shares) at Ksh 15.30 held by Wells Petroleum. KenolKobil has 1,471,761,200 issued and listed shares (75.01%…