Author: Kang'ethe Njoroge

• Kenya’s Athi River Mining Cement PLC administrators have called for a creditors meeting to discuss liquidator’s acts and dealings.
• The Company was placed under Administration effective 17 August 2018 and subsequently placed in liquidation effective 1 October 2021.
• Creditors entitled to attend the meeting are entitled to appoint a proxy to attend and ask questions on their behalf.

Kenya’s Athi River Mining Cement PLC administrators have called for a creditors meeting to discuss liquidator’s acts and dealings, and the conduct of the liquidation during the preceding year.

The Company was placed under Administration effective 17 August 2018 and subsequently placed in liquidation effective 1 October 2021.

“Section 413 (1) of the Act provides that, if the liquidation of the Company continues for a period of twelve months or more, the Liquidator shall convene a meeting of the Creditors. In line with the above, notice is therefore hereby given that a …

• Britam Holdings Board of Directors has appointed Lofti Baccouche of Capgemini Invent in the UK as an Independent Non- executive Director. 
• The appointment is subject to the Insurance Regulatory Authority’s approval amidst a low insurance penetration in the country. 
• Lotfi is a financial services executive with solid experience in both developed and emerging markets with over 35 years of experience in finance, insurance and risk management.  

Britam Holdings Board of Directors has appointed United Kingdom’s Lofti Baccouche the Vice President – Insurance practice lead in Capgemini Invent in the UK as an Independent Non- executive Director. 

The appointment is subject to the Insurance Regulatory Authority’s approval amidst a low insurance penetration in the country. 

Lotfi is a financial services executive with solid experience in both developed and emerging markets with over 35 years of experience in finance, insurance and risk management. He has wide experience in multiple countries across Africa, …

• Investment in African startups in the energy sector more than doubled in 2022 to hit $874 million compared to $413 million in 2021 making it the biggest winner in 2022.
• The energy sector was followed closely by the logistic & transport sector which experienced year on year growth of 38 percent, surpassing Fintech in Q4.
• Retail came next at $455m in investment, while other significant sectors growing year on year included Telecom, Media & Entertainment, Agriculture & Food and Deeptech.

Investment in African startups in the energy sector more than doubled in 2022 to hit $874 million compared to $413 million in 2021 making it the biggest winner in 2022.

This is according to latest data from The Big Deal which attributes the growth to two huge investments made in the region during the period under review that includes PEG Africa’s acquisition by Bboxx estimated at $200m and Sun King’s …

• Centum Investment Company has aborted its plans to sell its majority stake at Sidian Bank to Nigeria’s Access Bank PLC after a time lapse in effecting the $34 million deal. 

• The Long Stop Date of the Share Purchase Agreement has passed without all the conditions being fulfilled or waived, despite the support and guidance of the Central Bank of Kenya. 

• Further, Centum has not been able to reach acceptable terms with Access Bank PLC for a further extension of the Share Purchase Agreement.  

Kenya’s  Centum Investment Company has aborted its plans to sell its majority stake at Sidian Bank  to Nigeria’s Access Bank PLC after a time lapse in effecting the $34 million deal. 

Centum Chief Executive Officer James Mworia said the Long Stop Date of the Share Purchase Agreement has passed without all the conditions being fulfilled or waived, despite the support and guidance of the Central Bank of …

• KAMP has elected Angela Ndambuki as its first female chairperson in its history a day after the government denied license to the Music Copyright Society of Kenya. 
• The collective management organization (CMO) also elected four more women to its board out of the seven board members, the highest representation of women in the collective management history. 
• The new chairperson said the board has agreed to engage stakeholders and policymakers to lobby against the attempts by the regulator to capture CMO through illegitimate and retrogressive legislation.

The body representing Kenyan record labels, The Kenya Association of Music Producers (KAMP) has elected Angela Ndambuki as its first female chairperson in its history a day after the government denied license to the Music Copyright Society of Kenya. 

The collective management organization (CMO) also elected four more women to its board out of the seven board members, the highest representation of women in the …

• General Insurance business paid claims worth $430 million (Sh53.25 billion) between July – September, a 13.4 precent increase compared to $379 million (Sh46.97 billion) paid in the same period last year. 
• Medical, motor private and motor commercial had the highest amounts of paid claims at 44.5 percent. 
• The insurers reported claims incurred amounting to $459 million (Sh56.85 billion during the period under review. 

Kenya’s General Insurance Business paid claims worth $430 million (Sh53.25 billion) between July and September, a 13.4 precent increase compared to $379 million (Sh46.97) billion paid in the same period last year.

The Insurance Regulatory Authority (IRA) Quarter 3 statistics report indicate that medical, motor private and motor commercial had the highest amounts of paid claims at 44.5 percent (Sh23.67 billion), 24.6 percent (Sh13.12 billion) and 21.5 percent (Sh11.43 billion) respectively jointly constituting 90.6 percent of all claims paid by general insurers.

The insurers reported claims incurred …

• Sasini PLC has posted 149 percent increase in net profit for the year ended 30th September 2022 to hit $8.8 million (Sh1.1 billion) compared to $4.6 million (Sh573 million) posted in the same period previous year.
• The profits are attributed to most of the business units performing exceptionally well as the main segments of Tea, Coffee and Macadamia trading surpassed expectations. 
• The cost of sales, however,  increased to $44 million (Sh5.54 billion) against the prior year’s $36.2  million (Sh4.49 billion) a corresponding increase of 23.3 percent. 

Sasini PLC has posted a 149 percent increase in net profit for the year ended 30th September 2022 to hit $8.8 million (Sh1.1 billion) compared to $4.6 million (Sh573 million) posted in the same period previous year. 

The profits are attributed to most of the business units performing exceptionally well as the main segments of Tea, Coffee and Macadamia trading surpassed expectations. 

The year …

• Kenyans trust friends and personal recommendations more than influencers when making purchasing decisions according to a new study by RedBrick Africa. 
• 83 percent of Kenyans would buy something recommended online by someone they know personally, higher than 59 percent of Kenyans who would buy a product recommended by an influencer.
• While influencers are a key component of any marketing strategy, they are not to be utilized in isolation. 

Kenyans trust friends and personal recommendations more than influencers when making purchasing decisions according to a new study by RedBrick Africa. 

The study released last month indicates that 83 percent of Kenyans would buy something recommended online by someone they know personally, higher than 59 percent of Kenyans who would buy a product recommended by a social media influencer. 

The research raises concerns over the use of social media Influencers by brands. Latest data Indicates that In 2019, companies around the world …

• Eastern Africa startups raised $1.2 billion in 2022 a 115 percent increase compared to 2021 where startups raised $600 million. 
• Western Africa, despite a small decrease in funding in the period under review, remains firmly in the lead in the continent.
• The region’s startups received funding worth $1.8 billion in 2022 from $2 billion in 2021. 

Eastern Africa startups raised $1.2 billion in 2022 a 115 percent increase compared to 2021 where startups raised $600 million. 

Latest data from The Big Deal indicate that this is a huge milestone as the region reached the $1 billion mark for the first time resulting in its revenue share for continental funding more than doubling from 12 percent in 2021 to 26 percent in 2022. 

According to the report, Western Africa, despite a small decrease in funding in the period under review,  remains firmly in the lead in the continent. The region’s startups …

• LG Electronics and Korea Food for the Hungry International (KFHI) have announced a $30,000 challenge for social enterprises solving social issues in the communities in which they reside. 
• The challenge dubbed 2023 LG Ambassador Challenge seeks to promote and support the growth and self-reliance of local communities through social groups.
• LG Electronics and KFHI will award three problem-solving projects with $10,000 each that will go towards solving social issues in the communities in which they reside.

LG Electronics and Korea Food for the Hungry International (KFHI) have announced a $30,000 (Sh3.7 millon) challenge for social enterprises solving social issues in the communities in which they reside. 

The challenge dubbed ‘2023 LG Ambassador Challenge’ seeks to promote and support the growth and self-reliance of local communities through their social groups.

 In its third edition, this year’s challenge aims for sustainable community development by focusing on and enhancing the capacity of community …