Author: Martin Mwita

UK headquartered manufacturer–Unilever Overseas Holdings B.V has gotten a major boost in its quest to expand its portfolio in Kenya and the East Africa region.

This follows the approval by the Competition Authority of Kenya (CAK) to acquire a majority stake (90%) in Chemi & Cotex Kenya Limited, a subsidiary of Tanzania’s Chemi and Cotex Industries Limited.

The firm is involved in the distribution of cosmetics, beauty, hair, oral care products and food products, one of East Africa’s leading fast moving consumer goods companies

Unilever Overseas Holdings B.V (Unilever B.V) on the other hand, is a wholly owned subsidiary of Unilever Plc which is listed on the London Stock Exchange and the New York Stock Exchange.

With the approval, Unilever will now move to assume direct control of the investment company and indirect control over Chemi & Cotex Kenya Limited.

The parties’ combined and relevant turnover for the preceding year …

The Competition Authority of Kenya has approved the acquisition of a controlling stake in Almasi Beverages Limited by Coca-Cola Sabco (East Africa) Limited, in one of the latest mergers in the country.

The proposed transaction involves acquisition of a 53.95 per cent stake (issued share capital) of Almasi from Centum Investment Company (Plc) by Coca-Cola Beverages Africa Proprietary Limited (CCBA).

Coca-Cola Sabco (East Africa) Limited (CCSEA), the acquiring undertaking is a wholly owned subsidiary of Coca-Cola Beverages Africa Proprietary Limited, a private company established in South Africa and a subsidiary of giant global beverages firm-Coca Cola.

READ ALSO:Coca-Cola to retain majority stake in Africa subsidiary

The acquisition follows the exit of Centum, which on October 3, announced it had completed the sale of its 53.9 per cent shareholding in Almasi Beverages Limited and 27.6 per cent shareholding in Nairobi Bottlers Limited to Coca-Cola Sabco East Africa Limited.

Almasi has …

Kenya’s Capital Markets Authority (CMA) has for the fifth year been feted as the ‘Most Innovative Capital Markets Regulator in Africa 2019’ by the International Finance Magazine.

This is in recognition of its ongoing efforts to facilitate innovations in the capital market in Kenya, East Africa’s economic powerhouse.

READ ALSO:Another feather on Kenya’s Capital Markets Authority as London applauds

“The Authority is pleased to receive this recognition for the fifth consecutive year from this respected publication, which is a testament to the authority’s commitment to supporting innovation as a catalyst for transformative growth of the capital markets,’ said CMA Chief Executive Paul Muthaura.

At the core of its strategic objectives, CMA aims to leverage technology to drive efficiency in the capital Markets value chain.

“We target to effectively balance robust regulatory and compliance requirements with the objectives of market deepening and growth.   This involves consistent evaluation of regulatory approaches …

Kenya’s leading power generator-Kenya Electricity Generating Company (KenGen) has clinched a US$56.2 million contract to drill 12 geothermal wells in Ethiopia.

The contract with Ethiopia’s independent power producer Tulu Moye Geothermal Operations (TMGO) PLC will also include installing a water supply system and equipment.

KenGen will supply drilling materials and also provide operation and maintenance services for both the drilling equipment and the water supply system.

Speaking on Thursday about the multi-million shillings project, KenGen Managing and CEO Rebecca Miano said it was the second and the company’s largest consultancy outside Kenya.

In February this year, KenGen won a contract to drill geothermal wells for the Ethiopian Electric Power (EEP) in Aluto, Ethiopia.

READ:KenGen and Chinese companies on Ethiopian geothermal project

The contract in Aluto is for the implementation of drilling rigs and accessories as well as rig operation and maintenance for drilling geothermal wells.

It is financed by …

Rwanda has maintained its position as the leading country in East Africa on the ease of doing business, the latest World Bank ‘Doing Business 2020’ shows.

This is despite dropping nine places to 38 globally from 29 last year.

READ  ALSO:How Rwanda has strategically positioned itself as an investment hub

Kenya comes in second in the region and 56^th globally, having improved five places from position 61 last year.

READ:Kenya ranks 61 from 80 in World Bank’s Ease of Doing Business

Uganda and Tanzania come a distant 116 and 141 globally respectively while DR Congo and South Sudan are near the bottom ranking 183 and 185 respectively, out of the total 190 in the index. This places them third fourth fifth and sixth respectively in the region.

Indicators that make Rwanda top include starting a business which has been made easy by exempting newly formed small and …

Kenya’s telecommunication company-Safaricom has a new Chief Executive Officer, ending close to four months of search for a substantial boss.

The Safaricom (Plc) Board of Directors on Thursday announced the appointment of Mr. Peter Ndegwa as the company’s new chief executive effective April 1, 2020.

READ ALSO:What Safaricom has done as it marks 19th anniversary

He joins Safaricom from Diageo (Plc) where he is the managing director of Diageo Continental Europe.

The position fell vacant after the demise of the late former chief executive Bob Collymore, who was serving a one year extension after his full term had come to fruition.

“Peter brings a wealth of experience in general management, commercial and business strategy, sales and finance operations, having spent over 25 years in various roles within the Financial Services and Fast-Moving Consumer Goods (FMCG) sectors in Africa and Europe,” the telco said yesterday.

READ ALSO:Majority of Kenya’s

Women Enterprise Fund (WEF) in collaborating with Kenya Bureau of Standards (KEBS) and other organizations have partnered to provide support for women running small and medium-sized business to standardize and improve the quality of their products.

The partnerships has seen 13,500 beneficiaries trained by WEF receive technical guidance to improve their products ensuring they meet industry standards.

READ ALSO:KEBS to issue new Import Standardization Marks to curb illicit trade

Once the products are standardized, the women are eligible to apply for certification, which the Fund pays a subsidized rate of Ksh5,800.

As a result, their products will qualify for the Kebs Diamond mark of quality which allows them to access local and international markets.

READ ALSO:Zambia to connect women SMEs to international markets by 2020

“A key mandate for WEF is to provide business support services including linkages for the women entrepreneurs to improve on the quality of …

East Africa’s largest insurance group, Jubilee Holdings Limited, has signed a deal with Credit Bank in a move that will see the two entities launch education and investment plans through the Bancassurance model.

The plan to be rolled out by Credit Bank through ‘My Friend Insurance Agency’’ seeks to focus on ensuring that customers of both entities build an education fund and a savings portfolio over a period of time through the bank’s Bumblebee Account, as well as Jubilee Insurance’s array of investment and education plans like Fanaka and Career Life Plus.

This will be facilitated through the use of Bancassurance sales officers strategically positioned at the bank’s 17 branches countrywide.

Jubilee Insurance and Credit Bank see this as an opportunity to entrench a saving culture among Kenyans that currently stands at 11.2 per cent of GDP, according to the latest report by the National Treasury.

READ ALSO:Kenya’s

Kenya’s leading telecommunication company-Safaricom on Wednesday marked 19 years since the company launched.

During the celebrations, the Nairobi Securities Exchange (NSE) listed telco unveiled a new strategy and renewed its commitment to its customers.

Under the new structure, Safaricom is committing to be ‘simple, transparent and honest’ across all its products and operations.

READ ALSO:Majority of Kenya’s job-seekers dream of working at Safaricom

As part of its efforts to simplify its products, the company has unveiled a new data plan, and a new calling and SMS plan that will respectively offer data bundles and calling minutes with no expiry.

Both data bundles, calls and SMS with no expiry are immediately available on *544#

“Over the last 19 years, we have come a long way together with our customers. As we celebrate our anniversary, it is a unique opportunity to reevaluate our operations to ensure that we remain relevant to …

Kenya has unveiled a Special Economic Zone (SEZ) in its latest move to lure investors into supporting the country’s industrial growth.

Located at the coastal city of Mombasa, the Dongo Kundu Special Economic Zone launched by President Uhuru Kenyatta over the weekend is designed to be a multi-sectoral zone comprising of Industrial Parks, Free Trade Zones, Free Port, Dongo Kundu Port, Tourism Zone (MICE), Business Service Parks; and Commercial and Residential Zone.

READ ALSO:Kenya attracts major American Investors despite decelerating economy

The SEZ will be developed in three phases with the first phase expected to be ready by 2023 and is projected to inject into the Kenyan economy Sh400 billion($ 3.9 billion) in local and foreign direct investments and create more than 100,000 jobs.

READ ALSO:Ethiopia beats Kenya in Foreign investments

According to President Kenyatta, the Dongo Kundu SEZ will herald a milestone transformation in the coastal region …