Browsing: Competition Authority of Kenya (CAK)

• The acquisition by Shorecap III, LP of 20 percent shareholding in Credit Bank has been approved by Central Bank of Kenya.
• Credit Bank was licensed by CBK as a non-banking financial institution in 1986 under the name Credit Kenya Limited. It converted to a fully-fledged commercial bank in 1995.
• Credit Bank specializes in provision of banking services to small corporates and Micro, Small and Medium-sized Enterprises (MSMEs). It has a market share of 0.5 percent as at March this year.

Mauritian private equity fund Shorecap III, LP has received the nod to acquire a 20 percent stake in Kenyan tier three lender, Credit Bank, in the latest mergers and acquisitions in the country.

The industry regulator, Central Bank of Kenya (CBK), announced the acquisition on Monday, with an effective date of June 15, this year.

This follows CBK’s approval on April 24, 2023, under Section 13(4) of the Banking …

• Taifa Gas broke ground at the Dondo Kundu Special Economic Zone next to the Port of Mombasa last Friday
• The firm supplies LPG for domestic, commercial and industrial use and has been feeding the Kenyan market by road.
• The company has been given 30 acres in Dongo Kundu to set up a 30,000 metric tonnes gas handling facility.

The entry of Taifa Gas into Kenya is expected to shake up the cooking gas retail market in East Africa’s economic power house, which has witnessed rising prices in recent years.

Taifa Gas broke ground at the Dongo Kundu Special Economic Zone next to the Port of Mombasa last Friday, at an event presided over by Kenya’s President William Ruto.

The company is investing about USD130 million (Ksh16.4 billion) in a Liquefied Petroleum Gas (LPG) import, storage and distribution plant, at the 3,000-acre Special Economic Zone. Taifa has been supplying LPG for …

Investigations into Abuse of Buyer Power in the Retail Sector Investigations by the Authority into Abuse of Buyer Power incidences within the retail sector focusing on twenty-five mid and large retailers, and which commenced in late April 2020, determined that four retailers had delayed payments to their local suppliers for a period exceeding ninety days.

In a statement released by the Competition Authority of Kenya (CAK) has noted that three of the four retailers, upon engagements with the Authority, presented payment plans which are being honored as agreed, thereby progressively reducing their debt portfolio as confirmed through compliance checks. Further, the Authority issued Prudential and Reporting Orders to Tusker Mattresses Limited (Tuskys), requiring it to submit records revealing the full extent of debt owed, financial statements and records, sales forecasts, among others.

Also Read:New rebirth for Kenyan retail sector as foreign capital flows in

“The Authority further required Tuskys …

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 …