Browsing: East Africa

It was suspended from trading at the NSE in May 2017

Troubled logistics firm-Atlas Development and Support Services (ADSS) has been delisted from the Nairobi Securities Exchange (NSE) .

The delisting took effect on April 25, bringing to an end a five-year stint at the Nairobi bourse.

Registered in Guernsey, UK, in 2002, Atlas was admitted to trade at the NSE in December 2014, where it was cross-listed in the London Stock Exchange (LSE)’s Alternative Investment Market (AIM) segment.

In December 2015, the firm decided to close its operations in Kenya, placing its Kenyan subsidiaries into liquidation by way of a Creditors Voluntary Liquidation after financial headwinds.

The firm had hoped the closure of the Kenyan subsidiaries, Ardan Logistics Kenya Ltd, Ardan (Medical Services) Ltd and Ardan (Civil Engineering) Ltd, would improve the group’s overall cost base.

Two years later (May 2017), it was suspended from trading at the NSE …

It has invested Ksh100 million to grow its fleet

Pewin Cabs has officially rebranded to PTG Travel in a bid to increase its market share by offering diversified service in the Kenyan market.

The firm, which is now moving beyond cabs after 10 years, was among the first to launch its cab-hailing App in 2013, a move that contributed significantly to corporate transport solutions in Kenya.

Speaking at the launch of PTG Travel, Managing Director Justus Kirigua, said: “We are excited about the opportunities the new brand offers us.  The transition to PTG Travel is anchored on a three-year growth strategy which includes a Ksh100 million investment to grow our fleet and increase our services to include Bus services, VIP Services and Charter Flight.”

The sum invested translates USD986,232.

Mr. Kirigua has since assured the existing customers that even with the identity change, the firm will continue to deliver greater …

The venture is keen to achieve food security, income generation, healthy living and environmental awareness

It is early morning in the outskirts of Kenya’s capital, Nairobi. A group of three young people are working in a field, using hoes to remove plastic bags and other solid waste from the soil in preparation for crop planting.

Together with other youth, they are raising seedbeds of vegetables such as kale, cabbage, spinach, carrots, onions, green peppers, tomatoes, and other commonly consumed vegetables in Kenya.

The seedlings will later be transferred to gardens and irrigated for several weeks before the vegetables are supplied to clients in households and restaurants within Nairobi.

The trio are Mastercard Foundation Scholars, selected for their academic talent, social consciousness, and leadership qualities.

Mutoni Shadadi  from Rwanda, and her colleagues Laetitia Mukungu and JacquilineMaina, from Kenya, are pursuing their studies in agricultural sciences at EARTH University in Costa Rica.…

Joel will manage Tell-Em PR’s operations and client portfolio

Tell-Em Public Relations, one of Kenya’s leading Public Relations firms, has appointment veteran PR practitioner Joel Chacha as the agency’s new General Manager effective April 1, 2019.

Joel brings over 10 years of experience in developing and implementing successful communications and digital strategies.

“We are very pleased to announce the appointment of Joel Chacha as Tell-Em PR’s General Manager. Joel’s broad mix of strategy, crisis communication and media relations experience will be a fantastic addition to our agency’s Top Executive Team,” said Tell-Em PR’s Managing Director Elizabeth Cook.

Mutahi Kagwe, Tell-Em PR’s chairman, added:“On behalf of our Board of Directors, I welcome Joel Chacha to his new position. He brings a wealth of knowledge in strategic planning and business development.”

Joel has spent the last few months at the agency overseeing an aggressive client acquisition through strategic pitches and leveraging on …

The factory can produce about 7.8 billion pellets of chewing gum annually

US headquartered Mars Wrigley Confectionery has cemented its business in the East and Central Africa region with the new state of the art Ksh7billion (USD68.9 million) manufacturing plant in Athi River, Machakos County, Kenya.

The plant was officially commissioned by President Uhuru Kenyatta on Tuesday. The President was represented by Industry, Trade and Cooperatives Cabinet Secretary Peter Munya.

Kenyatta has since hailed Mars Wrigley for putting up the new factory citing the need to invest in additional manufacturing capacity to create more jobs for Kenyans.

The investment gels well with his ambitious Big Four Agenda’s manufacturing pillar that seeks to increase manufacturing’s contribution to GDP from the current 8.5 per cent to 15 per cent by 2022.

“To create the desired jobs, we need to invest in existing and new industries that will grow our country’s manufacturing capacity …

Delivery has become the in-thing in the market. Customers nowadays don’t have to go to the shops but can just order, make a payment (either before or on delivery) and receive their orders at home, in the office or have them delivered wherever they want. The Exchange spoke to Glovo, a startup founded in 2015 in Barcelona, and launched in Kenya in February this year. The service is present in over 20 countries and more than 100 cities. With over 10 years in business development, seven of which have been in the tech world, Glovo Market Lead (Sub-Saharan Africa) Priscila Muhiu divulges into the logistics business in Kenya and the region.

What makes the logistics space in Kenya an attractive prospect and why is Glovo in this business?

Logistics is the key driver to any economy. Without logistics, businesses will not be able to get their goods to their …

The Kenya Revenue Authority (KRA) has hit a technical snag in its efforts to collect taxes amounting to more than Ksh2.7 billion (USD26.6 million) per month, accruing from betting wins.

This follows a court order issued by a magistrate’s court barring the taxman from accessing the monies.

The orders issued by Senior Resident Magistrate D.M. Kivuti sitting at the Milimani Commercial Courts (Nairobi) have stopped the operations of crucial Income Tax Act sections (Sections 2, 10, 34 and 35), effectively rendering KRA unable to collect the levies,  earmarked for national development projects.

This is per the budget  for the current financial year ending June 30, where  National Treasury Cabinet Secretary, Henry Rotich, had planned to have  taxes drawn from betting activities finance sports, art, cultural developments and the rollout of the Universal Health programmes.

The order issued by Senior Resident Magistrate Kivuti follows the 2014 filing of a suit by …

Farmers could soon start pocketing 80% of gross earnings from Coffee

President Uhuru Kenyatta is committed to revive the country’s coffee industry if latest indicators are anything to go by.

One of the biggest initiatives announced by the government is the rehabilitation of 500 pulping stations (factories) in 31 coffee-growing Counties across the country.

Coffee farmers are also set to benefit a Cherry Advance Revolving Fund being set by the government; a kitty President Kenyatta says will be operational from July 1 when the 2019-2020 financial year commences. The current financial year (2018-19) ends on June 30.

In the coming fiscal year, the government will unveil Ksh3 billion (US$29.6 million) to be accessed at a much lower three per cent (3%) interest rate per annum.

This is much affordable to farmers whom a huge number currently depend on Savings and Credit Co-operatives (SACCOS), which offer loans at a …

The indicator in question in this column is figure 17.6.

17.6 of what?

According to published government statistics, the median weighted average age of an East African citizen is 17.6 years old. Among the 157 million East Africans alive today there are equal numbers of people over 17.6 years old as there are people under 17.6 years old.

So how do 17.6 years as a median age compare to other locales around the world?

If the EAC were a country it would be the 13th youngest country in the world with Uganda, Burundi, and Tanzania bringing down the weighted average against the relatively older Kenya. To add perspective, the median age of both the #1 and #2 economies of the USA and China are more than twice as old at 37.8 years and 36.8 years respectively than an East African. Even more dramatic, ageing Japan has 46.5 years as median …

The service guarantees security and in-call stability, Telkom says

Telkom has introduced a new cloud-based fixed voice service dubbed “Omniconnect”, allowing SMEs and corporates to outsource for robust and secure cutting-edge technology.

Telkom Hosted PBX service will deliver a world-class end-to-end software and hardware system, powered by global technology company Avaya.

Besides making and receiving calls, the service will also offer other features such as conference calls and the ability to integrate with email and the mobile phone.

The subscription-based service will eliminate the need for businesses to make heavy initial capital investment to acquire and maintain the fixed telephone system; nor will they have to host the same on their premises.

Businesses can also flexibly upgrade or scale down the service, in line with changing needs and technology trends.

Telkom Enterprise MD Kris Senanu, said: “This solution will free corporates and SMEs to focus on their core businesses, without …