KenGen mulls writing off Sh581.9m from Kenya Power debt
Tuesday April 06 2021
By VICTOR JUMA
Summary
The credit loss has risen from Sh501.4 million the year before when the amount owed by the power distributor stood at Sh19.3 billion.
The figures represent the initial losses suffered by the Nairobi Securities Exchange-listed firm from Kenya Power’s default.
Out of the amounts being claimed from Kenya Power in the review period, Sh6.8 billion had remained unpaid for more than two months while Sh1.4 billion represented a default of more than one year.
KenGen #ticker:KEGN expects to write off Sh581.9 million out of the total of Sh23.9 billion it is claiming from Kenya Power #ticker:KPLC, the electricity generator has disclosed in its annual report for the year ended June 2020.
Kenya Power in U-turn on bills increase push
Friday March 12 2021
By VICTOR JUMA
Summary
The Auditor-General says the electricity distributor has identified a reduction of capacity charges – paid to power firms regardless of generation – as one of the key actions that will pull it out of deep losses.
The electricity distributor says the move will also serve to bring down electricity bills.
This marks a U-turn by a utility that has since 2018 been pushing for an increase in electricity prices by up to a fifth.
Kenya Power #ticker:KPLC is seeking to lower fixed charges in contracts signed with electricity generating companies, a move that will boost its financial performance and lead to reduced power bills for consumers.
SA’s Liberty Holding eyes higher stake in Kenyan branch Wednesday, 10 March 2021 14:19
(Ecofin Agency) - South African insurance group Liberty Holdings said it wants to strengthen its footprint in its Kenyan subsidiary. From 57.7% (309 million ordinary shares), the company wants to increase its stake in Liberty Kenya Holdings to 73.5%.
Under this plan, Liberty Holdings has proposed to purchase the 49.5 million ordinary shares held by the Conrad Hilton Foundation, which is managed by the Kimberlite Frontier Africa Master Fund, as well as the 34.7 million shares held by the Coronation Africa Frontiers Fund vehicle in the Nairobi Securities Exchange-listed insurance company.
Overall, Liberty Holdings plans to acquire about 84.24 million additional shares, representing a 16% stake.
Stanbic Holdings reports Sh5bn net profit for 2020
Friday March 05 2021
By ELIZABETH KIVUVA
The Nairobi Securities Exchange-listed lender made Sh5.19 billion last year down from Sh6.38 billion recorded in 2019.
The profit of Stanbic Bank and its investment arm, SBG Securities, both declined by 19 per cent and 71 per cent respectively pulling down the group’s performance.
Higher loan provisioning across the banking industry ate into the lenders’ profitability as bad loans and cost took a sharp rise in an economy that was battered by the pandemic-related woes.
Six of the 11 listed banks have already notified shareholders they will be reporting substantially lower profits and are therefore unlikely to be paying dividends for the year.
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