I&M enters Uganda with Sh3.6bn acquisition of Orient Bank stake
Tuesday May 04 2021
By VICTOR JUMA
Summary
The Nairobi Securities Exchange-listed firm said in a statement that the transaction was completed on April 30 after receipt of the necessary approvals.
The lender says the transaction has given it access to additional loans worth Sh7.7 billion, deposits (Sh18.2 billion), 70,000 customers, 14 branches and 22 ATMs.
I&M Holdings #ticker:I&M has completed the acquisition of a 90 percent stake in Uganda’s Orient Bank Limited in a deal worth Sh3.6 billion.
The Nairobi Securities Exchange-listed firm said in a statement that the transaction was completed on April 30 after receipt of the necessary approvals from the Central Bank of Kenya, Bank of Uganda, Capital Markets Authority of Kenya and the Comesa Competition Authority.
Britam posts record loss of Sh9bn after asset division hit
Thursday April 29 2021
By VICTOR JUMA
The company did not give details of what went wrong at the asset management unit.
The disclosure of the losses at the fund came after the insurer overhauled its executive and board, including the investment committee.
Britam Holdings #ticker:BRIT reported a record net loss of Sh9.1 billion in the year ended December when its asset management division underperformed.
The insurer had made a net profit of Sh3.5 billion a year earlier. The performance saw the company suspend dividend payouts, having made a distribution of Sh630.8 million or Sh0.25 per share the year before.
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Safaricom gets boost as top firms snub Ethiopia bid
Summary
The fact that only two bids were made has narrowed the agency’s options and the bidding process could be reopened, especially if the financial offers fall below the government’s targets.
While both Safaricom and MTN have substantial financial backing, they have emphasised that they will not overpay for the Ethiopian licences.
Wednesday April 28 2021
By VICTOR JUMA
Summary
The fact that only two bids were made has narrowed the agency’s options and the bidding process could be reopened, especially if the financial offers fall below the government’s targets.
Bamburi Cement’s net profit triples to Sh1.1bn on cost cuts
Summary
The cement manufacturer reported net earnings of Sh1.1 billion in the review period, up from Sh359 million the year before.
Bamburi’s performance, which is in sharp contrast to losses and profit drops posted by most publicly traded firms in the Covid-19 pandemic era, was helped by a major reduction of costs.
The performance saw the company resume dividend payments, proposing a payout of Sh3 per share.
Wednesday April 21 2021
By VICTOR JUMA
Summary
The cement manufacturer reported net earnings of Sh1.1 billion in the review period, up from Sh359 million the year before.