Telkom grows customer base by 1 million in six months

NAIROBI, Kenya, Feb 15 – Six months after Telkom ditched the Orange brand and took a new strategic direction, the telco has grown its customer base by one million to hit 3.85 million subscribers. Telkom Chief Marketing Officer Levi Nyakundi says the rapid acquisition of new customers is a result of the investments the company …

Moody’s downgrades Kenya credit rating on rising debt levels, expensive loans

NAIROBI, Kenya, Feb 14 – Global credit rating Moody’s has downgraded Kenya’s credit rating to B2 from B1 owing to rising debt levels and deterioration in debt affordability. The move comes days after Fitch credit rating agency revised Kenya’s credit outlook to a positive at B+ score from a negative. According to Moody’s Kenya’s efforts …

Traveling tops spending for Kenyans celebrating Valentines: Report

NAIROBI, Kenya Feb 14 – Kenyans are spending more on Travel on Valentine’s Day than on other treats according to a new report by Mastercard. The Mastercard Love Index reports that Kenyans are willing to dig deeper into their pockets to make their partners happy with spending related to travel increasing by 90 percent in …

US multinational to acquire Unga Group Holdings for Sh3Bn

NAIROBI, Kenya, Feb 8 – New York Stock Exchange-listed Seaboard Corporation Limited has announced plans to acquire Kenya’s Unga Group Holdings subject to regulatory approvals. The firm, which currently has 2.29 percent stake in Unga Group, has proposed a cash offer for ordinary shares in Unga Group that are currently not owned by the corporation …

Goodlife Pharmacy raises Sh300Mn from IFC for expansion

NAIROBI, Kenya, Feb  8 – Regional retail pharmacy chain Goodlife Pharmacy has raised Sh300 million in investment from the International Finance Corporation (IFC). This comes barely a year after the company received Sh2.2 billion investment from LeapFrog Investments. The company plans to further grow its footprint to over 100 locations across the region over the next five years. …

13pc of infrastructure projects in Kenya are completed on time: Deloitte report

NAIROBI, Kenya, Feb 7 – Cost and time overruns are the major reasons infrastructure projects are abandoned in Kenya. This is according to a new report by Deloitte East Africa which reports that 48 percent of projects were over budget and 87 percent of projects have a time overrun. Deloitte Africa Infrastructure & Capital Projects …