Kenyan tycoon Suresh Bhagwanji Shah’s I&M targets 100 branches in Kenya by 2026
The group kicked off its Kenyan expansion in mid-January with the inauguration of eight new branches.
East Africa
Kenyan banker James Mwangi leads Equity’s expansion into general and health insurance
The expansion follows a successful foray into life insurance in 2022 and subsequent approval from the Insurance Regulatory Authority (IRA) in May 2023 to establish a general insurance company.
Kenyan tycoon Gideon Muriuki’s Co-op Bank to distribute $66.45-million dividend
The proposed dividend marks a significant milestone for the group and reflects its strong financial position.
Britam, owned by Kenya’s richest investors, pours nearly $5 million into fund
This move, aimed at shoring up the unit’s liquidity, brings Britam’s total cash injection into the fund to Ksh6.9 billion ($53.1 million) as of December 2023.
Britam, backed by top Kenyan magnates, sees profits surge to $24.1 million
Key shareholders, including prominent Kenyan business figures like Mbaru, Munga, Mwangi, and Michuki, lend further credence to the company’s standing.
Equity Group led by Kenyan banker James Mwangi to reward shareholders with $114.4-million dividend
With Mwangi at the helm, the conglomerate remains on course for sustainable expansion and prosperity within the African financial sector.
Aga Khan IV’s investment surges by $3.6 million as Jubilee Holdings’ shares rise
The recent uptrend in Jubilee shares has boosted the market value of Aga Khan’s stake in the insurer by Ksh481.15 million ($3.63 million) over the past 10 days.
Firm led by Kenyan tycoon Edward Kirathe announces $3.6-million dividend payout
The company’s decision to reward its unit holders comes after declaring its first distribution from its development Reits, marking a significant increase from the initial projection.
Controlled by Kenya’s richest families, NCBA posts $162.7-million profit in 2023
NCBA’s board of directors recently recommended a final dividend of Ksh3 per share, bringing the full-year payout to Ksh4.75 (0.04) per share.
Kenya’s wealthy Merali family gains $1.87 million from Sasini Tea stake in 15 days
The multimillionaire Merali family holds a controlling stake of 65.46 percent in Sasini Tea, representing 168,856,800 ordinary shares in the group, presently valued at $25.78 million.
Kenyan top executive James Ndegwa gains over $3.4 million from NCBA stake
This highlights Ndegwa’s standing among Kenya’s top investors, solidifying his position among the nation’s leading businessmen.
Kenyan tycoon Suresh Bhagwanji Shah gains nearly $7 million from I&M stake
Over the past 41 days, I&M shares have experienced a notable upturn, resulting in an increase of Ksh919.35 million ($6.97 million) in the market value of Shah’s holdings.
Startup led by Nairobi-based entrepreneur secures $3-million investment from CFAO
According to Bhattacharya, CEO of BasiGo, the partnership with CFAO Group marks a significant milestone in the company’s journey.
WPP Scangroup faces potential job cuts post $30-million lawsuit by Kenyan tycoon Bharat Thakrar
This decision, triggered by the challenges in meeting revenue targets, aims to align the firm with market demands and macroeconomic trends.
Ugandan tycoon Charles Mbire’s MTN Uganda reports $127.1 million in profit in 2023
Voice revenue rose 11.6 percent, while data and mobile money revenue surged 21.6 percent and 17.6 percent, respectively.
Kenyan banker Paul Russo-led KCB seeks $200-million loan for Kenyan subsidiary
KCB Bank Kenya’s loan book has surged in recent years, outpacing its deposit base.