Kenyan billionaire Narendra Raval faces sanctions for inflating steel prices
The Competition Authority uncovered evidence of price fixing, where nine companies, including Raval’s Devki Steel Mills, collaborated to collectively set prices.
Kenya
Bank led by Kenyan businessman James Mwangi surpasses $11 billion in assets
Equity Group, under the leadership of Mwangi, reported a profit of $182.8 million at the end of the first half of its 2023 fiscal year.
Kenyan multimillionaire industrialist Narendra Raval plans 60 MW wind farm
The decision to establish the wind power plant, a strategic maneuver to cut operating costs, follows an earlier revelation.
Co-op Bank stake of Kenyan businessman Gideon Muriuki falls below $10 million
Muriuki owns a significant stake of two percent in Co-op Bank, which translates to 117,471,300 shares in the Nairobi-based lender.
Kenyan tycoon Ken Njoroge-backed startup targets $1 million via crowdfunding
This strategic move comes on the heels of MarketForce’s remarkable feat last year, when it secured $40 million in a Series-A funding round backed by Ken Njoroge.
Bank led by Kenyan banker James Mwangi posts $182-million half-year profit
Mwangi derives the majority of his wealth from a 3.38-percent stake in Equity Group.
KRA pursues $12.5-million tax claim against Kenya’s Mukuha family
The KRA’s demand is linked to a 31.5-percent stake sale in Naivas International in 2020 by members of the Mukuha family.
Nigerian banker Herbert Wigwe’s Access Holdings pours $7 million into Kenyan unit
Earlier this year, under Wigwe’s leadership, Access Holdings pledged a substantial $300-million capital investment to its flagship subsidiary.
Britam, partly owned by Kenyan magnates, taps Airtel to expand insurance reach
Leading Kenyan billionaires such as Mbaru, Munga, and Mwangi hold significant stakes within the conglomerate.
Kenyan tycoon Ahmed Hashi’s Hashi Energy set for auction over $35-million debt
Founded in 1991 by Hashi and his wife, Fatuma, Hashi Energy’s operations have expanded significantly over the past three decades.
Kenyan tycoon Narendra Raval backs Finance Act to boost local manufacturing
Raval’s endorsement underscores the potential for the legislation to revitalize Kenya’s manufacturing landscape.
Aga Khan IV gains nearly $8 million from shares in Nairobi-based insurer
Aside from his interest in Jubilee Holdings, Aga Khan IV, also known as Mawlana Hazar Imam, owns a 48.67-percent stake in Nation Media Group.
Firm owned by Kenya’s Merali family to settle debts with $6.3-million land sale proceeds
The Merali family, overseeing the estate of the late tycoon Naushad Merali, commands a 74-percent stake in Sameer Africa.
Billionaire Michael Lee-Chin-linked fund faces stunning $7-million loss
Lee-Chin is the founder of Portland Private Equity, the private equity fund company in charge of Portland JSX Limited.
Kenya’s Biwott family sells Yaya Center in multimillion-dollar deal
The late Nicholas Biwott was part of a generation of public servants who ventured into various businesses, impacting Kenya’s economy.
Kanye West’s Yeezy sneakers return for second sale amid high demand
In May, Adidas announced its decision to sell off the inventory of Yeezy sneakers created in partnership with West.