On 14 April 2022, Justice Mabeya, of the High Court in Kenya cancelled a 20-year concession that had leased Mumias Sugar assets to Sarrai Group in December 2021. The termination came after a series of court cases that had accused Sarrai Group of illegally and fraudulently winning a bid offer in a process – headed by Kenya Commercial Bank (KCB)’s receivership manager P V Rao – that had failed to consider other creditors, consult the Competition Authority of Kenya and explain how Mumias would repay its creditors, among others. Whereas the cases had played out in Kenya, it touched Uganda…
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Airtel Africa, a leading provider of telecommunications and mobile money services across 14 African countries, has partnered with three internationally renowned African artistes, Fally Ipupa (Democratic Republic of Congo), Diamond Platnumz (Tanzania), and Simi (Nigeria) to engage customers on how to enhance their digital experience by making the most of their data bundles. Through this collaboration, Airtel Africa aims to enable customers to make informed decisions about their data usage habits. The artists have collaborated with Airtel Africa to create a special song to provide customers with practical tips and tools that will help them to maximise their data for…
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Cooper Motors Corporation (CMC) Holdings, the parent company of CMC (Uganda) Limited has announced its decision to gradually wind down operations in Uganda, Kenya and Tanzania, in full compliance with local regulations and distributorship agreements. Cooper Motors was acquired by the Al-Futtaim Group in 2014 and has other trading subsidiaries owned by CMC Holdings Ltd including: CMC Motors Group Limited (Kenya) Ltd. Hughes Motors (Tanzania) Ltd, Kenya Vehicle Manufacturers Ltd (33% Shareholding). The motor company was a leading player in the East African motor industry with exclusive distribution of New Holland tractors with an extensive range of farming implements from…
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All is set for the 2024 I&M Bank Katogo Golf Series grand finale this Saturday, December 7 at the Entebbe Club. This will be the fourth event of the quarterly series, and shall close the 2024 season of the series. The season finale comes a few weeks after a group of Ugandan golfers traveled to Kenya, and participated in the first-ever cross-border I&M Bank Katogo Golf Series tournament at Limuru Country Club. The one-day debut I&M Bank Katogo Golf Series tournament was dubbed the ‘Migingo Skirmishes,’ and it had over 200 golfers compete on the Limuru greens, and later enjoyed…
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When the Swiss Holcim Group first announced its plans in July to sell the Nairobi listed Bamburi Cement business in Kenya to Amsons Group; it raised fear and left many…
London-based Standard Chartered Group is exploring the potential sale of its Wealth & Retail Banking (WRB) businesses in Botswana, Uganda and Zambia. The Group, in a published statement today said, it will concentrate its resources in these markets on serving the cross-border needs of global corporate and financial institution clients. The Bank said, this is the first in a small number of potential business exits to fund incremental investment in its leading wealth management business, which aligns with the refreshed strategic priorities shared in the Group’s third quarter 2024 (Q3’24) results, aimed at accelerating income growth and returns. Group Chief…
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A significant boost to regional economic integration has been announced, following a two-day Finance and Private Sector Participation Cluster Regional meeting in Kampala, Uganda. The meeting, attended by delegations from Kenya, Rwanda, South Sudan, and Uganda, reviewed and updated the implementation status of directives on finance and private sector participation under the Northern Corridor Integration Projects (NCIPs). Mr. Patrick Ocailap, representing Uganda’s Minister of Finance Matia Kasaija unveiled an array of impressive achievements in the country’s implementation of the NCIPs. In the rail sector, he said Uganda had acquired 58% of the right-of-way for the Standard Gauge Railway (SGR) on…
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