Business highlights-June 29 2017 General Motors exits Kenya after 42 years

Business highlights-June 29 2017 General Motors exits Kenya after 42 years

General Motors exits Kenya after 42 years

Auto-dealer General Motors East Africa (GM) has finalised its plan to exit Kenya after a 42-year presence in the country. The US-owned firm said on Wednesday that it had received approvals from all necessary bodies to sell its stake in the country with Japan’s Isuzu buying the 57.7% of the shares.

GM East Africa managing director Rita Kavashe confirmed that they had received approvals from the Competition Authority of Kenya and the Common Market for Eastern and Southern Africa.

READ ALSO: GM CEO tells Jury Company Flubbed Fatal Ignition Flaw 

The GM yard along Nairobi’s Mombasa Road (Photo: The Star Kenya)

The new ownership structure will have Isuzu as the majority stakeholder alongside state-owned Industrial and Commercial Development Corporation with a 20% stake, Centum Investments 17.8% and Japan’s Itochu Corporation 4.5%.

Swazuri in Ksh23 billion Lamu project row

National Land Commission (NLC) Chairman, Mohammed Swazuri, has been dragged into the controversy sorrounding the disputed Lamu wind-power project.

Cordisons International (K) Limited, a US-sponsored firm, has served the NLC chair with restraining orders barring him from interfering with the wind-power project.

READ ALSO: Lamu Coal Power Plant facing opposition from local firms

The Lake Turkana Wind Power Project, the largest in Africa. A similar project is to be established in Lamu County (Photo: Baraka FM)

This follows fresh evidence against NLC in which the commission is alleged to have issued an allotment letter to a second private company, Kenwind Holdings Ltd, in an attempt to secure a 3,200-acre parcel of land that, according to court documents, overlaps some 11,100 acres of public land already approved to Cordisons.

Lands and Environment Court Judge, James Olola, is expected to make a ruling on the preliminary objection on July 7.

IRA: New education system will throw insurance plans into disarray

The Insurance Regulatory Authority (IRA) has raised concerns that the proposed new education system will force insurance companies to realign their existing education policies.

The regulator has said that the new curriculum will change the maturity dates of the policies which many Kenyan parents have subscribed to for their children in the 8-4-4  system.

READ ALSO: You will not be forced to pay Ksh14 billion for school games, Education Ministry tells parents as state responds to misleading newspaper headline

Sarit Centre chairman Nitin Shah, BTB Insurance Brokers CEO Dilesh Bid and former Insurance Regulatory Authority commissioner Sammy Makove and Serv-All Insurance Agency MD Rehana Tayabjee during the centenary anniversary of Phoenix Assuarance on March 28 2016 (Photo: The Star Kenya)

In the new 2-6-6-3 curriculum, set to be rolled out in 2018, will see pupils spend just six years in primary school before proceeding to a three-year “lower secondary” programme aged about 13.

Learners will then be required to pass an exam so as to proceed to “senior school” for another three years, at around 15 years.

 

 

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