Business highlights July 3 2017

Business highlights July 3 2017

Nakumatt woes deepen as TRM branch faces auction

Chain retailer Nakumatt, is now fighting to retain its Thika Road Mall (TRM) branch after the creditor, TRM, tried to auction some of the retailer’s goods and equipment to recover Sh51 million owed by the retailer in rent arrears.

Through Moran Auctioneers, TRM seized a number of Nakumatt’s assets including 400 customer trolleys, six moving trucks, ovens, office furniture and other electrical appliances.

Nakumatt rushed to court and were given a temporarily order suspending the auction.

This comes as the retailer struggles with deep debts. Nakumatt has already closed down several shops in Kenya and the neighbouring Uganda in an attempt to solve its financial woes.

GM, NIC partner to aid customers in vehicle acquisition

Auto dealer General Motors East Africa (GMEA) and NIC Bank have signed a pact that will see the lender finance customers’ acquisition of commercial vehicles from the dealer.

NIC will offer six-year loans at 13% interest rate for customers buying commercial vehicles at GMEA.

The agreement includes a 60-day grace period on the credit facilities and a one-year insurance cover from Fidelity Insurance.

The deal covers Isuzu N-Series trucks, FRR trucks, double and single cab Dmax pickup models.

GMEA chief executive Rita Kavashe said the deal will make it easier for individuals and businesses to own vehicles.

“Isuzu’s unique partnership with NIC Bank seeks to make it easier for individuals and business organisations to purchase vehicles for their business and individual needs.”

Use of cancerous herbicides threatens Kenyan flower exports

Kenyan farmers risk losing market for their flower exports to America after the US listed an herbicide commonly used by Kenyan horticultural farmers as cancerous.

The US state of California is expected to list the herbicide Roundup as a cancer-causing chemical on July 7, a move that could throw into disarray plans to expand Kenya’s horticultural market in the US.

The herbicide contains glyphosate, an element that has high carcinogenic potential.

Experts have urged Kenya to move speedily and address the matter as it could have a grave impact on the country’s horticultural produce.

 

 

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