Business highlights July 17 2017

Business highlights July 17 2017

Lenders win big in new KQ ownership restructuring plan

Banks owed by national carrier Kenya Airways (KQ) have formed a partnership that will see the 11 lenders own 35.7% of the airline.

In a special recovery plan, the lenders formed a company (KQ Lenders Company Limited), and swapped the money owed to them by the airline for shares. KQ owes the lenders Ksh22.8 billion.

The Treasury being the largest lender also converted the Ksh27.8 billion (inclusive of interests) owed to them for shares, raising their stake at the airline from 29.8% to 46.5% thus becoming the majority shareholder.

Dutch flag carrier airline KLM, a joint venture partner with KQ, will give away half of its current 26.7% stake at KQ in the new recovery strategy.

CA warns media houses against pre-empting poll result

Communications Authority of Kenya director Francis Wangusi, has warned media houses against releasing election results ahead the Independent Electoral and Boundaries Commission (IEBC) in the August 8 polls.

The industry regulator said it is aware of media houses that have comprehensive plans to transmit poll results and warned them against using the results to influence public opinion.

“We are reminding media houses toying with the idea of releasing results ahead of IEBC to stop, IEBC is the official body charged with releasing the official results,” said Wangusi.

Wangusi also put social media users on notice saying that authors of suspicious messages will be handed over to relevant authorities.

Swazuri ordered to respond to Ksh23 billion Lamu project suit

A Malindi court has ordered National Land Commission (NLC) chairman Muhammad Swazuri to respond to a legal suit in which he is being sued for allegedly favouring a rival firm in the protracted Lamu wind-power project.

Judge J.O. Olola of the Malindi Environment and lands High Court has ordered Swazuri and other respondents to file their written submissions in three weeks.

US firm Cordisons International went to court accusing Swazuri of favouring their rival Kenwind Limited by giving them a land lease for the proposed project site and denied the same to Cordisons International despite the latter having approvals from the local county government and national government agencies.

The case will be heard on September 27.

 

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