Business highlights July 31 2017

Business highlights July 31 2017

CIC to dispose 30% stake in nonperforming Ugandan subsidiary

CIC Insurance Group (CIC) is set to sell off at least 30% of its stake in its loss-making Ugandan subsidiary, just three years after venturing into the country’s market.

The insurer intends to dispose of the stake by selling the shares to Saccos in Uganda.

“What we are looking in Uganda is to just have a majority stake. At the moment, we own too much of the business there and anything in the neighbourhood of 60 per cent will be appropriate for us,” CIC chief executive Tom Gitogo said.

Currently, CIC holds 90% stake in the subsidiary.

Garden City to commence building of Ksh2.7 bn business complex

The construction of the Ksh2.7 billion Garden City Business Park is set to begin in November under the management of regional construction projects specialists, MML.

This comes after the acquisition of regulatory approvals by the proprietors, Kasarani Investment Holdings, from the necessary regulatory authorities.

The multi-billion business complex will host two office blocks, a six-storeyed hospital, a three-star and four-star hotels, a pedestrian boulevard linking the business park to the mall, a residential “village complex” and a central park.

The office blocks will provide parking lots for about 820 vehicles.

Barclays Africa posts 7% upsurge in earnings after split

Barclays Africa Group Limited last week announced a seven per cent increase in earnings in the half year ended June 2017.

The lender recorded Ksh103 billion shillings post-tax profits on the back of strong earnings growth in local markets and a strong performance in corporate banking.

The results released on Friday marks the Barclays PLC’s first time to report results following the sell-down of its stake in the African Market.

However, Barclays revenues declined by Ksh252 billion which was attributed to South Africa’s deteriorating economic environment.

The cost-to-income ratio increased to 55.6% despite a focus on cost containment and inflationary cost growth.

 

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