Afternoon business highlights – September 28 2017

Afternoon business highlights – September 28 2017

Cytonn Real Estate launches Ksh20 billion mixed use development in Kilimani

Cytonn Real Estate, the development affiliate of Cytonn Investments, has launched a Ksh20 billion iconic mixed-use development project. Named “Cytonn Towers”, the project was launched at a function officiated by Nairobi City County Deputy Governor Polycarp Igathe and will be situated on a 4-acre parcel in Nairobi’s Kilimani area. It will be built to embody class standards in destination real estate and is expected to be Nairobi’s premier Business, Retail and entertainment, Hospitality and Residential address when complete.

Treasury allocates Ksh3.2 billion to NIS ahead of repeat poll

The National Intelligence Service (NIS) is set to benefit from Ksh3.2 billion in the proposed mini-budget that has been forwarded to the national assembly, seeking to fund the repeat presidential election next month. Treasury Cabinet Secretary Henry Rotich presented a supplementary budget of Ksh9.9 billion to parliament for approval before release of the funds to the Independent Electoral and Boundaries Commission (IEBC).  The police through the Ministry of Interior have also been allocated Ksh4.6 billion. IEBC had requested Ksh12 billion for the October 26 repeat election but Treasury approved Ksh9.9 billion.

Tuskys director moves to oppose Nakumatt merger

One of the directors of retail chain Tuskys Supermarkets has come out to oppose the proposed merger between Tuskys and the ailing Nakumatt Supermarkets. Yusuf Mugweru, the fourth born of seven siblings who own Tuskys Supermarkets, claims to have been sidelined by his siblings during the negotiations and only knew about the merger from media reports last week. Mr Mugweru holds a 17.5% stake at Tusker Mattresses Limited.

 

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