Afternoon business highlights – September 29 2017

Afternoon business highlights – September 29 2017

Over 100 Saccos not fit to operate in Kenya

As many as 106 deposit-taking savings and credit co-operatives (Saccos) have not met the mandatory capital ratio requirement in 2016, raising questions over their fitness in the key credit market, the Sacco Societies Regulatory Authority (SASRA) has found. SASRA says in its report for the period ending December 31, 2016 that only 69 out of 175 deposit-taking saccos met and maintained the prescribed minimum institutional capital adequacy (ICA) ratio of 8%. This means more than half the lenders are in breach of the law. Defaulters could have their licences suspended or worse, withdrawn.

Real estate firm HF Group completes ambitious Ksh7.5 billion housing project in Komarock

Real estate company HF Group has completed the first phase of a residential development in Komarock, Nairobi The Ksh7.5 billion 480 apartment estate, comprising two and three bedroom units is HF Group’s largest real estate project since the development of Buru Buru Estate in the 1970’s, developed by the Group’s subsidiary, Housing Finance Development and Investment. HFDI Executive Director James Karanja says Komarock Heights is ready for occupation with the two bedroom units selling at Ksh6.1 million while the three bedroom houses cost Ksh7.1 million for cash buyers.

ERC shuts down rogue petrol stations

The Energy Regulatory Commission (ERC) has shut down at least six petrol stations selling adulterated or export bound motor fuels in the local market. The regulator conducted 4,459 tests at 753 petroleum sites. An estimated 97.5% of the sites were found to be compliant.

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