Afternoon business highlights – October 12 2017

Afternoon business highlights – October 12 2017

Tuskys feted for corporate transformation efforts

Tusker Mattresses Limited (TML), has received a global commendation at the prestigious 4th World Branding Awards for its ongoing corporate transformation efforts. TML, which runs the Tuskys branded chain of retail stores, won the Kenya Supermarket Brand of the Year category in the awards which focus on branding excellence.  Tuskys was earlier this year touted as Samsung Africa’s most valued distributor in East Africa.

AfDB approves Ksh14.6 billion credit risk participations under Private Sector credit enhancement facility

The Board of Directors of the African Development Fund (ADF), approved on Wednesday, 11 October 2017 in Abidjan credit risk participations in eight loans cumulatively valued at US$141 million (Ksh14.6 billion) by the Private Sector Credit Enhancement Facility (PSF). Launched in 2015, the PSF is an off-balance sheet and arms-length vehicle, funded by the ADF, the concessional arm of the African Development Bank Group (AfDB) which participates in the credit risk of the private sector operations of the AfDB. Its mandate is to release capital held against loans in low income countries, to increase private sector financing in those countries. Over the next three years, the Facility is building a portfolio of US$1.5 billion of private sector credit exposures in emerging and frontier African markets.

Factories cut back on cement production

Factories cut back on cement production by as much as 7% to 4.2 million metric tonnes in the year to August 2017, down from 4.5 million metric tonnes the previous year, data from Kenya National Bureau of Statistics (KNBS) has shown. This is the first drop in over 10 years. The move has seen the value of approved building plans in Nairobi fall by Ksh5.1 billion in the seven months to July as real estate investors cut back on spending due to election jitters.

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