Business headlines- December 15, 2017

Business headlines- December 15, 2017

Ex-speaker Marende voted out of Kenya Power board

Kenya Power shareholders have voted out their Chairman Kenneth Marende from the board of directors after serving for three years. Marende retired from the board recently but still being eligible, he offered himself up for re-election for one of three vacant seats on the board. The move is seen as a power play by the government which is the majority shareholder to appoint a new chairman to steer the running of the state owned utility firm.

Uchumi oulets restocked as retailer shows signs of recovery

All Uchumi supermarket stores are currently being restocked in readiness to be opened on Sunday. Chief Executive Ahmed Mohammed says all branches will be stocked at 95 percent after a majority of suppliers agreed to restock the retailers. The restocking was made possible after the government released Ksh700 million out of a Ksh1.2 billion bailout loan they had been promised by the state to revive Uchumi’s Kenya operations.

ERC to lower price of liquid petroleum gas by half

Plans are underway to lower the price of liquefied petroleum gas (LPG) by half price to encourage the consumption of LPG products which are environment-friendly and more effective, the Energy Regulatory Commission (ERC) has revealed. ERC Director General Robert Pavel Oimeke says Kenya currently lags behind in LPG consumption at 151 metric tonnes, equivalent to 3kg per capita, which is quite low compared to other countries such as Senegal whose consumption per capita is 10 kg per year.

 

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