Afternoon business highlights – May 10, 2018

Afternoon business highlights – May 10, 2018

Shelter Afrique seeks permission to reschedule Ksh13 billion debt payment

Mortgage company, Shelter Afrique is expected to convene a crucial meeting today  with the holders of a bond it issued in 2013 seeking their permission to reschedule repayments of Ksh13 billion debt it owes 10 development finance institutions. Shelter Afrique’s decision to seek a compromise with its financiers comes as it prepares to meet bondholders’ claims in less than six months. Shelter Afrique listed Ksh5 billion five-year medium-term unsecured notes on the Nairobi Securities Exchange (NSE) in 2013 with a September 28, 2018 maturity date.

Chinese investor moves to construct housing units in Ngara

Zeyun Yang, a Chinese investor operating in Kenya, will construct eight 34-storey blocks, each housing 1,632 families, at Ngara estate just outside the Nairobi’s Central Business District (CBD). Mr Yang through his firm Erdemann Property said Rier Estate Housing Development will include a shopping complex with 60 outlets, enabling residents to access essential purchases within the mixed-use facility. The project, standing on a 2.302 hectares, will see 537 units of three bedrooms, 1,088 two bedrooms and seven one-bedroomed houses set up.

Produce prices rise following heavy rains

Flooding has cut off major roads linking farmers to produce sellers thereby driving up the cost of vegetables. According to the Ministry of Agriculture, a 64 kg box of tomatoes is currently retailing at between Ksh6,500 and Ksh8,500 in major towns. The price has shot up by about Ksh1,000 from February. The prices of potatoes have also gone up from as low as Ksh1,500 for a 50kg bag in February to as high as Ksh3000 this month.

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