It has been a busy week in the business world in Kenya this week. From the Sh.72 Million Money Heist to Choppies putting its Kenyan business on sale, here are all the stories.
Choppies Puts All Its Kenyan Assets On Sale
Botswana based Choppies Supermarket is finally calling it a day in Kenya. Following in the steps of Nakumatt and Uchumi, Choppies has termed the Kenyan Market hostile to retailers.
Reports indicate however that embezzlement of funds by top management is the cause of its misery. Both suppliers and employees have complained of lack of payment.
Quick Mart Supermaket and Tumaini Merger
As Choppies closes shop, the Capital Markets Authority has approved the merger of Quick Mart and Tumaini Supermarket. The merger means Tumaini will operate under the brand name Quick Mart.
A joint statement from the supermarkets read, ” Quick Mart and Tumaini Self Service announce that their respective board of directors have authorised the commencement of a merger and business integration of the two companies.”
Sh.72 Million Nairobi Money Heist
Like a script from the Netflix series Money Heist, thieves stole a cool Sh72 Million from Standard Chartered Bank Nairobi West Branch. The thieves, posing as cops, stole from as the G4S employees readied themselves to remove it from the van to the bank. The rest was stolen from the ATM.
KCB Acquires NBK
It has been long coming and finally its here. The Central Bank has approved the acquisition of the National Bank of Kenya by KCB. The acquisition which has been approved by over 80% of NBK shareholders means that over the next 2 years, NBK will seize to exist.
Even though KCB’s Director for Regional Businesses has been appointed as NBK’s managing director by KCB to oversee the transition, NBK MD insists he still has 2 years remaining in his contract.
Safaricom fights Airtel-Telcom Manager
The Telco wars are not over. Safaricom is fighting Airtel-Telcom merger asking to be paid Sh.1.2 Billion before the merger happens.
A statement from its CEO Michael Joseph read, “We request the Authority’s intervention in ensuring that all the outstanding debts owed to us in relation to the said services are paid in full as a prerequisite for the approval of this transaction.”
Other news included:
- Kenyans have lost as much as Sh.11 Million to cyber crime in the 1st quarter.
- Senators accept Sh.316 Billion for counties
- Royal Media Owner and billionaire SK Macharia bid to take over Direct Line Insurance as the chairman rejected by the regulator.
- Kevian Kenya establishes a Sh.350 Million recycling plant in Thika.
- Report indicates the Kenyan economy is stable
These among other stories made headlines this week in the business world in Kenya.