KenGen Kenya Surges as Profit Quadruples; Cash Call Planned
Kenya Electricity Generating Co. shares jumped after it announced full-year profit quadrupled and set out plans to raise 28 billion shillings ($272 million) in a rights offer early next year.
The stock gained as much as 33 percent and traded 16 percent higher at 9.60 shillings by 11:01 a.m., heading for its biggest gain in more than nine years.
KenGen, as the company is known, on Monday reported profit of 11.5 billion shillings in the year through June from 2.83 billion shillings a year earlier, citing a tax credit and growth in its geothermal-power capacity. Revenue climbed 45 percent to 26.2 billion shillings.
Dow Chemical seeks to triple Africa revenue in five years
Dow Chemical Co plans to triple its revenue from sub-Saharan Africa in the next five years and is investing in offices, local staff and manufacturing plants on the continent to meet that target, its head of the region said.
The company sees opportunities in agriculture, where it supplies crop protection chemicals, infrastructure, where it offers water treatment chemicals, as well as in mining and manufacturing.
“Dow is absolutely betting on Africa’s growth.” – Ross McLean, President, Dow Chemical Sub-Saharan Africa
“We expect to triple our revenue from Africa over the next five years. That is our objective and we are on track to do that,” said Ross McLean, President for sub-Saharan Africa.
Kenya’s investments in Tanzania grow
KENYA’S investments in Tanzania have reached 1.685 million US dollars in 518 projects creating 55,762 jobs. The Executive Director of Tanzania Investment Centre, Juliet Kairuki, revealed this in Nairobi recently in Tanzania-Kenya business forum during an official state visit of President Jakaya Kikwete to Kenya.
Juliet Kairuki said, the forum was organized by Kenya Ministry of Foreign Affairs and International Trade, Kenya Investment Authority, Kenya Association of Manufacturers and Kenya National Chamber of Commerce and Industry and Tanzania Investment Centre.
It attracted around 200 participants including senior government officials, leaders and members of the private sector who represented various sectors particularly energy, manufacturing, education, transport and logistics, financial sector, real estate and tourism.
Unilever opens $1.5M Vaseline production factory in Kenya to meet skin care demands
Unilever has opened a new KES155 million (€1.3 million) factory in Kenya which will be focused on the production of its Vaseline products, as it looks to meet the growing demands in the region for quality skin care products.
The new state-of-the-art facility, which is based in Nairobi, serves the East African market and some countries in the COMESA region such as Zambia and Zimbabwe and will double the production of Vaseline petroleum jelly.
The company adds that the new production line comes with the latest technology available from Unilever globally.
