Newly constructed Weetabix East Africa plant in Kenya opened
The Newly constructed Weetabix East Africa plant in Kenya has been opened in the capital Nairobi. The move is aimed at increasing production capacity as well as enhancing efficiency.
The new plant which cost US$ 2.5m has the potential of generating up to 60 per cent of the company’s produce.
Managing director Mr. Ahsan Manji launched the new plant while marking the company’s 40th anniversary in Kenya.
“The recently unveiled capacity upgrade project was completed at a value of US$ 2.5m. It involved new plant equipment – giving us 60 per cent more capacity, automation of some sections of the plant and a new office wing. Furthermore, we have also installed a 1,000 tonne wheat silo that will improve our productivity,” said Mr. Manji.
French cosmetics giant opens at Garden City
French cosmetic giant LancĂ´me, has entered the Kenyan market through a franchise deal with local firm Lintons Beauty World that will be the sole distributor of its cosmetic products in East Africa.
The LancĂ´me Kenyan franchise was launched at the Garden City Mall on Wednesday.
Lintons, which was started as a pharmacy shop, entered the cosmetics business in 1998.
It sold the pharmacy business three years ago to concentrate on beauty products.
Stanlib Kenya REIT to raise $120M in IPO
Stanlib Kenya Ltd. intends on raising up to $120m (12.5 billion Shillings) before November for the initial public offering (IPO) of what will be Kenya’s flagship Real Estate Investment Trust (REIT). Fahari I-REIT will be listed on the Nairobi Stock Exchange and SBG Securities, owned by the Standard Bank Group Ltd. will be the bookrunner for the IPO.
In a phone call with Bloomberg, Felix Gichaga, Stanlib Kenya’s Business Development Manager explained that the I-REIT offers investors diversification and allows ordinary Kenyans to get exposure to income-generating real estate assets, as the cost of entry is not as high as investing directly.
Kenya's economic growth could be highest in sub Sahara Africa - World Bank
Kenya’s economic growth could be the highest in sub Saharan Africa over the next 15 years according to a new World Bank report.
The Bank’s half yearly Pulse report on the African economy said that Kenya’s growth should remain “robust” at around 6.2 per cent until 2030, well above that of many other African economies who will suffer from China’s economic slowdown and restructuring away from foreign investment and towards domestic consumption.
In the shorter term, neighbours Tanzania and Rwanda are set to see even higher growth at over seven per cent of GDP along with Cote d’Ivoire, Ethiopia and Mozambique over the next three years, spurred by investments in energy and transport, consumer spending and investment in the natural resources sector.
