Uchumi Supermarkets receives US$6.39m write off in financial restructuring plan

KENYA – Kenyan retailer, Uchumi Supermarkets has been granted leeway by commercial banks who have agreed in principle to write off and restructure a debt settlement plan of outstanding credit owed by the Supermarket chain […]

Bio-Corn Products to lose processing facilities amid mounting financial woes

KENYA – Bio-Corn Products limited, a subsidiary of Nairobi-based manufacturing firm ISONS Group, will lose its multimillion-shilling processing plant to auctioneers after it defaulted on a loan owed to a local lender. In a notice, […]

Kenya’s Mumias Sugar placed under receivership over US$60m financial woes

KENYA – Cash strapped Mumias Sugar Limited company has been placed under receivership by KCB Group following the execution of a lender’s agreement deed dating back to September of 2010 to protect its assets and […]

International Breweries to raise capital through Rights Issue

NIGERIA – International Breweries Plc, the Nigerian subsidiary of Anheuser-Busch InBev has notified the Nigerian Stock Exchange (NSE) of its intention to seek a “Rights Issue” as a form of capital raising for the company, […]