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JKIA Finally Achieves The Last Point of Departure Allowing Direct Kenya-US Flights Commencing October 28th With Kenya Airways

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‪US Head Of Commerce Dep Gill Kaplan & Amb Bob Godec, CS Balala, CS Macharia and KQ CEO Mikosz Sebastian in a KenyaAirways Boeing 787-8 Dreamliner.‬

Following the announcement between President Uhuru and President Trump, JKIA has now achieved Last Point of Departure (LPD) status. This allows JKIA to facilitate direct flights between Kenya and the US.

Kenya’s National Carrier Kenya Airways  will now fly directly to the US, presenting new opportunities for Kenyans in Travel, Trade and Commerce. The 1st flight is scheduled to depart on 28th of October 2018.

This is a major achievement for Kenya as JKIA becomes one of the elite  African airports to be certified as a last point of departure to the United States. JKIA is now poised to become the premier  hub in Africa.” – KAA MD Jonny Andersen.

The good news is coming at a time when the national carrier is reporting a rather not so good news. Kenya Airways has made public its performance for the six month period ended 30th June 2018. Bottom line, the airline posted a loss before tax of Sh 4.035 Billion compared to Sh 5.6 Billion posted in a similar period last year.

The airline’s total revenue increased slightly to Sh 52.1 Billion from Sh 50.6 Billion posted in the same period in 2017. Total operating expenses grew by about Sh 2.0 billion to Sh 53.2 Billion.

The airline’s CEO Sebastian Mikosz noted that the increase in operating costs (14%) was mainly as a result of increased pressure on global fuel prices.


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Airtel Kenya And Telkom Make Official Their Merger To Face Off Safaricom’s Dominance

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Telkom Kenya Limited and Airtel Networks Kenya Limited, today announced the signing of a binding agreement that will see the shareholders of the two companies enter into an agreement to merge their respective Mobile, Enterprise and Carrier Services businesses in Kenya to operate under a joint venture company to be named Airtel-Telkom.

Telkom Kenya Limited’s real estate portfolio and specific government services will not form part of the combined entity. The final shareholding will be determined at the closing of the transaction. Telkom Kenya has the option of holding up to 49 per cent of that shareholding.

The merged company will be chaired by Telkom Kenya Limited CEO, Mr. Mugo Kibati while Airtel Networks Kenya Chief Executive, Mr. Prasanta Sarma, will be appointed Chief Executive Officer.
The finalisation and closure of the transaction is subject to approval by the relevant authorities.
Airtel Networks Kenya Limited (Airtel Kenya) and Telkom Kenya Limited (Telkom Kenya) will see no immediate changes to their operations which will continue as usual.

Similarly, there will also be no change to the current respective leadership and management, legal, organisational and staffing structures. Additionally, both brands: ‘Airtel’ and ‘Telkom’, as well as their respective products and solutions, will continue to co-exist. Similarly, service delivery to the respective companies’ customers as well as engagement with all business partners of both companies will continue to operate as usual.

As per the agreement, both the partners will combine their operations in Kenya and establish an entity with enhanced scale and efficiency, larger distribution network and strategic brand presence, thereby enhancing the range and quality of products and service offerings in the market, and greater choice and convenience to the consumer.

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The combined entity will see sustained investments in networks to further accelerate roll out of future technologies. The Enterprise and Carrier Services businesses will get a boost with a larger fibre footprint and increased number of enterprise customers – including both large corporations and SMEs who would have access to a diverse portfolio of world-class solutions.

Commenting on the agreement, National Treasury Cabinet Secretary, Mr. Henry Rotich said:
“This move is well aligned with the government’s agenda to optimise the value of the assets that it holds in trust, on behalf of Kenyans, while cementing the country’s position not only as a regional business hub but also as an international investment magnet.”

ICT Cabinet Secretary, Mr. Joe Mucheru commented: “ICTs remain a vital link to achieving Kenya’s economic goals and our national development agenda, particularly with respect to service delivery. Such mergers have had positive impact on the development of the sector and service levels to consumers in other markets. Similarly, we look forward to this merger leading to the introduction of new technologies and telecommunication products which will, in turn, support the growth of other business sectors of our economy, thereby spurring national production to meet the growing demand locally and beyond.”


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RBA Gives Cytonn Investment The Nod To Manage Retirement Benefit Schemes Funds

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Investments Manager at Cytonn Maurice Oduor.

Cytonn Asset Managers Ltd (CAML) says it has been registered and authorised by the Retirement Benefits Authority (RBA) to manage retirement benefit schemes funds.

The Capital Markets Authority (CMA) also licensed CAML in March 2018. The Cytonn arm said it will “further grow its regulated products portfolio to include fund management services for retirement benefits schemes” following the nods.

“Despite the retirement benefits assets under management growing to about Sh1.2 trillion as of June 2018, only 15 per cent of Kenyans belong to a registered pension scheme and there is a vast opportunity to increase this,” said Cytonn Asset Managers principal officer Maurice Oduor.

“With this licence, we look forward to adding value to the retirement benefits industry by reaching more Kenyans and enabling them to save for their retirement and securing their future.”

According to Zamara, a pension fund administrator, pension funds only earned 9% p.a in the last year. The entry of Cytonn into the pensions industry brings high yielding products earning upto 18% p.a into the industry.

Cytonn Asset Managers earlier acquired Seriani Asset Managers Ltd.


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With Sh2B Investment, Taaleri Set To Purchase 20 Per Cent Of Cytonn Real Estate Project

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Cytonn CEO Edwin Dande

On 8th November 2018, Cytonn held a client cocktail meeting at the Nairobi Serena Hotel. The forum served as a platform to enable Cytonn celebrate the ongoing successful partnership with Taaleri, its institutional investor, while also providing an opportunity for Cytonn clients to interact directly with The Cytonn Board and Taaleri.

A section of attendees during the cocktail

“This forum is meant to celebrate the great milestone we have had in our relationship with Taaleri. It will be a platform to get to know what we are doing as Cytonn, The Board and Taaleri as well as get to respond to any questions our clients may have around the firm’s governance,” said Edwin H. Dande, Cytonn’s CEO during the forum.

Edwin H. Dande, Cytonn’s CEO

“With the continued attractive investment opportunity in Kenya and the region, and the committed team at Cytonn, Taaleri has this year invested a further Kshs. 2bn in our Real Estate projects, and are now looking to purchase 20% of Cytonn during our IPO,” said Prof. Daniel M. Njiru, Cytonn’s Board Chairman and Vice Chancellor at Embu University, during the forum.

Prof. Daniel M. Njiru, Cytonn Group’s Board Chairman

He further said that, “The listing of Cytonn will only serve to increase our levels of governance, risk management, disclosure and transparency. As a Board, we are supporting Management on the listing, and would like to congratulate them for taking the firm to these heights.”

Prof. Daniel M. Njiru also introduced members of the various Boards at Cytonn, which are The Cytonn Group Board, Cytonn Asset Managers Limited (CAML) Board, Cytonn Hospitality Board, the Special Purpose Vehicles (SPVs) Boards and The Cytonn Education Board.

A representation of The Cytonn Group, Affiliates and Special Purpose Vehicles (SPVs) Boards

Kati Salo, Taaleri Africa Team representative, reaffirmed the Cytonn – Taaleri partnership. “As a Risk Manager, I am confident about the risk position of the firm and I can sleep well knowing that my investments are in good hands,” she remarked.

Prof. Daniel M. Njiru engaging with a client

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