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ARM to remain out of exchange for 21 more days

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Stockbrokers at the Nairobi Securities Exchange. FILE PHOTO | NMG 

ARM Cement #ticker:ARM has been suspended from trading on the Nairobi Securities Exchange (NSE) for a further 21 days, the Capital Markets Authority (CMA) has told investors of the company.

The cement manufacturer’s stock has been suspended since August 20 after its lenders placed it under administration, with the company having defaulted on its loans. The new suspension takes effect Friday (September 28, 2018).

“Notice is hereby given on the extension of suspension in trading of Athi River Mining Cement Plc shares following the placement of the company under administration pursuant to section 534(1) of the Insolvency Act, 2015,” CMA said in a notice.

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“The extension of suspension in trading of the company’s shares is for a further twenty one (21) working days with effect from September 28, 2018. All shareholders, investors and the general public are asked to take note of the suspension.”

ARM last traded at Sh5.5 per share, a sharp decline from a peak of Sh90 reached in August 2014.

Mr Muniu Thoiti and George Weru of PricewaterhouseCoopers (PwC) took over the management of the cement maker under instructions from ARM’s lender UBA Bank which had provided the company with a Sh500 million short term loan.

ARM’s major shareholders led by UK sovereign wealth fund CDC Group and the family of the cement manufacturer’s former chief executive Pradeep Paunrana have yet to announce their plans for the troubled firm.

The company needs to raise new capital and restructure its multi-billion-shilling loans to reverse its losses. ARM, alongside its troubled peers like East African Portland Cement Company, have lost market share to their stronger rivals led by Bamburi Cement.



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Flat or pitched? Why your roof style matters

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Although land prices have remained stagnant last year due to the effects of Covid-19, there is the optimism of a rebound in the real estate sector.

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Low-cost houses spoil the party for Migaa investors

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In 2018, investment firm Cytonn and a section of Kilimani Estate residents clashed over a proposed Sh22 billion Cytonn Towers.

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Lami Technologies closes $1.8 million seed funding to accelerate growth of digital insurance in Africa

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NAIROBI, Kenya May 5 – Lami Technologies, a Kenyan insurance technology (insurtech) company that aims to democratize insurance products and services for low-income Kenyans, announced today it has raised $1.8 million in seed funding.

The round was led by Accion Venture Lab’s seed-stage investment initiative that provides capital and extensive support to innovative fintech startups that are improving the reach, quality, and affordability of financial services for the underserved.

Founded by Jihan Abass in 2018, Lami is a digital insurance platform that enables partner businesses – including banks, tech companies, and other entities to easily and seamlessly offer digital insurance products to their users via its API. Lami can also be used by partner businesses to manage their own insurance needs.

Lami connects partner organizations, such as e-commerce platform Jumia, with underwriters and allows them to offer a superior customer journey. Through its API, users can get a quotation for motor, medical, or other tailored insurance products in seconds, then customize the benefits and adjust the premium to suit their needs, get their policy documents instantly, and claims are paid in record time.

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Lami’s services are enabled by its flexible insurance rating engine and direct integration with several parties and insurance companies. Lami co-designs innovative products with its underwriting partners to enable businesses to offer unique insurance products to their underlying customer base, with flexible options that meet their needs and cash flows, such as monthly medical policies for startup employees.

Jihan Abass, CEO, Lami, said: “This funding will allow us to invest in hiring more people, improving our technology, and growing our presence across Africa as we can continue to address the persistent insurance gap. At Lami, our vision is to help improve the financial resilience of millions by making insurance products more accessible and affordable for underserved populations. By enabling our business partners to offer customized insurance solutions, we are helping them provide more value to their customers, while enabling large volumes of users to access insurance, often for the first time.”

Africa’s insurance market currently stands at a 3 percent penetration rate, expect for South Africa, and is facing modernization and innovation challenges. Most insurance providers on the continent fail to offer flexible, affordable and tailored insurance coverage that can provide a safety net for the African consumer. Low insurance uptake is partly due to the traditional distribution and administration of policies, which mainly still relies on brick-and-mortar channels where policies are sold and processed.

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