Market News Page No. 493| Africa Business News

Kenya�s Brookside acquires Ugandan dairy firm in expansion drive

Brookside Dairy Limited has taken over operations of leading Uganda dairy operator Sameer Agriculture and Livestock Limited (SALL), making it the first major acquisition by the Ruiru-based processor outside Kenya’s borders. Brookside Director of Milk Procurement John Gethi told a farmers’ field day in Rushere, western Uganda, that the processor had taken over management of SALL’s contracted farmers and assets, including.... Read more »

Posted on : Monday , 1st June 2015

A new player to enter cement production in Kenya

Cement production in Kenya is soon to see a new entrant. A new cement grinding plant is set to be constructed in Western Kenya on a 50 acre piece of land. It is projected to produce 730,000 tonnes of cement every year and hence enhance the competition in the industry. “The plant will have the capacity to increase cement production in Kenya by 2,000 tonnes of cement per day using raw materials such as clinker, additives,.... Read more »

Posted on : Monday , 1st June 2015

Construction of a super highway linking Liberia and Cote d Ivoire set to kick off

The construction of a super highway linking Liberia and Côte d’Ivoire is set to kick off and the project will be funded by the African Development Bank (AfDB). According to the AfDB outgoing President, Dr Donald Kaberuka the project will start soon since they are currently evaluating on the budget that will be able to complete the project in the recommended time. The president who was speaking during the Bank’s 50th.... Read more »

Posted on : Monday , 1st June 2015

Kenya: Unpredictable business laws cause jitters in the growing mining sector

Local Mining firms are concerned with what they term as rapid-fire methods of Mining Cabinet Secretary Najib Balala, to the point that some are threatening to quit the country. Cortec Mining Kenya Ltd (CMK) management told Africa Mining Intelligence, a specialist publication for the mining industry in Africa, that it was thinking of hauling the Government before the International Centre for the Settlement of Investment Disputes.... Read more »

Posted on : Monday , 1st June 2015

Tanzania: Mchuchuma Coal Mine for Takeoff

THE Minister for Trade and Industry, Dr Abdallah Kigoda, on Tuesday unveiled a catalogue of industrial projects, including a 5trn/- Mchuchuma coal and Liganga iron ore projects set to kick off this year. Moving his ministry's budget estimates, Dr Kigoda stated that the government and partnering investor have already secured 5tri/- for implementation of the projects. "We're now waiting for equipment for the project.... Read more »

Posted on : Thursday , 28th May 2015

WOODSIDE ENERGY OPTS OUT OF TANGANYIKA SOUTH BLOCK, TANZANIA

Tanganyika South Block operator Beach Energy has announced that Joint Venture partner Woodside Energy has decided not to enter into the next period of the exploration program relating to the Lake Tanganyika South Production Sharing Agreement in Tanzania. According to Managing Director Rob Cole Beach Energy has however preserved its right to proceed into the next exploration period under the LTS PSA and has notified the Tanzanian.... Read more »

Posted on : Thursday , 28th May 2015

Swala Energy signals possible Farm-Out deal in East Africa in coming days

Australian company exploring the East African Rift System in Kenya, Tanzania and Zambia has said it is awaiting the receipt of signed farm-out documents having finalized the final steps in the agreement. According to the Company’s Non-Executive Chairman Mr. Ken Russell it is however still not possible to name the new partners due to confidentiality agreements until the receipt of those signed.... Read more »

Posted on : Thursday , 28th May 2015

Wentworth Proved Probable Reserves Reach USD 152.9 Million In Tanzania And Revenues Are Up By 15%

According to Wentworth Q1 2015 results the company’s share of Proved + Probable (2P) reserves at the Company’s gas fields in Tanzania were valued at USD 152.9 million after tax at December 31, 2014. The company’s revenue for the quarter reached USD 0.27 million, up 15% from Q1 2014. The company press release indicates that new transnational gas pipeline and processing facilities are nearly complete with.... Read more »

Posted on : Thursday , 28th May 2015

Regional body tips Tanzania as next EA economic powerhouse

Tanzania has high potential to become the economic powerhouse in the East African region given her natural wealth and strategic geographical positioning, but there are challenges to overcome before it can realise its potential. This is the observation of the TradeMark East Africa, Chief Executive Officer, Frank Matsaert whose organisation is assisting East African Community (EAC) member states, Tanzania, Kenya, Uganda, Rwanda and.... Read more »

Posted on : Wednesday , 27th May 2015

Rwanda: Small traders call for tax cuts, funding in 2015/16 budget

As government prepares to present its 2015/16 financial year budget estimates on June 11, small city traders expect Finance Minister Amb Claver Gatete to prioritise areas that will provide solutions to the challenges affecting businesses. A number of small-and-medium enterprise (SMEs) operators interviewed by Business Times in a mini-survey conducted last week, say the government should review the tax regime and prioritise the.... Read more »

Posted on : Wednesday , 27th May 2015

Tanesco mulls more renewable energy projects

Tanzania Electric Supply Company (Tanesco) Managing Director, Engineer Felchem Mramba, said although renewable energy technology is currently expensive but the future remains in exploiting wind and solar. “Traditional energy sources such as gas and coal will be depleted over time but wind and solar will always be there,” Mr Mramba said after officiating at a World Bank sponsored Mapping of Solar and Wind Energy in.... Read more »

Posted on : Wednesday , 27th May 2015

Chinese car maker setting up showroom in Namanve

Chinese car maker, Foton, is setting up a car show room and after-sales service centre worth $10m (about sh30b) at Namanve Industrial Park, in Mukono district. This was revealed last week by Chinese ambassador to Uganda, Zhao Yali, while handing over a donation of an executive van and partition screens to the acting minister of Foreign Affairs, Henry Okello Oryem, at the ministry’s headquarters in Kampala. Yali said Foton has already.... Read more »

Posted on : Wednesday , 27th May 2015