Market News Page No. 536| Africa Business News | Afrotrade

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Nairobi: Chandaria Industries buys stake in low-cost car firm

Billionaire businessman Mahesh Chandaria’s family has acquired an undisclosed stake in Mobius Motors, the start-up auto firm that is building Africa’s cheapest car. Chandaria Industries, makers of hygiene products that are the flagship of the Chandaria Group, made the investment through capital injection into Mobius in return for a stake in the early stages of the car maker, highlighting increased investor interest in the.... Read more »

Posted on : Friday , 5th December 2014

Tanzania: Dar to Construct Embassy Building in Kenya

Dodoma — THE government, through the Ministry of Foreign Affairs and International Cooperation, is planning to construct an office building and an investment venture in Nairobi, Kenya. The Deputy Minister in the ministry, Mr Mahadhi Juma Maalimu, told the Parliament that the project is part of government's strategic plan to involve the country's pension funds in implementing development projects in the nation's foreign.... Read more »

Posted on : Friday , 5th December 2014

Kenya: Sh12 Billion Moyale Road 40 Percent Done, Reports KeNHA

The Sh12 billion Turbi-Moyale Road is 40 per cent complete, the Kenya National Highways Authority has said The project is the third and last phase of the Mombasa-Nairobi-Addis Ababa Road Corridor Development project. Kenha said movement of goods and services will be enhanced once the project is completed. The project, financed by the African Development Bank, was started by President Mwai Kibaki in October 2012. It is expected to be completed.... Read more »

Posted on : Friday , 5th December 2014

Nissan sets aside Sh1.3bn for new showrooms in Kenya

Nissan is set to open four new showrooms in major towns across the country in a Sh1.3 billion expansion plan which will also include opening of new service centres. Crown Motors, which in August replaced DT Dobie as the Kenyan franchise holder of the Japanese vehicle brand, said it would open showrooms in Mombasa, Kisumu, Eldoret and Naivasha by the end of next year. The Mombasa showroom is set to open in two months, adding to the.... Read more »

Posted on : Thursday , 4th December 2014

Ashok Leyland bags $79.2 million project in Tanzania, Zimbabwe

Hinduja Group flagship firm Ashok Leyland has announced bagging of two large integrated transport projects in Tanzania and Zimbabwe worth a total of $79.2 million. As part of the project, the company will supply trucks, buses, light commercial vehicles, spares and allied support services, includes training and developmental consultancy, Ashok Leyland said in a statement. Besides, the company will also address a.... Read more »

Posted on : Thursday , 4th December 2014

Tanzania to construct a new NSSF office in Kenya at the cost of US$39.8m

Tanzania is planning to put up a new office in Nairobi – Upper Hill area – a building that will also host the country’s embassy in Kenya. Foreign Affairs Deputy Minister Mahadhi Maalimu told parliament last week that the government was concluding dialogue with NSSF to see the implementation of the project by the fund. The complex will be 26 storey building and will be known as Umoja House. In addition to.... Read more »

Posted on : Thursday , 4th December 2014

Construction of US$ 2.76m Dongo Kundu bypass in Kenya to start early next year

Permanent Secretary in the ministry of Transport John Mosonik has said that construction of the Dongo Kundu bypass in Mombasa will start early next year. The much awaited infrastructure project is expected to decongest Mombasa by serving as an alternative to Likoni ferry. It will link the mainland to the south coast. Mosonik has also said that the government is going to announce the winner of tender for Phase I within two coming weeks..... Read more »

Posted on : Thursday , 4th December 2014

Tanzania to increase cement production

Tanzania expects to double its cement production in the next few years as new factories come on-stream to satisfy growing demand from the construction sector, a senior government official said on Tuesday. Cement consumption is viewed as a barometer for construction activity, which is one of the main drivers of economic growth in the country. Annual cement production in east Africa's second-largest economy will rise to 6 million.... Read more »

Posted on : Thursday , 4th December 2014

$20m pharmaceuticals warehouse built in Kenya

Logistics company Imperial Logistics’ Africa-focused healthcare supply chain management provider last month started the construction of a $20- million pharmaceuticals storage and distribution facility in Nairobi, Kenya. Imperial Health Sciences MD Dr Iain Barton states that the project started on September 15 and is scheduled for completion in October and to be commissioned in November 2015. He says the state-of-the-art facility.... Read more »

Posted on : Thursday , 4th December 2014

Intravenous fluids plant opened in Sudan

A $25 million intravenous fluids plant was officially opened this month in Sudan by Vice President Hassabo Mohamed Abdul-Rahman. The plant, which has been ready for production for the past seven years, had faced operational delays owing to differences with the Malaysian partner and has capacity to produce 8 million units of intravenous fluids and 700,000 units of solutions for kidney dialysis. Sudan Vision Daily reported.... Read more »

Posted on : Thursday , 4th December 2014

Pharco to develop Presidio's NS5A inhibitor PPI-668 for HCV in Kenya

Pharco Pharmaceuticals has entered into an exclusive license agreement to develop and commercialize Presidio’s clinical stage hepatitis C virus (HCV) NS5A inhibitor PPI-668 in Kenya. With the exclusive license, Pharco will now be able to expand its licensed territory to one or more additional countries in the Middle East and East Africa region. Pharco Pharmaceuticals vice chairman and chief executive officer Dr Sherine.... Read more »

Posted on : Thursday , 4th December 2014

AFRICA POISED TO BECOME A GLOBAL INNOVATION HUB

The founder of global telecommunications Econet Wireless group Strive Masiyiwa said Africa was set to become a global innovation hub. Masiyiwa made the remarks in an exclusive interview with CNBC Africa.com. “Africa will become the global innovation hub in the next 25 years partly because in about 25 to 50 years’ time half of the world’s population will be Africans with most expected to be young ,” he said. Over.... Read more »

Posted on : Thursday , 4th December 2014

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