Kenya

Kenya’s imports from China surge to KSh258 billion amid SGR orders

Kenya’s imports from China rebounded significantly in the past six months ending June 2024, marking the fastest growth in three years. Data from Kenya National Bureau of Statistics (KNBS) shows that spending on imports surged by 25.56% to Sh 257.70 billion, driven by increased orders for machinery and transportation equipment, including railway locomotives.

(Business Daily)

Uganda

Investors in EABL Uganda unit eye major windfall in buyout

Minority shareholders of EABL’s Ugandan subsidiary Uganda Breweries Limited (UBL) are set for a windfall of up to 34 times their historical investment in the company when they sell their 1.81 per cent equity to EABL through a tender that opened a week ago. EABL’s annual report for 2024 shows that UBL has a historical book value of KSh687.65 million. Separately, the report revealed the Uganda unit, together with East African Breweries (South Sudan) Limited, having net assets of KSh10.2 billion as of June 2024. EABL, which owns 98.19% of the Ugandan brewery, said in a notice last week that it will purchase the remaining stake or 2.18 million shares at a price of USh5,630 (KSh195.42) each. The pricing of the offer values the Ugandan unit at Sh23.51 billion.

(Business Daily)

Sudan

Sudan suffers severe cash shortage and steep interest rates

Residents in North Kordofan’s capital of El Obeid are grappling with a severe cash liquidity crisis. There is a significant shortage of cash in banks, with one trader from the El Obeid Crops Stock Exchange telling Radio Dabanga, “Most banks lack cash liquidity, while the interest rate on transfers has surged to 15%.” The liquidity crisis is attributed to the paramilitary Rapid Support Forces’ (RSF) demand for fees from cargo trucks in cash or at an interest rate sometimes exceeding 20%. This has intensified the financial strain on local businesses and residents. In Nyala, the capital of South Darfur, traders are facing similar problems. They state that banks have gone out of service in all areas controlled by the RSF, leading to an increase in interest rates for banking services.

(Dabanga)

Somalia

Somalia warns corporates recognising Somaliland

Somalia says it will make good its threat of punishing corporate bodies labelling or operating as though Somaliland is an independent territory. Mogadishu had said all firms with operations in Somalia were to have altered information on their network platforms to reflect that Somaliland was a part of Somalia by 1st September. Somalia’s Ministry of Commerce and Industry referred to the country’s provisional Constitution to order the firm to remove the name of Somaliland, the self-declared independent territory, from their network information sites.

(The East African)