Category: subsidiaries
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Kenyan banks see forex losses from subsidiaries as shilling strengthens
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Kenyan banks recorded currency losses of about Ksh50 billion in the first half of the year when translating financial statements of regional subsidiaries into Kenyan shillings due to the appreciation of the shilling during the period. The shilling has appreciated by between 19 and 31 percent against the currencies of…
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Bribery case against Shikun & Binui closed, subsidiaries penalized
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The Tax and Economic Prosecutor’s Office has closed a bribery case against Shikun & Binui (TASE: SKBN), a real estate and infrastructure developer. Meanwhile, an indictment was filed today against Shikun & Binui’s subsidiary SBI Infrastructure, as part of a plea deal, charging the company with conspiracy to commit a…
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Sanlam to wind up three subsidiaries as losses up
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Sanlam Kenya is divesting its real estate, bottled mineral water and asset management businesses, as the insurer struggles to shore up profits after years of losses and drying up profits for shareholders. The company, a subsidiary of South Africa’s Sanlam Financial Services Group Limited, says Sanlam Investments Limited (asset managers),…