Investors Beware! ...Of Dipping property prices

Your daily dose of Kenya's Business and Financial News

Author

Kenyan Wall Street
October 24, 2024

Good Evening 😊These are our day's top stories that matter to you as an investor.

🏢 Rough Ride for Investors as Apartments Record Negative Price Movements in Q3

The last quarter was undoubtedly a tumultuous period. Chaos. Political uncertainty. We all knew, or could anticipate, investment in assets would be considerably affected. According to HassConsult Property Index, seven out of nine suburbs with apartments reported negative price movement, as did six out of nine satellite towns. The bulk of the property units reviewed were apartments in suburbs like Westlands, Kileleshwa, Kilimani, and Lavington; others in satellite areas like Athi River, Kitengela, and Mlolongo. Conclusively, it was not a kind period for investors in the sector but optimism abounds. Here's why?

📊 Savannah Clinker Hikes Bamburi Cement Acquisition Offer by 9.4%

The battle for Bamburi Cement PLC is certainly getting hotter! A circular from the cement maker to its shareholders today reveals that Savannah Clinker Ltd., one of the acquisition candidates, has ramped up its bid by KSh 6.55 per share price. Amsons Group, the other candidate, has maintained its own offer of KSh 65 but has floated its bid for a longer period. Perhaps believing the patient kid takes the bid. The circular also lists some of the directors reviewing both offers, assuring investors that none of them is aligned with either party. Here are some of them 🙃

⛏️ Investors to Pay Mining Royalties at Cargo Loading Point

The new chief of the mining sector, Hassan Joho, says he is dedicated to reign in crooks stealing precious resources without paying their royalties. How will he do this? Investors in the sector will have to pay royalties at the cargo loading point. For a long time, the ministry has been blamed for allowing miners to benefit from natural resources without extending the benefits of these profits to local communities. While mining is a tiny sector in Kenya's economy, even the little we own remains elusive and complacency by gov't leads to haemorrhage of crucial revenues. Also have a look at how much royalty is charged for different minerals.

Other top stories you should check out…

😬 Why does the taxman intend to track your mobile phone?

The Kenya Revenue Authority (KRA), in collaboration with the Communications Authority of Kenya (CA), will track all imported or locally assembled mobile phones from the 1st January 2025 to ensure taxes on the devices are paid. What is the IMEI number and why it is crucial?

🏛️ New Representative office…meeting the president…Jamie Dimon’s visit.

President William Ruto met JP Morgan CEO Jamie Dimon who had visited Kenya as part of his African tour, at State House Nairobi on Thursday. What does this mean for the country?

Stories you may have missed…

Interview of the day