Category Archives: General Motors

Kenya Development Corporations Merged

July 2021 saw the announcement of the conclusion of merger plans for a Kenya Development Bank. In a gazette notice, the Government announced the creation of the Kenya Development Corporation in June 2021, which comprises the Industrial and Commercial Development Corporation (ICDC), the Tourism Finance Corporation (TFC) and IDB Capital (formerly known as the Industrial Development Bank).

Industrial & Commercial Development Corporation:

ICDC owns 89% of Development Bank of Kenya, 27% of East African Fisheries, 17% of Eveready Batteries, 18% of Funguo Investments, 20% of General Motors East Africa, 4% of IDB Capital, 46% of KWA Holdings (KWAL) 27% of Mountain Region Poultry, 28% of Sisibo Tea, 2% of Uchumi Supermarkets, 31% of Almasi Beverages, 20% of Aon Minet Insurance and 23% of Centum Investments. Through a defunct subsidiary also 5% of Panpaper Mills, and 100% of Kenatco Taxis and 100% of Kenatco Transport.

ICDC also owns Uchumi House and Finance House in Nairobi and plots in Mombasa, Eldama Ravine, Eldoret and Embu, with another next to Malindi airport.

Tourism Finance Corporation:

TFC has subsidiaries including the Bomas of Kenya, Kabarnet Hotel (98%), Sunset Hotel at Kisumu (95%). Also Kenya Safari Lodges (82%), Mt Elgon Lodge (73%), Buffalo Springs (41%), Golf Hotel at Kakamega (40%), Mountain Lodge at Nyeri (39%) as well as 9% of Mararal Lodge and 5% of the Ark. Also Kenya Hotel Properties i.e. Nairobi’s InterContinental Hotel (33%) and International Hotels Kenya i.e Nairobi’s Hilton Hotel (41%). It also owns 52% of African Tours & Hotels (in liquidation).

TFC, previously known as the Kenya Tourist Development Corporation, owns Utalii house, a building on Moi Avenue Nairobi and a plot on prime Nkrumah avenue in Mombasa

IDB Capital:

IDB owns 0.3% of Consolidated Bank, 0.9% of Nzoia Sugar and 0.3% of South Nyanza Sugar Company (Sony) and a sliver of the Africa Export-Import Bank (AfrExIm)

Other:

All assets, securities and systems of the three institutions are now vested in the new corporation.

Ineos 1:59

Today Kenya stood still, and the world watched as Eliud Kipchoge ran a specially staged marathon in Vienna Austria completing it in under two hours. The event dubbed “Ineos 1:59” was an unprecedented partnership event, backed by British chemical company Ineos and its billionaire Chairman,  Jim Ratcliffe.

Kipchoge ran the 42 kilometre-length course on a time of 1 hour 59 minutes and 40 seconds, dipping under the two-hour mark for the first time in marathon history. This was his second attempt at breaking the milestone mark. He had tried this in May 2017 and come 25 seconds short in another special run at the historic Monza Formula One track in Italy. That was in a project supported by Nike, dubbed “Breaking2.”

Eliud Kipchoge is currently the world record holder for the marathon with a time of 2:01:39 that he set at the 2018 Berlin marathon. He is also the reigning Olympic champion (2016 Rio games), and at 34 years old, has won 12 of 13 competitive marathons he has entered since 2013 including the London marathon four times, and the Berlin marathon three times.

Also used in support of the Ineos 1:59 challenge was an electric-powered Audi SUV, driven at a constant pace throughout the race, that projected laser beams to guide Kipchoge and his rotating team of forty-one elite pacesetters from across the world – Japan, Australia, Switzerland, Turkey, USA, Uganda, Ethiopia, and several of his Kenyan compatriots

Local brands that have supported Kipchoge include Safaricom and Isuzu East Africa who signed him up as a brand ambassador in September 2017.  And last week, Safaricom changed its M-Pesa brand to read “Eliud 1:59” for seven days and rolled out a free 1.59 gigabyte data bundle to enable Kenyans to watch Kipchoge’s run on their phones or their home devices via YouTube.  It is reported that over 3 million subscribers signed up for the special data bundle.