Category Archives: ICICI

Karuturi AGM 2018

As workers of the former Karuturi flower farm in Naivasha, Kenya, await the outcome of a new appeal of the long-running court case and receivership, the Karuturi Group held an AGM in India and passed new resolutions to turn round the company.

The Bombay Stock Exchange-listed Karuturi, the world’s largest producer of cut roses, had published an annual report ahead of the AGM. According to the notice and results of the AGM, the Group proposed to increase the authorized share capital of the company to meet their long-term capital requirements.

Karuturi also plans to allocate convertible warrants to new shareholders who are; IBelive Fitness Solutions who may end with 10% if they exercise all options, Eye-3 Info Media who may end with 8% and Srinivasa Retail who will end with 14.3%. Prior to the AGM, the three had no shares in the company while the promoters of Karuturi had 25% and other public shareholders had 75%, including Deutsche Bank with 5%.

Shareholders also voted to appoint Messrs K G Rao and Co as auditors of the company and the notes showed that the previous year’s figures had not been audited by the current year auditors who had then provided a qualified opinion due to non-filing of some tax returns by the holding company. Another resolution was to ratify the appointment of the daughter of the Chairman and MD Sai Rama Karuturi, who had joined the board in September 2017. The resolutions were all passed.

The company has primary borrowings with Axis Bank in India (third largest private bank in the country), ICICI Bank of India, Axis Dubai, and smaller borrowings at the Commercial Bank of Ethiopia, Zemen Bank and Lion Bank in Ethiopia.

The accounts provided an (incorrect) link to the long-running Kenya bank case and receivership in Kenya. There are mentions in the notes that Karuturi Kenya was wound up by a court order of March 2016 and the company did not have any outstanding tax demands in Kenya or Ethiopia 

In a statement, the Board Chairman wrote that the Kenya farm should soon be back in the company’s possession following workers’ protests to various government authorities and media attention fueled by Kenyans on Twitter. On Ethiopia, he welcomed the new leadership of Prime Minister Dr. Abiy Ahmed and mentioned that the company had withdrawn all cases against the government of Ethiopia, paid compensation to the workers, and entered new lease agreements with a view to resuming operations in mid-2019.

Chevrolet Tembea Kenya – Part II

The Chevrolet TrailBlazer that is being used to support for the Tembea Kenya Maina Kageni Road Trip Tour is a 2015 model new vehicle, that General Motors is showcasing around the country. In line with the current Chevrolet theme of finding new roads, the Trail Blazer caravan has been to many places likes Lamu, Lukenya, Amboseli, Nyeri, Baringo and Nakuru.

Chevrolet Trailblazer in Mbuinzau

And while new highways and roads are built around Kenya, the reality is that there are many parts of the country still unpaved and road maintenance is poor as it’s only done every few years. This means that drivers  often encounter potholes, mud, wet roads, and high bumps in Nairobi and other towns all the time, and a tough vehicle with a high clearance is ideal.

Chevrolet is a strong brand worldwide for GM which remains the USA’s largest automaker with 18% in 2015. In Kenya, General Motors East Africa (GMEA), was started in 1975 as a joint venture between the Government of Kenya and General Motors Company, and is one that is currently 18% owned by Centum, and which is a leading exporter of new vehicles to countries in the greater East Africa region.

And while in Kenya it seems that every other car is a Toyota, GMEA is actually the leading supplier of new vehicles into the Kenya market with about 6,700 new units (33%) supplied in 2015. GMEA  assembles, markets and sells Chevrolet, Opel and Isuzu vehicles and parts in Kenya and the Eastern Africa region. In Kenya, their Isuzu brand is strong, dominating the bus, truck, and pickup market, but they don’t want to rest on their laurels – hence the introduction of the Chevrolet Trailblazer in the growing SUV category.

 The 2.8-litre diesel, automatic model Chevrolet Trailblazer used in the Tembea Kenya campaign retails for about Kshs 5.1 million ($50,000) [but can be had for much less for embassies and government offices who don’t have to pay Kenya’s hefty new vehicle taxes].

The Trail Blazer is available in 8 different colours and has 7 seats spread over three rows. Some of the nice features it has include individual overhead lights & A/C setting for each row, side steps, leather seats, a rearview view camera with parking assist (useful at Nairobi malls), anti-theft /  immobilizer system,  a touch screen infotainment system that links to the phones via Bluetooth or USB,  multiple, charging ports, steering wheel controls, and two setting of four-wheels drive (4WD) that the driver can adjust by simply twisting a knob.

Chevrolet Trailblazer in Mbuinzau 2The TrailBlazers come with a 5-year service plan or over the first 90,000 kilometers which is virtually the life of a typical car owner in Kenya. Servicing is set for every 15,000 kilometers, and owners also have the comfort of a warranty and roadside assistance over the first 120,000 kilometres.

Last week, GMEA signed a deal with Kenya’s leading asset financier, NIC Bank, to enable buyers of Chevrolet and Isuzu vehicles to get up to 95%, at an interest rate if 15.5% which can be repaid over 6 years. This promotion lasts till the end of March 2016 and is available at all GMEA locations across the country.

May 12 jobs & other opportunities


ABC Bank
– Head of liability management & institutional banking
– Liability relationship managers (3 in Nairobi, 1 at Mombasa)
Apply by May 25 to

Fundraising and PR officer at AMREF. Apply to by 24 May.

Chief accountant at CGB Foods. Apply to the HRM at

Fashion Brands Ltd
– General manager
– Sales representative
Apply to by 30 May.

Investment analyst at ICEA Investment Services. Apply to the managing director 46143-00100 Nairobi by 18 May.

Relationship managers at a large international bank opening offices in Kenya in two months. Apply through Manpower Associates, P O Box 50736-00100 Nairobi by May 22.

Finance & administration officer at Independent Medico – Legal unit. Details at and deadline is 19 May.

Kenya Wildlife Services
– corporate communications officer
– resource mobilization manager
Apply to the director KWS P O Box 40241-00100 by 24 May.

Assistant regional accounting coordinator – Africa at Land O’ Lakes. Apply to Sheila@landolakes by 26 May.

Senior accountant at New KCC. Apply to the HRM P O Box 30131-00100 by 24 May.

Chief financial officer at Precision Air, Tanzania. Apply through PWC at by May 26.

Sales, finance, and marketing management trainees at Reckitt Benckiser. Apply to by May 19.

Micro-finance coordinator at SCC-Vi Eastern Africa. Apply to by 26 May.

Sports stadia management board
– Chief accountant
– Audit assistant
– Storekeeper
– Sales & reservation officer
– Caretaker (estate officer)
Apply to by 31 May.


The Ministry of Finance to identify and devise ways of eliminating all state corporation (parstatal)-related contingent liabilities. D/L is June 7.

GJLOS: training program on culture and attitude change for the Kenya Police. Deadline June 16.

Kenya Pipeline Company is hiring a corporate communication firm. D/L is June 9.

Kenya Ports Authority to survey and dredge Kilindini harbour. D/L is June 26.

Various at the Nile Basin Initiative. D/L is June 14.

The Higher Education Loans Board is providing loans & scholarships for study in Kenya during the 2006 – 07 academic year.

The National Housing Corporation is selling 600 flats at Madaraka Estate in Nairobi, comprising 192 2 bedroom flat at 1.6 million shillings, and 408 3 bedroom flats at 2 million. Further enquiries can be made to the secretariat, Madaraka sale committee P O Box 30257-00100 Nairobi. Forms are available at a non-refundable 1,000 shilling fee from NHC and should be returned with 10% deposit in bankers cheque by 10 July.

Current tenants say the apartments have been over-valued and are also protesting the short period of time they are being asked to raise money for buy houses they have lived in and paid for, some for the last 30 years.

ICICI Bank to Kenya

ICICI, India’s largest private bank (and 2nd overall) plans to open a representative office in Kenya within the next few months. It has been called India’s most aggressive bank, with a strong corporate banking operation, and is also that country’s largest issuer of credit cards. ICICI’s arrival into Kenya comes after the State Bank of India’s takeover of Giro Bank last year.