MkukiMoto
Elder Lister
Cytonn Investments Updates
During the week, April 19-25:
President Uhuru Kenyatta assented the Tax Amendments Bill 2020, which amended the Retirement Benefits Act to allow the use of pension savings towards purchasing of a home in addition to acting as mortgage collateral.
The National Assembly approved the Tax Amendment Bill 2020, which was necessitated by the Presidential directive dated 25th March 2020 and on 25th April 2020, President Uhuru Kenyatta signed the Bill into law. The Bill, which is now the Tax Amendments Act 2020, has amended the definition of “qualifying interest” to be any interest earned by a resident individual in any year of income.
The National Assembly approved the supplementary budget for the fiscal year 2019/20, leading to a Kshs 9.7 bn decline in the gross total supplementary budget to Kshs 2,803.1 bn, from Kshs 2,812.8 bn. The supplementary budget was necessitated by the coronavirus pandemic that has dampened economic activities, leading to significant revenue underperformance.
NCBA Group, the third-largest bank by assets in Kenya, with an asset base of Kshs 494.8 bn as at December 2019, announced it would withhold the final dividend payment of Kshs 1.5 per share to shareholders, totaling to Kshs 2.2 bn for FY’2019. The dividend was to be paid to shareholders registered on the company’s register at the close of business (book closure) on 23rd April 2020. The lender’s board instead has recommended the payment of a stock dividend (Bonus Issue) and not a cash dividend, which will be issued to shareholders registered on the company’s register at the close of business on 12 May 2020.
Naivas Supermarket opened its 64th store in Kilimani, the third branch to be opened this year by the retailer after opening of Kamakis along the Eastern Bypass, and Mountain View along Waiyaki Way.
Tuskys supermarket announced that it would temporarily close three of its branches in Nairobi, Kitale, and Mombasa as it looks to reduce operating costs and net more profits.
During the week, April 19-25:
President Uhuru Kenyatta assented the Tax Amendments Bill 2020, which amended the Retirement Benefits Act to allow the use of pension savings towards purchasing of a home in addition to acting as mortgage collateral.
The National Assembly approved the Tax Amendment Bill 2020, which was necessitated by the Presidential directive dated 25th March 2020 and on 25th April 2020, President Uhuru Kenyatta signed the Bill into law. The Bill, which is now the Tax Amendments Act 2020, has amended the definition of “qualifying interest” to be any interest earned by a resident individual in any year of income.
The National Assembly approved the supplementary budget for the fiscal year 2019/20, leading to a Kshs 9.7 bn decline in the gross total supplementary budget to Kshs 2,803.1 bn, from Kshs 2,812.8 bn. The supplementary budget was necessitated by the coronavirus pandemic that has dampened economic activities, leading to significant revenue underperformance.
NCBA Group, the third-largest bank by assets in Kenya, with an asset base of Kshs 494.8 bn as at December 2019, announced it would withhold the final dividend payment of Kshs 1.5 per share to shareholders, totaling to Kshs 2.2 bn for FY’2019. The dividend was to be paid to shareholders registered on the company’s register at the close of business (book closure) on 23rd April 2020. The lender’s board instead has recommended the payment of a stock dividend (Bonus Issue) and not a cash dividend, which will be issued to shareholders registered on the company’s register at the close of business on 12 May 2020.
Naivas Supermarket opened its 64th store in Kilimani, the third branch to be opened this year by the retailer after opening of Kamakis along the Eastern Bypass, and Mountain View along Waiyaki Way.
Tuskys supermarket announced that it would temporarily close three of its branches in Nairobi, Kitale, and Mombasa as it looks to reduce operating costs and net more profits.