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Kenya’s Mahiga Homes Directors Concludes ‘Meet the People Tour’ in the USA

Kimani Patrick

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The directors of Kenya’s affordable home developer, Mahiga Homes, has successfully completed a meet the people in the United States of America (USA) bnetween 12th and 19th October 2019. Aimed at meeting and engaging with their diaspora clients in USA, the directors made visits in different states where their clients reside and attended numerous events including the celebration of the Kikuyu Diaspora Media anniversary.

Some of the places they visited include Atlanta and Boston where the firm leaders interacted with their existing customers who were very happy and shared their testimonies recommending potential home owners to walk their journey with Mahiga Homes.

Since the company opened its doors in January 2018, Mahiga Homes has developed 14 projects, 4 of which have been successfully completed and handled to their prospective owners. The other 8 are under construction, 6 of which are totally sold out and the remaining two have only very few units remaining on sale.

The projects with units available for sale include Osoit II Gardens in Kitengela. A gated estate, with a beautiful view, in a prime area suitable for family living and or investment, comprised of 3-bedroom master ensuite bungalows. The units offer price is Ksh 4.85M. The company allows you to deposit ksh 1.7M and pay balance in 12 months.

Brickstone Gardens, on Kenyatta road off Thika Superhighway has only one unit remaining and contains Luxurious 3-bedroom bungalows all master en-suite also have few remaining units. The project units offer price is Ksh 4.25m deposit Ksh 1.6m then clear the balance in 10 monthly installments.

The other remaining project on sale is the newly launched Rockvilla Annex Estate which is located within the cosmopolitan area of Joska town, 380M off Kang’undo Road. The very beautiful gated estate contains 3-Bedroom Master En-suite Bungalows each unit sitting on a 40×80 plot. The cash price offer is Ksh 3.95M. The company allows you to deposit ksh 1.6M and pay balance in 12 months.

The company offers daily site visits to prospective clients. Learn more on their website.

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Banks

Co-Op Bank Profit Grows to Ksh 10.9B in Nine Months

Georgina Korir

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Cooperative Bank Group has reported a Ksh.10.9 billion profit for the third quarter in 2019 representing a 5.8 percent jump in earnings by the lender to the close of September.

The lender which is the third largest by assets in the region, said the growth was driven by its “soaring eagle” transformative agenda that has retooled and equipped the business with added competitive advantage.

The increased issuance of digital loans which serve to raise income derived from fees and commissions have played a major role in the growth in earnings by the bank. Digital loan issuance on MCo-op Cash is rising ahead of the bank’s traditional loan book to Ksh.27.6 billion as the lender’s non-funded income has surged forward by 33 percent to Ksh.14.1 billion

The group’s total operating income grew by 9% from KSh 32.3 billion to KSh 35.2 billion while its total assets grew 9% to KSh 440.8 billion compared to Ksh 404.2 billion in the same period last year.

Nevertheless, Co-op retained its likeness for the Treasury, a departure from observed exits by peers, to increase its investments in the portfolio by a further 13 percent to Ksh.94.6 billion from Ksh.83.2 billion last year.

In spite of the prolific growth of both net loans and advances to customers and deposits, Co-op’s net interest earnings slightly tumbled. While the lender has grown its neighborhood-based banking agents to 16,000, 90 percent of the bank’s customer transactions already sit outside branches.

As gross non-performing loans (NPLs) rose to Ksh.30 billion from Ksh.29 billion, the lender’s operating expenses picked up by a notable 11 percent on the back of higher loan loss provisions

The bank expects to keep by the diversification tune to strengthen its dominance on its core market segment encompassing retail banking and the cooperative movement.

Co-op Group Managing Director Gideon Muriuki reported that “the group continues to leverage on the benefits of the transformation agenda which has re-tooled and equipped the business with added competitive edge as reflected in the sustained growth in market share across all market segments.”

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Companies

Mumias Sugar Company Sacks All Employees Following the Receivership by KCB

Georgina Korir

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Just a month after the Mumias sugar company was placed under receivership by the Kenya Commercial Bank; all the employees working at the company have been sacked.

The company was placed under receivership by KCB owing to the numerous debts which the it owed the bank dating back to 1972. The company had borrowed Ksh10 million as loan from KCB and it took more between 1972 and 2014 which amounted to more than Ksh3 billion all together.

“Consequent to the company being placed in receivership, all employees’ contracts stand terminated from the date of receivership i.e. 20th September, 2019.” This, the company said in a letter dated November 5, 2019. The Mumias Sugar Company however said that all affected employees would be lawfully compensated.

“Any payment to the affected employees shall be dealt with in accordance with the provision of the law,” the letter read in part. New staff will be hired so as to keep the company operational and most of the priority will be given to the now former employees who have just been fired.

“Accordingly, the Receiver shall engage the services of any employee on a temporary basis on mutually agreeable terms until the time when the operations resume. Priority will however be given to the past employees while recruiting the staff on temporary basis until the time when the company’s operations are revived,” ended the letter.

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Apps

Optiven Group Launches Kenya’s Inaugural Real Estate App at an Event in Nairobi

Inversk Review

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Kenya’s leading land developer, Optiven group, on Friday morning launched the inaugural Real Estate mobile app in Kenya. The event which was held at the Hotel Fairmont The Norfolk in Nairobi’s CBD gathered hundreds of land owners and real estate enthusiasts including Optiven group clients. The launch was led by the company’s Chief, Mr. George Wachiuri.

The app, which has already been availed at play store will allow prospective land owners to access all their investments solutions from the company at the comfort of their hands.

User with android phones can download the app available on play store through this link while their IOS counterparts and those using personal computers can visit plots.optiven.co.ke.

The mobile app will allow one to view properties on offer (satellite photos, maps, topography and even track the development your projects in real-time from any part of the world), make project selection and proceed to check out.  No brokers, no paperwork, no hassle.

As a multiple award-winning property development pacesetter in East Africa, Optiven Group has over 20 years’ experience in the real estate market.

Alongside its head office in the capital, the company also has offices in South Africa as well as satellite branches in the US and Europe.

The company offers flexible payments for everyone. Where clients are allowed to pay property in installments in up to 24 months through cash, bank financing, Wave, MPESA, PoaPay.

Now through the mobile app, Optiven is allowing everyone to partner with them (as an affiliate) and earn a commission between $200 – $500. Registration of affiliate partners is done through this link.

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