East African Breweries Ltd. fell for a sixth day after it reported first-half sales that were below investors’ expectations and as a Nairobi-based newspaper said the company was reducing operations at a plant.
Kenya has started drilling at newly discovered underground water reserves in the drought-hit north, which can supply the country for 70 years, Business Daily reported, citing Japheth Mutai, head of the Rift Valley Water Services Board.
China’s stocks rallied, spurring the biggest gain for the benchmark index in two months, after the nation’s money-market rates extended declines and Anhui Yingliu Electromechanical Co. soared in its Shanghai debut.
Bonds of Nanjing Iron & Steel Co., partly owned by Chinese billionaire Guo Guangchang, are set for their worst month on record as concern mounts the government’s campaign to reduce smog and overcapacity may exacerbate losses.
ARM Cement Ltd., Kenya’s second- largest maker of the building material, has yet to receive its directors’ approval for a plan to construct a plant in South Africa, Managing Director Pradeep Paunrana said.
Corn growers in Kenya lost billions of shillings of revenue after grain merchants rejected deliveries contaminated with aflatoxin, Business Daily reported, citing the National Cereal and Produce Board.
The Kenya government invited Chinese contractors to take over construction of a 67 billion-shilling ($826-million) highway in the capital, Nairobi, after the World Bank refused to finance the project, Business Daily reported.
Umeme Ltd., Uganda’s main power distributor, is planning an initial public offering in which its shares will begin trading on the stock exchanges of Uganda and neighboring Kenya, Business Daily reported.