Britam Holdings Plc records a net loss of US$84m, cites poor performance by subsidiaries

KENYA – Diversified financial services group Britam Holdings Plc, reported a net loss of US$84 million for the financial year ended 31st December 2020. The financial services provider firm attributes this depressed financial performance to poor returns from investments in its associate Housing Finance Group (HFC) and investment losses in Wealth Management Fund LLP, a fund managed by its subsidiary Britam Asset Managers. Investment losses in Wealth Management Fund LLP amounted to US447 million. The Nairobi Securities Exchange-listed Britam Holding Plc has a presence in Kenya, Uganda, Tanzania, Rwanda, South Sudan,…

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Absa Bank Kenya launches asset management unit, promises diverse financial solutions

KENYA – Financial institution Absa Bank Kenya, formerly Barclays Bank of Kenya, has launched the Absa Asset Management Limited (AAML), a subsidiary of the bank that will offer fund and wealth management solutions for its customers. The announcement comes after the bank received a greenlight from both Kenya’s Capital Markets Authority (CMA) and the Retirement Benefits Authority of Kenya (RBA) as a fund manager. Speaking during the launch of the subsidiary, Absa Bank CEO Mr. Jeremy Awori noted that the new subsidiary fits in well with the bank’s growth strategy…

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Fleet and mobile manager MiX Telematics reports 18.2% decline in subscription revenue

SOUTH AFRICA – MiX Telematics, a leading global provider of fleet and mobile asset management solutions, has reported an 18.2percent decline in subscription revenue to US$25.9 million (R458m) for the first quarter to end June. The group said the decline was primarily due to the impact of pricing concessions granted to customers and the contraction in its subscriber base as a result of the Covid-19 pandemic, adding that its subscriber base contracted by 30700 subscribers during the quarter. MiX Telematics has a net subscriber base of more than 787000 subscribers…

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