US housing firm to construct a KES 1.3 billion manufacturing facility in Thika

·         The company’s long term plans is to deliver affordable homes to Kenyans

·         The launch of IGS operations is expected to create over 4000 direct and indirect jobs and training opportunities for Kenyan Youth by end of 2015

International Green Structures (IGS), an American manufacturing, engineering and construction firm that provides affordable building solutions using sustainable and renewable materials will build a KES 1.3bn manufacturing facility in Thika.

IGS becomes the first US Company to enter Kenya after the US-Africa Summit held early August 2014 in Washington, DC. It has already spent KES 130mn in market research, technology approval, marketing and prototype units locally.
 

Cabinet Secretary for Ministry of Lands, Housing and Urban Development officially opens the IGS show house at Industrial Area. Looking on are David Renz from the US Embassy, IGS Global President Micheal F Mc Carthy and Julius Kamau Nyoike IGS Kenya LTD President. The material to be used for the construction panels are a by-product of rice and wheat set to boost local farmers.

The Cabinet Secretary for the Ministry of Land Housing and Urban Development Charity Ngilu welcomed the initiative saying the high population increase projected at 42 million people will meet the rising demand for housing in the country.

“We are targeting to provide building solutions just under KES 9, 000 per square meter by allowing construction companies and developers to culturally adapt the IGS structures for Kenyans in the communities where they live.” said Mike McCarthy, the IGS President and Chief Executive Officer (CEO).

IGS has been holding high level discussions with the central government and developers from which it has already received commitments of 3,400 units from the private sector alone.
“There is an overwhelming demand for housing in Kenya and limited supply in the middle and lower market segment, giving IGS optimism of great success,” said Mr. McCarthy.
Julius K. Nyoike, the President of IGS Kenya Ltd. said his company’s vision aligns with Kenya’s Vision 2030, whose long term strategy is to improve livelihoods of Kenyans through facilitation of access to affordable and adequate housing. 

IGS expects to provide a second income to rice and wheat farmers as these are the material used in producing durable panels made from straw, a wasteful by-product of wheat and rice crops that has no potential for fuel or food.

The straw from wheat and rice are cycled into a Compressed Agricultural Fiber (CAF) Panel. The innovative manufacturing process creates rigid, thermo-set panels that equal or exceed the durability of block and cement or brick. 

CAF Panels are also energy efficient with natural thermal and sound attenuating properties. They are also fire, water, mold and pest resistant. In addition, harvesting straw has a low-carbon footprint. Not only is this a green product, it is also a healthier, sustainable product to traditional building materials.

Because of its flexible technology, IGS can create a variety of IGS structures that are easily expandable and accommodate a variety of sizes and designs, from residential housing to commercial and institutional structures.

IGS expects to create over 4000 direct and indirect jobs by end of 2015 assuming an uptake of all its products get constructed. 

“We target to produce 3000 IGStructures in our first phase which with expansion of production lines, will increase capacity to about 12,000 units per year,” said Mr. Nyoike.

NSE appoints acting CEO

 

Mr. Andrew Wachira, acting Chief Executive. He has over 10 years’ experience at the Exchange having been the Head of Compliance and Legal Department since 2009.

The Board of Directors of the Nairobi Securities Exchange (NSE) has appointed Andrew Wachira as the Acting Chief Executive (CEO) of the Exchange effective from October 1, 2014. 

This follows the exit of Mr. Peter Mwangi as the CEO on September 30, 2014.
Mr. Wachira has over 10 years’ experience at the Exchange having been the Head of Compliance and Legal Department since 2009. 

Mr. Wachira is a lawyer by profession and holds a Bachelor of Law Degree from the University of Nairobi and is an Advocate of the High Court of Kenya. He is a member of the Law Society of Kenya (LSK).

In a statement, NSE said the process to recruit a permanent Chief Executive is underway.
Speaking on behalf of the Board of Directors, the Chairman Eddy Njoroge said Andrew was instrumental in the implementation of a number of key initiatives at the Exchange. 

“His experience, leadership skills and wealth of knowledge will ensure a smooth transition for the Exchange,” said Mr. Njoroge, adding “as we formalize the substantive recruitment of a Chief Executive, we are confident that he will execute this interim position commendably.”

Crown paints unveils a fourth paint depot in Meru County

Crown Paints has unveiled an ultra-modern paint depot in Meru County in partnership with local dealer Sunrise Capital.

The depot located at Nkubu Town, will display and stock Crown Paints products such as paints, flooring, coatings and adhesives as well as other paints related services.

The facility is the first of its kind within Mt Kenya region. Other depots outside Nairobi include Kisumu, Mombasa, Mwanza and Arusha. 

Kiraitu Murungi and Rakesh Rao opening the new facility. • The depot will double up as a mini-showroom equipping customers, developers and the general public with more knowledge in regards to paints and decorative finishes.

“The Meru depot will increase Crown Paints geographical footprint in the country and will serve the larger Meru region,” said CEO Rakesh Rao during the opening ceremony.
Mr. Rao said the decision to open Nkubu based depot was driven by paint demand and sales inquiries from the region.

“Paint consumption within Mt. Kenya region is growing. The housing market has been changing very fast with more people using texture and paint finishes. Industry players have also been demanding for higher quality paint and finishes. Crown Paints has developed strategic partnerships with local traders and we are proud to partner with Sunrise Capital Limited,” said Mr. Rao. 

He said the decorative paints industry is growing faster than the industrial one, driven by changing lifestyles which result in a higher frequency of painting and usage of better products.

Kiraitu inspects some of the Crown Paints

"We plan to put up similar showrooms in Kisumu, Eldoret, Malindi and two more in Nairobi, this is consumer driven since our target customers have become quite sophisticated and are demanding additional quality products,” said Mr. Rao.
Meru County Senator Kiraitu Murungi said the County Government is in the process of developing policy frameworks that will attract local and foreign investors.”

The county is among urban areas that have created the highest number of jobs in tourism, construction, manufacturing, agriculture, banking and insurance.”