Eveready signs three partnerships deals in diversification drive

Eveready East Africa Limited has signed a partnership deal with  Sayyed Engineers Ltd of Pakistan, Chloride Egypt SAE, and Supreme Imports as it seeks to drive its diversification strategy agenda.

Eveready East Africa Managing Director Jackson Mutua (left) and Sayyed Engineers Managing Director Savail Hussain (right) sign a partnership agreement witnessed by Eveready Director Fauzia Shah (right) and Sayyed Engineers Chief Manager for Export Safdar Fayyaz.

Under the deal, Sayyed Engineers Ltd will supply a range of writing instruments including marker pens, ball pens, fountain pens, pencils, rubbers etc. Chloride Egypt SAE will supply car battery TURBO®; and Supreme Imports Ltd will supply a wide range of lighting products including incandescent and energy saving bulbs under the brand name EVEREADY.

Speaking at a media briefing in Nairobi, Eveready East Africa Ltd Managing Director Jackson Mutua said: “Last year, Eveready Board took a bold step to steer the company towards diversification leading to the closure of our manufacturing plant in Nakuru.  The strategy is hinged on bolstering the businesses’ commercial operations and involves product diversification, regional expansion, and strengthening our route to market programs.”

“The move was aimed at ensuring that Eveready remains profitable, efficient and competitive,” he added.

“Like many consumer-driven entities, Eveready East Africa is increasingly viewing its manufacturing, marketing and distribution and means of achieving greater efficiencies without impacting negatively on the consumer. An upshot of the review is the implementation of the five year strategy that places diversification at the center of company’s business,” said Mr. Mutua.

Sayyed Engineers Limited, on the other hand,  pioneered ballpoint pen manufacturing in South Asia when such precision engineering (tip manufacturing) in the production of ballpoint pens was thought to be possible only in the advanced countries.

“This partnership is important us as we enter into the Kenyan market,” said Sayyed Engineers Managing Director Savail Hussain at the signing ceremony in Nairobi. “We chose to partner with Eveready because of its strong brand and wide distribution network and we believe this partnership provides a good Launchpad into the East African market.” 

Chloride Egypt’s has built its product line based upon a tradition of quality and durability and today, Chloride Egypt is recognized as leading manufacturer of automotive batteries in Egypt.  Additionally, Eveready has historical linkages through trade and shareholder relationship with US firms Eveready Inc. and Energizer Inc.

“These are reputable companies with longer history of manufacturing and import businesses. Sayyed Engineers, for instance, is the largest producer of writing instruments in Pakistan, it has been exporting its quality products to 14 other countries and now Kenya,” Mr. Mutua added.

The company expects to introduce five new products in household and personal care categories by the year 2017. To further enhance its distribution capabilities especially for the automotive batteries, the company has also signed a regional distribution deal with Yana Tyres.

Truecaller launches app to date for Windows 10

Truecaller has announced the launch of the most comprehensive version of Truecaller yet, for Windows 10.

Available to download for free starting today in the Windows Store on Windows 10 enabled devices, this is Truecaller’s biggest advancement on Windows Phone to date bringing the strong community of Windows users the app they have been waiting for.

Starting from the home screen, Truecaller introduces a brand new design and wizard to help users get started. For the first time ever, following the launch of the updated version, call history will be auto populated with Truecaller information including badges and profile pictures. With new, improved and streamlined list views on the home and discover screens, more information is ready and waiting at your fingertips, ensuring you are communicating only with the people you choose.

In this version, the call identification and block capabilities have been completely rethought. Using newly available API’s, Truecaller brings an entirely new experience to Windows 10 devices. Protect yourself against the ‘Top Spammers’ in your region, compile your own custom ‘Block List’, even block hidden numbers from contacting you.

A new and improved after call screen lets you perform quick actions without having to open the app. You can now call back, send SMS, suggest a name, save number, mark a number as spam, or look it up in Truecaller.

Truecaller knows that the community of users value knowing which part of the world a number is from. Using Truecaller’s proprietary technology, caller ID is now enriched with location and carrier information. While the app will not show the exact location of the live call, the location data has been improved based off the area code and number series to ensure a more accurate location on incoming calls and number search.

“We are working to reinvent the communications experience for billions of people and it has always been in our DNA to bring the best version of Truecaller to all the operating systems, and today, with the hard work of our great team, and our contacts at Microsoft, we are excited to bring our most comprehensive version of Truecaller for Windows Phone, to date!” said Rishit Jhunjhunwala, VP Product at Truecaller.

What can our users look forward to in this version for Windows 10:

●     New, advanced blocking features: Compile your own, custom block list and block unwanted calls. Now block hidden or private numbers too.

●     Enriched call history: Put a name and a face to your call history with enriched information including names, and pictures.

●     After call identification: Easily see who called, save a contact, report spam after the call without even opening the app.

●     Profile details: Updated information to ensure you have the best information at your fingertips. Now showing location with embedded maps based on the area code, and phone number, as well as operator information.

●     New design: Higher quality in list view screens including search results, call history and discover. Profiles also now feature location and operator information as well.

The new Truecaller for Windows 10 streamlines your communication experience on your most personal device: your mobile phone. In today’s world where your mobile phone is the direct point of contact for nearly all of your communications, Truecaller is a necessity for searching and finding relevant contact information to protect yourself from intrusions, spammers and telemarketers.

Kenya’s private sector growth drops to a record low – PMI Report

The Latest Purchasing Managers’ Index™ (PMI™) data released by CfC Stanbic Bank indicate that the Kenyan private sector growth stalled at the end of the third quarter (Q3). Business conditions improved only modestly in September, with the respective rates of expansion in output and new work easing to record lows.

The rates of expansion in output and new business were both the slowest on record in September, reflecting the overall trend signalled by the headline index. Activity rose only modestly, with data pointing to a sharp easing in new order growth. New business gains were reportedly undermined by a number of factors including currency weakness and the on-goingteachers’ strikes.

Commenting on September’s survey findings, Jibran Qureishi, Economist at CfC Stanbic Bank said: “The PMI has fallen to its lowest level in September since data collection began back in January 2014. The weaker exchange rate has certainly increased import costs for most firms which has consequently suppressed their profit margins, perhaps also leading to the significant slowdown in workforce growth.”

Mr Qureishi further noted that the currency is likely to appreciate in the coming months due to the rise in real yields in the Kenyan money markets which will probably increase portfolio inflows and thus lend some much needed support to the balance of payments.

“Economic growth which expanded by a healthy 5.5% y/y in Q2 2015 from 4.9% y/y in the previous quarter will probably subside slightly in the third quarter this year judging by the activity of the CfC Stanbic PMI. Higher interest rates may only be a temporary measure as rates are likely to move lower while the broad stability in the currency could start to control rising costs that most firms have been suffering from,” he added.

The slowdown of the Kenyan private sector as a whole was reinforced further by the weakest rise in employment in the series history. Payroll numbers increased only marginally in September, with the majority of respondents (83%) noting no change since August.

Similarly, input buying rose at the slowest pace since the survey began in January 2014. Anecdotal evidence generally linked changes in purchasing activity to the perceived strength of client demand. Subsequently, the rate of pre-production inventory building also eased, with reports of higher new work less frequent than in previous months.

On the price front, total input costs rose sharply in September. The latest increase was the most marked in a year-and-a-half, driven by a steep hike in purchase prices. Higher costs stemmed from the weakness of the shilling versus the dollar, and a number of firms were able to pass on these pressures by way of raising output charges.

CfC Stanbic Bank Limited signs US$155 million Term Loan Facility

CfC Stanbic Bank Limited has signed a US$155 million, two/three year term loan facility in Dubai. The transaction, which is the second CfC Stanbic Kenya transaction, was launched in an amount of USD 100 million and an over subscription of USD 55 million was obtained, thus allowing a final take of USD 155 million. 

It is the first time that the tenor has been extended to a three year term, together with a two year tranche. The facility is priced at 245 basis points over Libor for the two year tenor and 290 basis points over Libor for the three year tenor.

Ten participating banks in the transaction are: Emirates NBD Capital Limited as Co-ordinator, Initial Mandated Lead Arranger and Bookrunner, Publicity Agent and Documentation Agent; Abu Dhabi Commercial Bank PJSC; Al Ahli Bank of Kuwait K.S.C.P., Kuwait; Commercial Bank of Qatar (Q.S.C.) (The); Mizuho Bank, Ltd and Standard Chartered Bank (the Mandated Lead Arrangers); AfrAsia Bank Limited; Al Khaliji France S.A. and Commerzbank Aktiengesellschaft, Filiale Luxemburg (the Lead Arrangers) and Doha Bank Q.S.C. (the Arranger) 

Emirates NBD Bank PJSC, Dubai is appointed as Facility Agent

The geographic split of lenders are from the Far East, the Gulf Region, Europe, India, Mauritius and the United Kingdom.

Mike Blades, Head, Corporate and Investment Banking, CfC Stanbic Bank Limited said: “We are extremely pleased that such a sizeable amount has been raised for the bank in a two/three year tenor. The oversubscription of USD 55 million off a launch amount of USD 100 million certainly indicates the confidence investor banks have in our bank.”

Mr Blades also said that the funding raised will be used for general corporate purposes, including trade-related finance for the bank.