@BusinessDaily

Shelter Afrique set to lay off 13 employees

1 weeks ago, 17:45

By: Brian Ngugi

Pan-African mortgage financier Shelter Afrique is set to lay off 13 employees in a bid to cut costs.

The firm in a statement said Thursday the job cuts are in line with a reorganisation plan to turn around its fortunes.

“The implementation of a new strategy has necessitated re-alignment of the organisation structure and resourcing,” said the statement.

“This will lead to reduction of existing establishment and subsequent staff redundancies. As a result, 13 staff are expected to leave the organisation through a redundancy programme.”

Shelter Afrique, which is owned by 44 African countries together with the African Development Bank and African Reinsurance, has been trying to regain its footing in the wake of accounting scandals and bad loans that pushed it into a financial crisis. The pan-African financier early this year faced huge losses after the National Construction Authority questioned the structural fitness of Sh730 million housing project it had funded in Kenya.


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@BusinessDaily

Shelter Afrique set to lay off 13 employees

1 weeks ago, 17:45

By: Brian Ngugi

Pan-African mortgage financier Shelter Afrique is set to lay off 13 employees in a bid to cut costs.

The firm in a statement said Thursday the job cuts are in line with a reorganisation plan to turn around its fortunes.

“The implementation of a new strategy has necessitated re-alignment of the organisation structure and resourcing,” said the statement.

“This will lead to reduction of existing establishment and subsequent staff redundancies. As a result, 13 staff are expected to leave the organisation through a redundancy programme.”

Shelter Afrique, which is owned by 44 African countries together with the African Development Bank and African Reinsurance, has been trying to regain its footing in the wake of accounting scandals and bad loans that pushed it into a financial crisis. The pan-African financier early this year faced huge losses after the National Construction Authority questioned the structural fitness of Sh730 million housing project it had funded in Kenya.


Read More

Category: business news lifestyle corporate economy opinion markets

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@StandardMedia - By: Kamau Maichuhie
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Police in Juja are trying to piece together evidence that may lead to the arrest of suspects who torched 12 buses ...

Category: business news
6 hours ago, 10:15
@StandardMedia - By: Macharia Kamau
Cost of high voltage power line doubles as delays stalk project

Ketraco officials say the 428km cable from Turkana will now be installed at Sh28b, up from Sh15b ...

Category: topnews news business
5 hours ago, 10:57
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A quiet revolution in female education and opportunity means that girls who once trudged for hours across Kenya’s Maasai Mara to fetch ...

Category: business news
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The seized equipment include rolls of copper and aluminium wire cables, poles, meter boxes and transformer assembling parts. ...

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