*Today’s News Highlights* • *Toyota firm to buy another 69pc stake in Goodlife Pharmacy* A Toyota-owned firm is set to acquire an extra 69.9 percent stake in pharmaceutical distributor Goodlife Pharmacy, giving it full control of the drug store as the Japanese conglomerate boosts its deal making in East Africa. Paris-based CFAO Group, a subsidiary of Toyota Tsusho Corporation, has inked a deal for the buyout of a majority stake in Goodlife — which operates under Mauritius-based holding company Africa Chemist and Beauty Care Inc (ACBC). The proposed acquisition of 69.9 percent from LeapFrog Investments and management shareholders will see CFAO Healthcare acquire sole control over ACBC and its subsidiaries — Goodlife Holdings Ltd and Goodlife Pharmacy Ltd in Kenya as well as Goodlife Pharmacy in Uganda. • *Kenya’s domestic debt expands by Sh1.7 trillion under Ruto* Kenya’s borrowings from the domestic market have grown by Sh1.7 trillion since President William Ruto took over the reins of power in September 2022. Data from the Central Bank of Kenya (CBK) shows that domestic debt grew from Sh4.342 trillion as of September 16, 2022 to cross the Sh6 trillion mark for the first time ever by February 14 this year, standing at Sh6.021 trillion. The growth rate in the past two years translates to almost half of the Sh3.319 trillion fresh domestic borrowings witnessed during the 10-year reign of retired President Uhuru Kenyatta. • *Treasury to sell new 11-year dollar bond to fund the buyback of $900m Eurobonds* The Treasury will sell a new 11-year dollar bond to fund the repurchase of $900 million (KES 116.7 billion) Eurobonds due in 2027, marking the third time in a year that the government has used a buyback 900 option to address future payment pressure on public debt. The $ 900 million, which was tapped in 2019, attracted interest rates of seven percent and its repayment was staggered in three equal tranches of $300 million (KES 38.9 billion) starting in May to next year and 2027. However, the Treasury has moved to purchase the first tranche early by refinancing the whole bond using the proceeds of the new dollar bond issuance. • *Planned Savannah Cement sale attracts 15 suitors* The planned sale of Savannah Cement has so far attracted 15 local and international suitors, with the company’s administrators expecting more firms to pick bid documents before the deadline on Friday this week. Mr Peter Kahi, a partner at audit firm PKF Kenya and administrator of Savannah Cement, confirmed that 15 companies are interested but declined to reveal them. The cement maker was placed under administration by KCB Bank Kenya and Absa Bank in May 2023 over a combined debt of more than Sh10 billion. Absa had unsuccessfully placed the company under administration in November 2022 after the move was suspended by the courts. • *Britam deepens stake in premiums as rivals falter* Britam Holdings extended its lead in the life insurance business and climbed to the second spot in the general underwriting segments in the half year ended June 2024, piling pressure on its rivals. Latest Insurance Regulatory Authority (IRA) data shows Britam added Sh7.06 billion premiums in the general business to Sh29.54 billion, coming in the period premiums in its life business rose by Sh3.71 billion to Sh9.1 billion. *Courtesy: of Business Daily* https://whatsapp.com/channel/0029VaBcBIRAzNbtD1l1eA1k