Equity Bank Kenya has appointed joint administrators to oversee the affairs of Swafi Foods Limited, placing the company under administration as part of insolvency proceedings initiated under the Insolvency Act of 2015.
Effective August 18, Kamal Anantroy Bhatt and Jai Kamal Bhatt of Anant Bhatt LLP were named joint administrators of Swafi Foods.
The appointment grants them full authority over the company’s assets and business operations.
Under the administration, powers previously held by Swafi Foods’ directors have ceased, giving the administrators control in handling the company’s financial affairs and restructuring efforts.
Parties with claims against Swafi Foods are required to submit written claims, along with supporting documentation, to the administrators by September 18 for consideration.
The administrators, acting on behalf of the company, are not personally liable for company obligations.
Any queries or matters related to the company should be directed to Anant Bhatt LLP, located on the first floor of City House, Nyerere Avenue, Mombasa.
About Swafi Foods Limited
Swafi Foods Limited is a food company incorporated in Kenya in 2011.
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Since its establishment, the company has focused on the production and exportation of high-quality tea, proudly affiliating itself with the East African Tea Trade Association and registering with the Tea Board of Kenya.
This strong foundation in the tea industry has positioned Swafi Foods as a trusted name both locally and internationally.
The company also offers a variety of Swafi-branded products, including Premium, Classic, and Economy teas, as well as Swafi Spaghetti and Swafi Rice.
The company strives to deliver premium quality products at competitive prices while upholding values of integrity, dependability, and ethical business practices.
This dedication to quality and trustworthiness drives Swafi Foods’ vision to grow sustainably and contribute meaningfully to Kenya’s food and beverage industry.
Equity Group Profits
Equity Group reported the highest profit among its peers, posting a profit after tax of Ksh34.6 billion, marking a 17% rise from Ksh29.6 billion recorded in a similar period last year.
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The impressive growth was driven by a 9% increase in net interest income, coupled with an 18% reduction in interest expenses.
Despite a challenging economic landscape, Equity’s loan book expanded by 4% to Ksh825.1 billion, while customer deposits rose by 2% to Ksh1.32 trillion. Total assets grew to Ksh1.8 trillion, a 3% increase.
In the second quarter alone, the bank recorded Ksh22.9 billion in profits—its strongest quarterly performance in four years. “The four-year Group business transformation journey has started to deliver consistent quarter-on-quarter improvements,” Equity Group noted.
“The execution of the strategic business plan has started to reflect on the balance sheet and performance of the Group in agriculture, mining, manufacturing, trade and investment, and small and medium enterprises (SMEs) that populate the eco-systems of the formal sector in these value chains and is likely to significantly and increasingly transform the structure and performance of the Group. Continued execution has resulted in transformation of the balance sheet structure and the resultant profit and loss structure creating resilience in performance.”
The lender’s Kenyan operations saw profit after tax surge by 40% to Ksh19.5 billion, driven by strong growth in net interest income.
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