Home Afrika Ltd announced the appointment of Mr Luke Kinoti as a non- executive director with effect from 24 July 2019. His appointment comes shortly after the company reported an increasing loss after closing 2017 and 2018 with losses of Ksh181 million and KSh346 million respectively. Moreover, the company reported a decrease in revenue of 58.5% from Ksh921 million in 2017 to Ksh582 million in 2018. The company’s management attributed the loss to slow growth in the real estate sector, reduced spending power among buyers and constrained access to credit facilities.
Mr Kinoti was the chief Executive of Suntra Investment and the founder of Fusion Capital, a Private Equity Firm focused on Real Estate Investment and Fund Management in East Africa. His rich experience in Private Equity, Fund Management, real estate, Micro-finance and Insurance will help in his new role at Home Afrika.