Home Afrika dispels administration claims
By Mathew Ndungu, August 9, 2024
Real Estate firm Home Afrika has dispelled as untrue, claims that it has been placed under administration.
The company said it is Mitini Scapes Development Limited, a subsidiary that was placed under administration in a bid to restructure and revitalise its financial standing.
Home Afrika chairman Peter Muigai noted that the move to appoint administrators Messrs Kamal Anantroy Bhatt and Dhir Kamal Bhatt of Anant Bhatt LLP aims at ensuring the Mitini Scapes project continues to align with its promise of delivering quality housing within the esteemed Migaa Golf Estate.
“Mitini Scapes Development Limited through its advocates has already moved to Court and the matter is yet to be determined,” he disclosed in a press statement.
Muigai revealed that Home Afrika boasts a diversified portfolio beyond the borders of Mitini Scapes, adding that the company’s strategic assets include the larger Migaa Golf Estate, Lakeview Heights, and plots available for development in Naivasha and Machakos counties.
“These projects underscore Home Afrika’s commitment to providing sustainable and affordable housing solutions across the East African sub-region,” he added.
He revealed that the firm has witnessed a turnaround in financial performance, with losses narrowing down from Sh65 million in the 2022 Financial Year, to Sh27.8 in December 2023 (64.7 per cent decrease in losses), marking a positive trend in its financial recovery.