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• Who Actually Owns Equity Bank?

  Posted: January 20, 2008, 1:28 am by chris

  By a Guest writer (Mark)
  
  Besides the fact that Transcentury holds a direct stake in Equity bank, it also holds a stake through Britak which in turn has a large shareholding of Equity Bank.
  
  Recently, Transcentury also bought the maximum stake allowable for one shareholder of a bank in Kenya (24.9%) though their holding in Helios EB Partners. Helios Partners is a foreign incorporated company that recently got new investors in the form of Transcentury and more than half the money invested by Transcentury ($300M = Ksh 19.5B) came in to increase the capital of Equity Bank (This amount was approx Ksh 11B). The Finance Minster decided to look the other side as this transaction happened right under his nose. He even gave this group the exception from any scrutiny of who the shareholders are for 9 years.
  
  Essentially, we will never know who the investors are for 9 years in this bank. Why would the government official make an unprecedented decision to exclude them from a regulation to protect consumers in such a sensitive sector? The reason could be to be to hide the fact that the ‘foreign investment’ is actually local investors and the fact that the same local investors have violated the max. Shareholding rules for banks. Picture this…
  
  • Maximum Shareholding allowable to a shareholder who is not an executive = 24.9%
  
  • Equity bank holding through Britak = 10%
  
  • Equity Bank holding as Transcentury directly = aprox 3+%
  Clearly, Transcentury now holds more that 38% of Equity Bank!
  
  Proof of this available on: http://www.transcentury.co.ke/transcentury/portfolio.asp
  
  For the government officer involved… what was in it for him? For the government? Think of Equity bank chairman in London with PNU chaps openly campaigning for PNU and rubbishing ODM… do you start to get the answers?
  
  Issue with Diversity at Equity Bank:
  
  We have established that the majority shareholder is Transcentury, now other issue is almost all senior managers of the bank are from one community. Over 85% of the employees in the bank are from the same community. The converse is that more than 50% of the banks customers are drawn from all the ethnic communities of this country. How do you support a company that does not promote diversity? There are multitudes of Private companies that do not promote diversity, but the duty for a listed company is to represent all Kenyans in its workforce and Equity is not exempted. If they exempt themselves, then we tell their customers so they can choose if that’s acceptable.
  
  Business Model:
  
  Most people defending Equity bank never fail to mention that it has helped the poor and I support that, but this particular business model targeting the millions at the bottom of the pyramid is no longer unique to Equity Bank. We have leading financial institutions like Barclays, KCB following suit and doing it well with their deep pockets. KCB as a local bank and deserves our support, Barclays too because in as much as it’s about capitalism for its shareholders, they promote diversity internally in their recruiting.
  
  IPO (initial Public offer)
  
  Please note that Equity bank is the only listed company that got listed on the NSE without selling any new shares, so it wasn’t an initial public offer per se but a listing. The difference is it retains the exact shareholding when on the NSE as before with no dilution at all. These and only these shareholders were able to benefit with this listing, and later, the secondary buyers and sellers on the NSE. The best way to say this is they got credibility out of the listing without offering anything to the public.
  
  Tell tale signs of the success of the Boycott:
  
  • A day after word spread around on this, I had a chat with some staff members and one mentioned that they stopped 2 days ago paying cash against uncleared cheques even for a fee.
  • Share starts the downward trend and will be a good sign that ODMs strategy is working.
  • Few to no deposits in Equities branches in Western and Rift Valley. The first sign of a run on the bank and I am sure the CBK will come and rescue them by closing these branches due to the ethnic connections they have.
  • Equity bank website www.equitybank.co.ke is now down. Reason? You and I can speculate that they have something to hide… I was looking for the IPO briefing document that listed the largest shareholders, but doubt you will find it again. I had to revert to an earlier download.
  
  Eventually really, if they can balance the staff and hiring to represent the face of Kenya without bias, and I am sure they can find skilled talent from all ethnic communities, though they choose otherwise, then the boycott should be re-considered.
  
  (Kumekucha: Please publish this as a contribution article to kumekucha instead of a s a comment. Hopefully this will provide a forum to justify the reasons why these institutions have been selected for the boycott and you can call on more articles on Brookside, Citti Hoppa etc
  
  Another suggestion on the boycott campaign is to brand it a “Kenyan Company Diversity” campaign to show that this is not about one community but ensuring a better Kenya for all)
  
  -Mark-

• Business Community Laughing at Our Funeral

  Posted: January 20, 2008, 11:10 am by Taabu

  The MYTH created by Kenyan media and business people in preaching peace has been exposed for what it truly is: SELFISHNESS. Seeing the so-called private sector and businessmen trooping to State House to preach peace betrays their thirst for profit in 'missed opportunities'.
  
  And predictably Kibaki never disappointed the chaps. Emilio knows who oils his political wheels when he sets eyes on those who paid one million shillings for a plate of fish and chips or mokimo to finance the elections that he ended up STEALING anyway. Confined to the walls and lawns of State House after selective visits to the internally displaced, Emilio looked all academic in taking notes. In truth he may have been reconciling and prioritizing which accounts (election debts) to settle first.
  
  The truism that image is everything particularly in the service industry has no exception. Contrast that fact with the sight of Equity bank chairman sojourning to London in a PNU delegation. The chap then gets embroiled in partisan escapades rubbishing ODM whose supporters sustain his bank.
  
  So after roasting their geese, it defeats even basic tenets of imagination to see these economic mercenaries shamelessly start asking where the rain started drenching them wet. They dug the hole which they must enter. All we have are scoundrels in all shades who only speak of the 'wider good' in jest while the real motivation are grandiosely selfish.
  
  Until and unless HONESTY reigns in Kenya, the business community will remain blinded by profit in their singular HELL FOR LEATHER pursuits. Their hollow proclamations of the wider good will remain a shell as Kenya continues to bleed profusely from all her orifices. These so-called industrialists are nothing but dogs of war in disguise. Pepo mbaya, washindwe.

• Hanging on a String and Barely Holding On

  Posted: January 20, 2008, 10:53 am by ritch

  There are so many people who've gone through this patch in their lives. And they can associate with what is encapsulated in the poem below – a feeling of dejection, utter loneliness and guilt. If you know people who are going through such a rough patch, talk to them and try to show them love. I promise you, they need it 'badly' and urgently…
  
  Hanging on a String
  Thoughts,
  Constrict my heart,
  With every thought,
  My heart pains.
  
  Thoughts,
  Of what I didn't do,
  And should have,
  Always stalk me.
  
  Thoughts,
  Of what I did,
  And should not have,
  Smile at me.
  
  Thoughts,
  Of a beloved friend,
  Who passed away,
  Grin at me.
  
  Thoughts, come and go,
  Of an intimate friend,
  Who said enough's enough,
  And took her leave.
  
  These thoughts,
  Take me down,
  Deep down,
  To a place of no return,
  
  I'm left,
  Gasping for breath,
  Gasping for air,
  That really isn't there.
  
  These thoughts, like acid,
  Eat at my heart,
  They eat and eat and eat,
  And leave horrid, gaping holes.
  
  These holes wear out my heart,
  And with every thought added,
  I do say, verily,
  My life is hanging on a string.
  
  Contact Ritch At This Email Address.

• Feigned Courtship: A Lady's Woe

  Posted: January 20, 2008, 10:40 am by ritch

  You bet I know what I am talking about here. I am miffed by the way some men treat ladies. You may throw all Beijing 'blue blistering barnacles' (remember Captain H*** in theTintin comic!) my way but I'll still hold my ground, look you in the face and tell you what I don't like!
  
  Some men take advantage of the 'men-are-as-old-as-they-think; women-are-as-old-as-they-look' saying. They 'know' that looks to women are like shells to snails – they will go to great lengths to preserve their youth (at least for their 'prince charming'!).
  
  You still don't get the drift of this piece. Let me explain.
  
  I know of some men who have courted young, beautiful women. But after about two or so years they broke up with them for reasons best known to them. The while the courtship lasted, the ladies built so much hope in being married by the men that shared their lives.
  
  The sad thing here is that the men were all the while not serious with 'their' ladies. They just lied through their teeth that the relationship would end up in walking down the aisle to consummate their 'fiery' love. But the converse of that was true all the while.
  
  Put yourself in these ladies' shoes. Having put all their years and energies into the one thing that they thought would work, they are totally broken when the bombshell is exploded on their laps: "It's over between us; It just couldn't work; You were not the one for me; I made a wrong turn in the road of life; I think I now know where I am headed and you just don't fit in the bigger picture."
  
  This is very 'brutal', to say the least. Why couldn't you just tell the truth as it were before the bud blossomed into a flower. Yes, you knew it all along that all you wanted were the stolen moments with the lass. You should have painted this aim in black and white before things became 'major' between you.
  
  It would go something like this:
  Man:I don't foresee us walking down the aisle. I just want you by my side to satiate my ego and sexual desires. What do you think?
  Woman: Thank you for being upfront with me. Most men wouldn't do half as much. But no, I don't wish to be party to your whims!
  
  Talk of being true and never coming to rue!
  
  Men, if you don't wish to marry a lady with whom you have entered into courtship, then let the lady know.
  
  It is painful for the ladies when you take them for a ride, waste their years and dump them at the junction of desperation. If no one has ever told you, then let me tell you: Time, to women, when viewed against the backdrop of marriage, is of utmost importance. Don't waste their time. Be straight with them and save them the searing pain.
  
  Contact Ritch At This Email Address.
  (undaunted_2006 at yahoo dot com)

• What Kind of a Person are You?

  Posted: January 20, 2008, 6:34 am by Sayra

  There many ways you can use to determine what are some of your major strengths and/or weaknesses. Hundreds of books and numerous sites use many ways different ways from questionnaire, to IQ tests, to handwriting, to how you dress, talk, the kind of things you like, etc etc. But the best and the most reliable is by how you fart. I can confidently tell you that the description of how you fart is one of your major character traits.
  Here are the different types farts that we have ... where do you fit?
  
  Shy farters- those who let out silent farts.
  
  Clever farters- Those who fart and cough at the same time.
  
  Miserable farters- Those who cannot fart.
  
  Dissappointed farters- Those who's farts do not emit odor.
  
  Dishonest farters- Those who fart and then blame the dog.
  
  Mean farters- Those who fart in bed and shake covers over spouse.(this is not recommended)
  
  Vain farters- Those who love the smell of their farts
  
  Amiable farters- Those who love the smell of others farts.
  
  Strategic farters- Those who fart and smile at the same time
  
  Acute farters- Those whose fart smells and indicate their recent diet.
  
  Confident farters- Those who let out really loud farts.
  
  Scientific farters- Those who bottle their own farts.
  
  Nervous farters- Those who stop in mid farts.
  
  Honest farters- Those who confess their farts.
  
  Foolish farters- Those who keep their farts inside.
  
  Unfortunate farters- Those who start to fart but poop instead.
  
  Insecure farters- Those who compare their fart quality to others.
  
  Jealous farters- Those who claim the fart of others.
  
  Prompt farters- Those who always have a fart ready.
  
  The farters farter- Those rare farters whose farts clear moving vehicles.
  
  So where do you belong?

Blah blah blah

Fish cakes

Alas a fish cake.

Yet more fish cakes

Guess what ... yeah ... fish cakes.

The end of the fish cakes