bankelele

• Kutwa Tuesday: Capital Chickens

  Posted: February 12, 2008, 3:27 pm by bankelele

  Capital rights issues come home to roost
  
  Last October this post discussed banks' needing to raise share capital to support their rapid growth over the last five years. Since that time, Diamond Trust, NIC, Housing Finance, Equity and now KCB have all gone ahead and put plans in place to increase their share capital to catch up with their asset base.
  
  KCB hopes to raise Kshs. 5 billion and hopefully this could spur some quality mid-tier banks, with foreign shareholding to step forward to the NSE listing place as well i.e K-Rep, Commercial Bank of Africa, Investment & Mortgages, Fina, Citibank and even Cooperative banks.
  
  corporate news
  
  KQ expands (From African Flyer blog) - Kenya Airways will from mid-year increase flights on routes in Africa (Ethiopia, Nigeria, Ghana), Mid-East (Dubai) and Far East (china, Hong Kong, Thailand)
  
  Another stockbroker falls: This time it's another small firm – Nyaga stockbrokers. This is not unexpected, as problems were well known for over as year and had even been discussed in a stockskenya forum. The authorities (CMA) can’t pretend to act surprised as they had in the past considered taking action against the firm whose managers repeatedly sold investors shares without their knowledge – and when caught they would blame errors, and take their time correcting the situation, only to repeat the same up to last week.
  - Though the NSE launched a 100 million rescue package, a Business Daily story mentions that as much as 820 million could be owed to clients.
  - Other blogger takes: The KCIG has some suggestions for the capital markets authority while Coldtusker is dismayed by the pattern of bailouts of Nyaga Stockbrokers and Invesco Insurance after financial shenanigans.
  
  OTC Bank shares: Are shares Family Bank available to buy on the over the counter?
  
  New branches: coming soon Gulf Africa bank at Hughes Building - Kenyatta Avenue, and a new Family Bank branch opp. Yaya Center, Kilimani
  
  Big radio opportunity: Kenya’s highest-rated radio show, Kiss FM
  Big Breakfast Show (with Carol Mutoko) is looking for a new voice to join her on the show. Send a CV with a recording to md@kissfm.co.ke

• SME Opportunities

  Posted: February 12, 2008, 3:20 pm by bankelele

  EPZ incubation: The Kenya export processing zones authority (EPZA) has an incubator program which aims to convert SME's to major exporters. Previously companies located at the EPZ in Athi River had to be almost pure exporters (80%) to enjoy the benefits. But with the incubator program a company can start with exporting just 20% and progress to the 80% threshold within 4 years. Terms are; $50 application fee, $250 annual fee, 75% local shareholding, no more than 100 employees and no more than 40 million invested.
  
  SEED Funding: The SEED Initiative has the SEED Awards 2008. Any group in a developing country, which is working in partnership with others to generate environmental and social benefits in an entrepreneurial way, is s eligible for a service (not cash) prize worth $25,000. D/L is 16 March.
  
  SMME Award: The 2008 Africa SMME Awards; 6 winners (1) Industrial Sector Award; (2) Trade Sector Award; (3) Services Sector Award; (4) Best New Business Award; (5) Most Innovative Enterprise Award; and (6) Young Enterprise Award. All six category winners will become finalists for the overall African Union SMME of the Year Award - closing date for entries is 31 July. Africa's successful Small Medium Micro Enterprises (SMMEs) Managers / Owners who are creating jobs and improving the quality of life in their African communities can also contact author David Fick, E-Mail: (WhlgEagle@aol.com) to be featured in his next book, African Entrepreneurs in the 21st Century, Their Stories of Success (proposed publication, September 2008).

Blah blah blah

Fish cakes

Alas a fish cake.

Yet more fish cakes

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

The end of the fish cakes