bankelele

• Uh Oh

  Posted: June 30, 2008, 4:57 pm by bankelele

  Here we go again The Indian Ocean Newsletter reports
  
  Just a few months after the collapse of the Nyaga Stock Broker , a large company heavily indebted to its clients, another stockbroker on the Nairobi Stock Exchange (NSE) is in turn facing financial problems
  
  Did the unintended collaboration of Coldtusker / Business Daily unearth the firm? This comes after several recent articles in the Business Daily on the renewal of broker licenses by the Capital Markets Authority.
  
  Plastic cheaper: KCB lowering their credit cards fees. Annual fees for the KCB card will now be was 3,000 (~$47) from 4,000, while their Visa Gold will now be 4,000 (~63) from 6,000. Card penetration remain lows, I believe Barclays are the biggest company with 81,024 cards in 2007 (double 41,019 in 2006)
  
  Entry-level opportunities (and expiry dates)
  most from the daily papers last week
  - Graduate trainees at the East African Portland Cement company (15/7)
  - Management trainees at Unilever Kenya (7/7)
  - Management trainees at Telkom Kenya (7/7)
  - Young processionals program at the World Bank (15/7)
  
  Safariom Day 16: Deals 3,939 Turnover 270.8 million shillings [$4.23 million] Avgerage 7.44 Closing 7.40 [+ 2.07%] High 7.55 Low 7.30 Last 7.45 Volume 36.4 million shares. Commentary: A constructive session. Bouts of indigestion are to be expected but those who had to flip [over leverage] have done so by now, given the volumes we have witnessed since the IPO. [Commentary and data provided by Rich.co.ke - Nairobi Stock Exchange Authorized Data Vendor]

• KCB Rights reloaded

  Posted: June 28, 2008, 11:51 am by bankelele

  A half year after Diamond Trust , it’s now KCB conducting a second rights issue in the span of a few years. This comes at a time when international banks raising capital are facing more scrutiny than before.
  
  KCB are back to ask their shareholders to chip in. In June 2004 they exceeded the 2.45 billion target and this time they are set to raise 5.54 billion ($86.6 million). How else is this issue different?
  
  What has changed?
  Then ; Now
  June 04 : June 08
  Focus – then Kenyan expansion & rebranding ; now East African expansion, Bank ESOP
  New shares 50 million ; 222.1 million [but just 22.1 million in pre-split [PS] 2007 terms]
  Price 50/= ; 25/= (actually 250 PS - pre-split 25% discount each time)
  Market cap 8.7 billion ; 66.4 billion
  2003 PAT 486 m ; 2007 2,974 million
  Ratio 1:3 ; 1:9 (1 new share for 9 owned)
  Result: oversubscribed; ? (Likely to be the same)
  
  Cost of the offer
  Budget:2004 offer – 104 million ; 2008 offer – 220 million
  What costs more? : CMA approval fees – up 125% (13.75m), Transaction advisor – up 103% (8.1 million), PR/advertising – up 34% (17.4 m), Printing – up 30% (15 million), Reporting accountant up 26% (3.7m)
  What costs less? Legal advisor down 58% (756,000), NSE fees down 50% (250,000)
  
  Market players changed
  NSE members 17:19
  In Genghis Capital (new stockbroker?), Renaissance Capital, Bob Matthews, NIC (was solid) Afrika Investment (was Ashbhu)
  Out: Francis Thuo, Nyagah, Solid, Ashbhu - stockbrokers
  Morphed: Faida, Kestrel Standard Suntra (from brokers to investment banks)
  IPO financiers: 2004 memorandum mentioned 10 banks and two building societies offering Rights Loans ; this time no mention as share loans are a touchy subject in 2008
  
  Shareholders: Anchor shareholders - then and now : Government of Kenya (35%:26%), NSSF (1%, 7.8%), ICDCI (4.3%, 3.5%), Sunil shah, (2.06%, 2.33%) staff pension fund (4.12%, 2.32%)
  
  Calendar: Record date 4/6, rights start trading 23/6, last day trade rights 11/7, last date to pay for rights 18/7, new share trade 15/8, [to stave dilution, investor accounts will be credited 10 days before new shares are listed]
  
  Investment Decision: Advice on investing in KCB rights comes from the Nairobist newsletter.

• Drip Friday

  Posted: June 27, 2008, 10:04 pm by bankelele

  
  
  This started out as a post on DRIP’s – but went on to become a ramble about other drips (leaking taps) where small/retail shareholders and their companies lose hundreds of shillings individually and collectively lose millions of shillings from the investment fund pools in a vicious circle:
  
  (a) DRIP’s are automatic dividend reinvestment programs. They are available in advanced financial markets and enable dividend cheques to be automatically re-applied to buy shares in the company - this would be very useful for the nearly 100,000 shareholders of Eveready who got 60 shilling ($0.93) dividend cheques this year that may cost more to clear than they are worth (the amount is so small, KRA can’t get their 5% withholding tax) local alternatives/solutions - small dividend cheques can be (i) processed through DRIP’s or (ii) Companies like Scangroup now have an arrangement where dividend cheques under 10,000 shillings can be cashed over the counter at no charge to investors at any Equity Bank branch. Shame that KCB branches doesn’t allow the same for their own dividend cheques (iii) More NSE companies should push for DRIP clauses for their owners (shareholders) as vigilantly as they do on corporate issues for their own employees (ESOP’s) and the Government (unclaimed dividends).
  
  (b) Post-Safaricom Drip
  big leaks
  (i) There are investors who got no shares in the IPO because their stockbrokers did not place their orders, misplaced them, or for some other unthinkable (and perhaps sinister) reason. They are now chasing refunds of idle funds that have missed many opportunities over the last three months
  (ii) There are investors who got 21% allocation, but because they took bank loans for the IPO, now owe the banks more than their shares are worth (and whose price is sliding). In addition to being charged interest, they have to pay for loan statements, transfers, and other fees for many months - and most can’t sell their shares until they pay off the loans.
  (iii) The banking sector whose rules on Safaricom IPO refunds seem to change every other day – from forcing people without bank accounts to open accounts to receive their money (there was no obligation going into the IPO, so why should there be coming out? to not allowing encashment of IPO cheques (a DRIP formula would have been handy here) , to specifying which banks people could encash their cheques. solution M-Pesa the cash to investors - which was a clause in the initial IPO prospectus and would have boosted Safaricom’s 2009 revenue and profits
  (iv) The Capital Markets Authority has imposed a Kshs. 1,000 charge ($15) for every transfer/consolidation of shares. This fee will be borne by thousands of Safaricom investors when they eventually pay off their bank loans
  
  (c) Companies Laws & Registrars:
  (i) Stale dividends: Thanks to vague laws that don’t specify how long companies can take between the time they announce dividends and eventually pay them. It’s so long that some companies may not be able to afford the dividends they announced months ago as they are still recovering from post-election events.
  (ii) Company Registrars: NSE companies complain about having too many shareholders and the cost of mailing them accounts each year. The KCB rights issue is on now and I have received five copies in the mail in the last week. So how many of KCB’s 150,000 shareholders are genuinely different? Many times the problem is borne out of IPO’s where people apply in multiple names and accounts in the hype hope of getting higher allocations. But once the euphoria dies down, and after chasing numerous refund cheques, they forget or make no effort to consolidate their accounts. This leads to them getting five smaller dividend cheques and five sets of accounts - which are very expensive for the company to mail out to every shareholder. There are also another class of (reluctant) shareholders - who sold some of their shares, but because of the minimum trade lot order amounts (100 shares minimum per trade) are now left with a balance of shares that they can’t sell, get meagre dividends for, but still get the same reports mailed out to them.
  local solution/alternatives (i) Allow people to consolidate their accounts with the company registrar (but see b (iv) - the CMA has imposed an additional charge [after the Safaricom IPO] for account consolidation (ii) The NSE/a broker/or agent should set up an odd lots board where investors can sell their small lots of shares – 3, 10, or 50 shares, provided that they are liquidating the entire holding ( I hear one stock agent does this, but would like to hear from more and confirm that they do offer this service) (iii) Proactive share registrars: - who should realize they are sending out 5 bulky letters to the same address, and perhaps initiate a consolidation process with investors (iv) e-mailing of accounts & reports to shareholders: Several companies have amended their laws to allow for e-mail of information - but so far, the only one I have ever received by e-mail was from across the border (Stanbic Uganda).
  
  So there’s a long rambling post; not meant to blame or criticize, but to inspire other ideas and debate. What are your suggestions on other ways to cut costs of serving the small investors?
  
  Other corporates
  
  Safaricom day 14 and 15: After just three weeks of dominating (actually killing) trade at the NSE, the company has been given a waiver to be admitted to the NSE index, punting Serena Hotels (TPSEA)
  
  Friday: Deals 4,858 Turnover Kshs. 564 million ($8.81 million) Average 7.26 High 7.40 Low 7.20 Last 7.30 Volume 77.8 million - Strong session. Very constructive. We based out at 7.05 yesterday [v. positive on the charts because the post listing low was 6.65 and whenever got near there]. We are still witnessing some de-leveraging and therefore, sellers did scatter until half way through yesterday’s session. However, given the turnover since its listing, we must be nearer the end than the beginning of that process.
  
  Thursday: Deals 5,342 Turnover Kshs. 410 million Average 7.29 Closing 7.25 High 7.50 Low 7.05 Last 7.20 Volume 56.2 million - Intra day low was 7.05, but we appear to be basing out. Sellers tipped their hands and chased the market down over the last three sessions. Near term, we have seen the bottom. [Commentary and data provided by Rich.co.ke - Nairobi Stock Exchange Authorized Data Vendor]
  
  Housing drip: the Housing Finance rights issue closed today. I hope they realize their target, but they tried to time it to coincide with Safaricom refunds, with its delays in refunds and clearing cheques, then they got caught up by the KCB rights issue.
  
  No purr? What’s up at Marshals? They have almost 100 vehicles (Kia and Peugeot - whose franchise has ended) vehicles currently at Mombasa Port that the Customs Department wants to auction. At least their former flagship branch in the city (& rumored new PM’s office) on Harambee Avenue has now become a Stanbic Branch.

• Picture messaging from Safaricom

  Posted: June 25, 2008, 9:42 pm by bankelele

  It’s been a long progression with Safaricom and picture messaging. Started out as a product for post-paid subscribers, and then was made available to pre-paid subscribers at 20 shillings each. It’s now been lowered again to a relatively affordable 5/= ($0.09) which is the same as a regular short text message (SMS)
  
  Safaricom gets flack for its customer service especially for new offerings, but this ones seems to work well. Here are some old pictures sitting in my phone;
  
  
  Military tank at Athi River railway station: (probably Ugandan-Army bound for Somalia peace-keeping)
  
  
  Crocodile at Haller Park (Bamburi)
  (However, during the daytime, most messages are relegated to a queues and don’t get delivered. Will try it again at night to load more from the phone archives
  
  Safaricom Day 13
  Deals 6,276 Turnover Kshs. 519.7 million [$8.12 million] Average 7.58 Closing 7.55 High 7.70 Low price 7.40 Last 7.40 Volume 68.5 million shares. Follow on selling, from yesterday. Sellers tipped their hands. Commentary and data from Rich.co.ke [N.S.E Authorised Data Vendor]
  
  Dear Nairobi Star
  Following in M’s footsteps:
  
  To: Nairobi Star
  Star life column on June 23
  From: Bankelele
  
  I read the Monday Nairobi Star (June 23 2008) which had the popular cost –saving ideas/feature piece.
  
  However I was dismayed to note that the 'free stuff in Nairobi' in 'Star Life' column in the middle pages was lifted word-for-word and point-for-point from a blog post I did two weeks ago.
  
  The Nairobi Star should acknowledge works that you use, and not pass it off as your own
  
  Regards,
  Bankelele (http://bankelele.blogspot.com)

• Kenya Insurance 2007 Rankings

  Posted: June 25, 2008, 11:32 am by bankelele

  Insurance Company of East Africa Assets 19,151 million [19.15 billion or ~ $309 million] (profit of 545 million) [$8.8 million]
  Kenya Reinsurance 14,710 (965 million)
  Jubilee Insurance 12,459
  British American Insurance 10,252 (512)
  Kenindia Assurance 9,886
  UAP Insurance 7,245 (888)
  Old Mutual Life Assurance 6,447
  CFC life -- (255 million profit)
  Heritage AII 4,522 (364)
  APA Insurance 4,491
  Lion of Kenya Insurance 3,722 (179)
  Phoenix (East Africa) Assurance 3,669 (103)
  Blue Shield 3,109
  Kenya Alliance 2,798
  Madison Insurance 2,751
  Cooperative Insurance 2,437 (140)
  AIG Kenya Insurance 2,337 (217)
  General Accident Insurance 2,192 (216)
  Cannon Assurance 2,163 (60)
  First Africa Assurance 1,781 (103)
  Apollo Insurance 1,774
  Geminia Insurance 1,223 (24)
  Fidelity Shield 1,194 (98)
  Trident Insurance 1,178 (54)
  Real Insurance 1,107 (92)
  Gateway Insurance 1,058
  Tausi Assurance 949 (2)
  Occidental Insurance 937 (63)
  Mercantile Insurance 910 (34)
  Standard Assurance 896 (6)
  East Africa Re 872 (119)
  Intra Africa Assurance 855
  Corporate Insurance 809 (23)
  Concord Insurance 757 (28)
  Directline Assurance 730
  Monarch Insurance 683 (9)
  Amaco 674 (43)
  Pioneer Assurance 508 (4)
  Mayfair insurance 478 (-1)
  Kenya Orient 443 (19)
  Metropolitan Insurance 437
  PACIS 220 (27)
  Trinity Life Assurance 219

• Nairobi Barcamp 2008

  Posted: June 24, 2008, 9:08 pm by bankelele

  
  
  Barcamp was held on Saturday at the Jacaranda Hotel: Hash has a list of links to various re-caps from other bloggers.
  
  Here's mine from the ½ day there
  
  ISP's: Riyaz (of Wananchi) gave a talk on the coming changes in the ISP sector, as he talked about the various offering in the market now;
  - Safariom Michael Joseph is Mr. Kenya with 10 million ‘voters’ behind him has 700MB that costs 2,000 shillings ($31.25) (Not enough), and other bundles
  - Celtel has EDGE for 3,000 not well marketed. Not as good not that it has many more users
  - Access Kenya Access at Home has two rates one for day (high traffic costs more) and another for night (much fewer people online, cheaper)
  Wananchi offers 512K at 3,000 shared (Not dedicated which costs about 100,000 shillings – and said any ISP who promises you dedicated service at a sub-par costs is lying to consumers). They have Wimax for offices cost about 15,000, are going into cable TV (100+ channels) and will roll out to houses via cable which has higher capacity (separately they got overseas funding for their expansion so no need for a local IPO now )
  - KDN have laid out more more fibre than anyone in Kenya, serve a few hotspots but the butterfly does not fly
  - Orange/Telkom Kenya. They pay very good salaries to engineers and other members and will roll out data service in a big way soon. They are on CDMA which means that they require fewer base stations (50 in Nairobi to 300 for Celtel and 400 for Safaricom, and will distribute the much awaited I-phone in Kenya and the region
  
  Riyaz mentioned the need for Africa to not miss out on the ongoing technological revolution. He said companies like KDN and Wananchi have free hosting and are ready to partner with developers – he mentioned platforms like Jahazi (a hybrid application accessible from any computer – with chat, news reader and browser) and Zunguka – and challenged Kenyans to be ready to develop application and systems to take advantage of the expected submarine cable (TEAMS) once it lands.
  
  Other platforms/applications I learnt about include Helule, Peupe (from multiplechoices), Campus Vybe, Stockskenya, and Haiya
  
  - Hash gave a session on blogger tips that was very engaging
  
  - Interesting talks were given on the Kenya Internet Exchange Point which exchanges net traffic between local ISP’s (and which can be up to 90% or 50 MEGS? in peak time), the Kipsigis Heritage Foundation, Computers for Schools Kenya and Kenyan Poet talked about a local book sale company that accepted M-Pesa payments and had free delivery of books in Nairobi
  
  - Paul Kukubo of the Kenya ICT Board talked about the Kenya Transparency Communication Infrastructure Project (KTCIP?), a partnership with the World Bank that had a grant of $1.5 million to go toward creators of local portals, content and applications (such as commodity exchanges for agriculture). Awards will be in the range of $10,000 to $20,000 each and a formal announcement wile be made later
  
  Safariom day 12
  Deals 5,091 Turnover 438,560,608 ($6.85 million) Closing 7.70 High 7.80 Low 7.55 Last 7.70 Volume 56.9 million shares. Weaker tone. Buyers pulled back and Sellers chased down. 7.35/7.50 is support. We came down on much lower volume. Data and commentary from Rich.co.ke [Free real time prices] - authorized NSE data vendor.

• 1000

  Posted: June 23, 2008, 9:48 pm by bankelele

  Housekeeping
  
  
  This is post number one thousand! Like Romario’s goals, some have been dubious, or forgotten, but many well received. It’s been a great 3 ½ year journey and thanks to all the people I have met, tips sent in, questions asked, frequent commenters et. al
  
  Thank you to my sponsors - Mamamikes and Hisanet - whose support has been a helpful reward for the time put into this medium.
  
  Great people I met this week through KBW, Skunkworks, Makutano, and thank for their time and chats (in no particular order) to AKS (of Rich.co.ke), Coldtusker, EGM, Hash, Intelligensia, Kenyan Pundit, Kirima, Mental, Nakeel, Riyaz, Shiroh Kenyan Poet, Sports Kenya, Alpha Quadrant, and all others from Barcamp, Safari Sevens, and other events this week. I'll start twittering for Afromusing next.
  
  Safaricom Day 11
  Week three kicks off with the company still accounting for over 92% of the shares volume and 75% of the cash at the NSE: Deals 6,151, Turnover Kshs. 785.2 million ($12.27 million), Average 7.82, Closing price unchanged, High 7.90, Low 7.75, Last 7.85, Volume 100.4 million shares.
  Rich.co.ke commentary: Market is in equilibrium for now. Short term Investors are still supplying the market just below 8. Very well supported here. I expect a break higher, once the market absorbs the balance. I cannot believe it will be very long because of the activity we have already witnessed.
  
  What’s next
  Up next after Safaricom is the KCB rights issue whose options began trading today and whose ‘prospectus is now (PDF)

• Safaricom @ NSE Day 10

  Posted: June 20, 2008, 10:27 pm by bankelele

  Deals 5,216
  Turnover 480.5 million shillings [$7.62 million],
  Average 7.84, Closing 7.80, High 7.90, Low 7.70, Last 7.85
  Shares volume 61.2 million shares
  
  Commentary: Still beneath 8.00, the key pivot. On classic chart theory, the recent price is creating a triangle pattern, which normally indicates an upcoming break [either side actually]. It’s well supported at 7.80; volumes are slowing so I expect a break to the upside. [Data courtesy of Rich.Co.Ke - NSE data vendor]
  
  That’s the final piece from Rich.Co.Ke, after a great two weeks of the new share on the Nairobi Stock Exchange, on to other things from next week. How have NSE shares fared since Safaricom was listed?
  
  Price change since June 9
  
  56% Safaricom
  6% Athi Rive Mining
  2% NMG, Access Kenya
  1% Housing Finance, Equity, D-Trust, BAT, Kenol, Olympia
  = Kenya Airways, Jubilee, City Trust
  -1% Barclays, Kakuzi, CFC, Standard Chartered, Express
  -2% KCB
  - 3% CMC
  -4% NIC, Kenya Re, Standard, TPSEA, Sasini
  -5% Unga, NBK
  -6% EA Cables, Total, Mumias, ICDCI, Scangroup, Rea Vipingo
  - 7% KPLC, Crown
  - 8% EABL
  -9 % Kengen
  -14% Sameer
  - 16% Eveready

• Safaricom @ NSE Day 9

  Posted: June 19, 2008, 9:01 pm by bankelele

  Deals 5,344 Turnover Kshs. 462.6 million ($7.34 million) Average 7.86 Closing 7.85 High 7.90 Low 7.80 Last 7.85 Volume 58.9 million shares Commentary: Very tight range. 8.00 remains the pivot. We are still distributing shares just below that level. Crossing 8.00 will be a bullish development. 7.50 - 7.70 is strong support. Data courtesy of Rich.Co.Ke [NSE data vendor]

• Kutwa Tuesday - June 18

  Posted: June 18, 2008, 10:04 pm by bankelele

  yes it's Wednesday, but these relate to recent events 2008 Budget - While the ICT sector was celebrating, a 25% tax on imported used computers was added on - Wireless providers also pay a 10% tax, same as mobile companies (putting Telkom wireless on par with Safaricom and Celtel) - Whistle blower on tax evasion may be entitled to 3% or 5% tax recovered by KRA. (but too late for David Munyakei) -

• Safaricom @ NSE Day 8

  Posted: June 18, 2008, 7:16 pm by bankelele

  Deals: 5,620 Turnover: Kshs 883.5 million [$14 million] Average price 7.84 Closing 7.80 (no change) High 7.90 Low 7.70 Last 7.90 Volume 112.6 million shares Commentary: We are still below the 8 pivot, which is key. The pull back was very shallow and confirms underlying muscularity. Foreign buying and selling is now in balance. Courtesy of Rich.Co.Ke [NSE data vendor] All Safaricom, all the

• Safaricom @ NSE Day 7

  Posted: June 17, 2008, 4:10 pm by bankelele

  Deals 10,506 Turnover Kshs. 950.9 million [$14.86 million] Average price 7.83 Closing 7.80 (-1.27%) High 8.05 Low 7.70 Last 7.80 Volume 122 million shares Commentary: Slightly more defensive session ahead of 8.00 which is now the pivot. We will cross 8.00, its a question of time. Sellers will be exhausted given the turnover - This morning: Excluding today, total share volume has been 1.2

• Safaricom @ NSE Day 6

  Posted: June 16, 2008, 9:19 pm by bankelele

  Deals 5,624 Turnover 821 million shillings ($13 million) Avg price 7.91 Closing price 7.90 (up 6.38%) High 8.15 Low 7.70 Last 7.95 Shares volume 103.8 million shares Commentary: The Bourse had a delayed start. It was a very bullish session. We are now toying with 8.00 and a break of which will project us another 10% higher- Courtesy of Rich.Co.Ke [NSE data vendor] Lessons Learnt from

• Safaricom @ NSE Day 5

  Posted: June 13, 2008, 2:53 pm by bankelele

  Friday afternoon Deals 4,415 with a turnover of Kshs. 1.87 billion [$29.7 million] Avg price 7.47 Closing 7.45 High 7.65 Low 7.00 Last 7.65 Volume 250.9 million shares Commentary: Bullish break out. Heavy Buy side demand. 8-10 range next week. Foreign Selling top 555,000,000/= [They must be near flat] Courtesy of Rich.Co.Ke [NSE data vendor] Refund drama - The Central Bank directive that

• 2008 Budget A to Z

  Posted: June 12, 2008, 10:53 pm by bankelele

  Compared to the lofty 2007 Kenya budget, this one came at a serious time when the country had almost reversed gains made over the last five years, according to the Minister. Challenges: regional disparities, poverty, youth employment low agriculture productivity, transport during crisis raised food prices, and containing inflation Targets: 10% economic growth by 2012, Kenya to be a Middle

• Safaricom @ NSE Day 4

  Posted: June 12, 2008, 5:03 pm by bankelele

  Thursday 12/6 preliminary closing data Total deals 5,233 Total turnover 967,039,104 [$15.3 million] Avg price 7.37 High price 7.50 Low price 7.10 Last price 7.35 Shares volume 131.24 million Commentary: Safaricom closes up 5%. 7.50 is the pivot. Courtesy of Rich.Co.Ke [NSE data vendor]

• Safaricom @ NSE Day 3

  Posted: June 11, 2008, 3:55 pm by bankelele

  Wednesday 11/6 8,712 Safariom trades, with a turnover of Kshs. 1.27 billion ($20.4 million) Price 7.00 High 7.10 Low 6.90 Last 7.00 Shares volume 180,879,400 Commentary: Very constructive session. Market is now underpinned at 7.00, support is 6.65. Demand side was robust today Courtesy of Rich.Co.Ke [NSE data vendor] Celtel Zambia: From Bloomberg reports on day one of Celtel Zambia trading

• Safricom @ NSE: Day 1

  Posted: June 9, 2008, 10:11 pm by bankelele

  Day One Shares Traded; 416.3 million Value in Kenya shillings; 3.061b [Just under $50m] Hi 13.70 [probably across the books] Lo 6.95 [Market had 13m shares at 7 shillings on the offer at the close] Average price 7.35. Commentary: This is an entry rather than an exit level. End of Day 2-Tuesday 10/06/08 Total deals 3375 Turnover 885.2 million shillings Avg price 6.95 [closing] High price 8.00

• What to do with refund cheque?

  Posted: June 9, 2008, 6:32 pm by bankelele

  Safaricom now at 7 shillings - Keep buying until the Vodafone stand is known - Keep buying unless you want a 20 shilling dividend cheques - Keep buying because Zain/Celtel is struggling (the Zain reports they have 23% less customers than a year ago) - KCB right maybe, Housing Finance not likely

• Safaricom IPO Allocation Part II

  Posted: June 6, 2008, 5:34 pm by bankelele

  From a discussion in the skunkworks group forums: Taking up on concerns about e-government in the IPO application process, the same site now offers investors tracking their applications a chance to check how many shares they will get. (I checked and for retail investors, like me, the 22% application appears to be in order) However the skunkworks group users raised concerns that anyone (not just

• Kutwa Tuesday – Post Madaraka Day

  Posted: June 4, 2008, 12:11 pm by bankelele

  a day late, most from the daily papers banking: Refund dilemma: What should banks do with Safaricom refunds of 80%? Wisest would be to take the money and accept refunds from disappointed shareholders to pre-pay their loans. It would not be wise to refuse to accept money and insist that borrowers serve their loan durations– as idle money has many employers. The middle ground would be to

• 12 Free Things in Nairobi

  Posted: June 3, 2008, 5:00 pm by bankelele

  Inspired by Majonzi and the increasing cost of living here’s some free stuff you can get in Nairobi. some of these may be out-dated, and please feel free to add any others 1. ‘Free’ books: at the Book Villa. Become a member and read as many new, best sellers, finbooks, travel non-fiction books etc. 2. ‘Free’ breakfast: at Books First/ Nakumatt buy one get one free on Sunday morning 3. ‘Free

Blah blah blah

Fish cakes

Alas a fish cake.

Yet more fish cakes

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

The end of the fish cakes