bankelele

• EABL 2008 AGM

  Posted: October 30, 2008, 6:12 pm by bankelele

  The 86th Annual general meeting (AGM) of East African Breweries was held on 30/10/08 at Safari Park. The actual meeting business (passing of accounts, election of directors, and approval of auditors) all took about 10 minutes. There was only one question on the accounts and the rest of the meeting was left to a myriad of shareholder questions. Why Financial Markets Crashed: the meeting began

• Safaricom 2s

  Posted: October 29, 2008, 9:19 pm by bankelele

  Three weeks after Safaricom’s share price dipped into the 3 shilling range the share is on the verge of tumbling into the 2/'s [$0.025] - down from the IPO of 5/= and brief high of 8/=. what are others saying? Coldtusker points to some deals that can be cut cheaply with NSE shares. KCIG states that a bear market should be no big deal for serious investors. Analysts are still producing

• Bank Tales II

  Posted: October 28, 2008, 9:20 pm by bankelele

  Maina T kind of started this thread with a review of the P/E correction of Nairobi Stock Exchange (NSE) shares. NSE: ½ full or ½ empty? - to take it further, how are NSE shares today compared to last October? If you considered them fairly priced then, you are frowning today, but if you considered them over-valued, are you smiling today? estimates - Shares that have appreciated since October

• Bank Tales

  Posted: October 27, 2008, 9:05 pm by bankelele

  (4) The Nairobi Star newspaper reports today that the ravenous Libyans are going to buy Equatorial Commercial Bank from Naushad Merali and other shareholders. (3) T24 Rules: over a week ago KCB converted to the Temenos T24 banking system with some customers experiencing hitches - and next weekend it will be the turn of CBA to do the same. (2) (Nairumor II) Minister(s) are itching to get

• Reassurance from bankers

  Posted: October 24, 2008, 9:45 pm by bankelele

  The downward trend continued at the stock exchange again this week to Friday. So how about some banking news to reassure nervous investors? KCB: are first out of the blocks with their third quarter results. Some shareholders might be peeved about having forked over Kshs. 25 a share in the rights issue a few months ago, only to have the share trading at below 20 this week. How have they

• DiscountStockbrokers.com

  Posted: October 23, 2008, 7:01 pm by bankelele

  Insight to a dot.com stockbroker Discount Securities web site is still up, with today’s stock prices - its’ even more up-to-do date than other online stockbrokers sites. The site leads off with an announcement of the Restructuring of Discount Securities Limited: we would wish to notify the public of the following regarding the much publicized DSL restructuring; 1. That DSL is not under

• Mostly Centum

  Posted: October 21, 2008, 9:14 pm by bankelele

  Last week the company CEO departed and the Centum (formerly ICDCI) directors postponed the annual general meeting (AGM) and payment of the year end dividend. Today’s newspaper has a statement from the Centum Board asserting that: - The management is firm, the company is on sound financial footing, and the departure of CEO Peter Mwangi had no relation to the delayed dividend and meeting.

• Bank Safety Net

  Posted: October 17, 2008, 10:57 pm by bankelele

  and other brief’s Kenya’s deposit protection fund results are also out. They fund had about Kshs. 18 billion ($240 million) invested in government securities to protect depositors in case one of Kenya’s 45 banks collapses – and pay each account holder up to Kshs. 100,000 (~$1,333). The fund now covers account holders in the two new Shariah banks who were excluded a year ago Lending crunch?

• Kenya Bank Charges

  Posted: October 17, 2008, 5:50 pm by bankelele

  The Central Bank released the latest report of a Kenya bank charges survey (PDF) Notes - It’s a good read, which may lead account holders to check their statement and shop around for cheaper banks. However many account holders get one or two statements a year at most, so this may not be useful to them - Also, though some banks score good points for low charges there are other aspects to

• CBK Profits

  Posted: October 17, 2008, 5:47 pm by bankelele

  The Central Bank of Kenya last week published for the their ended in June 2008(PDF) Notes Return to profitability - Had a net foreign exchange gain of Kshs. 54 million, compared to a loss of Kshs. 9.3 billion in 2007. This changed the profit picture and enabled the bank to post a profit of Kshs. 8,995 million [9 billion or ~$123 million compared to a loss of 386 million in 2007 - Total income

• Ignore the financial news

  Posted: October 16, 2008, 1:56 pm by bankelele

  Retail investors should ignore the financial news – and focus on their stockbrokers competence instead The Nairobi Stock Exchange (NSE) is at a low point the year, yesterday it was the US markets, and today its markets across Asia (Japan, Korea) that have all dipped more than 5% in a single day. This is a concern for fund managers, pensions, and insurance companies, large local and foreign

• NSE: one step back, one step forward

  Posted: October 13, 2008, 8:29 pm by bankelele

  Stockbroker closure: [website of Discount Securities]- another stockbroker may have gone under with doors closed and no more client processing until further notice from KPMG who may be the new receiver managers. Like with other collapsed firms those-in- the- know (informed investors/insiders) took their money out of that broker and moved accounts before, leaving the retail rural crowd wailing.

• Safaricom 3s

  Posted: October 9, 2008, 3:49 pm by bankelele

  Tracking the storm at 7, 6, 5, 4 and now Safaricom at Kshs. 3.70 Mobile notes - Communications is perhaps the only significant sector that has gotten cheaper this year. Oh yeah also NSE shares are much cheaper this year - Safaricom is fundamentally sound and performance on the stock market should not translate to the business side - But Safaricom now has new competition from Zain, Orange and

• Take Crash Positions

  Posted: October 8, 2008, 9:41 pm by bankelele

  The Nairobi Stock Exchange (NSE) halted trading today for 15 minutes after the index fell by over 5%. (damn: just as I'm ready to sell some shares) Elsewhere: Safaricom: AKS says that pre-IPO shareholders lockout window has ended - so now can Vodafone start buying up some Safaricom shares and stem our losses? Equihealth while other banks are sleeping, Equity Bank leads the way again this

• Real Estate Moment

  Posted: October 6, 2008, 11:07 pm by bankelele

  This last post on Kenyan real estate produced a ton of great feedback, hence another one. Home Expo The 2008 Home Expo took place over the weekend at KICC, which was nice to attend, though it was strange that there was a simultaneous one (for home interiors?) as Sarit Center over the same weekend/period Financers - Standard Chartered: Up to 90% finance, Up to 20 year loans, decision in 48

• Scangroup Sellout Part II

  Posted: October 3, 2008, 11:50 pm by bankelele

  More details on the Scangroup sale of a controlling stake to the WPP Group (UK) are out now. The mechanics will involve: - Investment of Kshs. 1.325 billion [~$18.2 million] into Scangroup (with Kshs. 400 million for working capital, Kshs. 650m for acquisitions, and 30% for in-house improvements including new ‘office space’) - Existing shareholders approving increase in share capital from Kshs.

• To Coop or Not?

  Posted: October 2, 2008, 9:48 pm by bankelele

  The big debate now is if the Co-Op Bank IPO should go ahead this month or if it should be postponed. The Chairman of the Nairobi Stock Exchange has issues conflicting statements on the matter but appears to have bowed to the arrangers and the stockbroking community line that it should go ahead. IPO’s in London and New York are beign deferred as they are unlikely to be warmly taken up, and here

Blah blah blah

Fish cakes

Alas a fish cake.

Yet more fish cakes

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

The end of the fish cakes