Friday, May 06, 2005

Business Week

CCK Back at work
Things are moving again at the Communications Commission of Kenya – they are reviewing applications for two ISP’s, 4 local courier services, 2 premium rate service providers and a call centre service provider known as “All About Marketing”

But they have now flipped the script on Econet Wireless and now strongly oppose the third mobile operator who had sued Information minister Raphael Tuju and the CCK. The lawsuit has also been expanded to include other parties, and is likely to delay Econet or any other provider from offering a third cell phone service in Kenya.

Job Watch
Kenya Commercial Bank has advertised for a new post of Deputy Chief Executive Officer. Applicants must have a university degree, a financial base and 10 years relevant experience. They must also be currently employed as general managers at other organizations. (it’s interesting to note how boards can manipulate the inclusion or exclusion of certain candidates through highly subjective selection criteria). Apply to Hawkins & Associates at quoting ref no. 111/BO/FN

Other companies hiring this week are Huawei Technologies, Karen Hospital Nation Media Group, Rusinga School and several NGO’s.

Media Conference in Nairobi
The International Press Institute (IPI) World Congress and 54th General Assembly will take place in Nairobi from May 21st to 24th at KICC. great web site that gives vital info for participants and visitors

Coffee sector woes
In the Kenya gazette last week, Co-operative Minister Njeru Ndwiga revoked all exemptions to the cooperative societies act currently enjoyed by the Kenya Planters Cooperative Union. Missing coffee from warehouse

KPCU is currently facing other troubles for failing to deliver coffee it sold to coffee exporters at the weekly Nairobi Coffee Exchange auctions.

Getting wireless in Kenya
The Grand Regency Hotel (a leading Nairobi hotel) will roll out wireless internet connectivity (802.11b) throughout the hotel’s rooms and facilities.

Banking in Naivasha
CFC Bank has opened a branch in Naivasha, which is about 90 kilometres from Nairobi. They also have a unique ATM located at a flower farm in Naivasha and farm workers are issued with special cards which they use to draw money from the ATM – reducing their need to go to town for banking purposes.

Upcoming Events

Nation Media Group AGM
Will be held on May 26th at the Nation Printing Plant on Mombasa Road (Nairobi)

Among the agenda items will be
(i) approval of an interim dividend of 20% (1 Kshs. Per share) bring the total dividend for the year to 100% (5 shillings per share)
(ii) increase the share capital of the bank from 300 million to 600 million shillings by creating 60 million new shares (of Kshs. 5 shillings each) to rank pari pasu with existing shareholders
(iii) approval of payment of bonus shares: registered shareholders as at May 13 will received 1 bonus share for each 3 they own. (however these new shares will not qualify for the interim dividend – see (i) above)
(iv) increase the number of directors.

Equity Bank AGM
Will be held on Friday May 27th at Fourways Towers on Muindi Mbingu Street. Agenda has not been published, but their IPO is not likely to take place till next year.

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