In another budget promise fulfilled, the Government will sell 40% of Kenya Reinsurance Corporation in an IPO, probably by the end of the year, or early in 2007.
They have now advertised for a lead transaction adviser, legal advisor, reporting accountant, receiving bank, PR firm and lead broker. Applications are expected at Treasury by September 8.
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11 comments:
roughalmasi. this ranking was based on stability, future earning potential or what....i think KCB should come ahead of kenya Re on any parameters.
But all the same, i agree that Kenya Re is a big one. Investors have been asking for it.
But I recall the Kanu Govt almost sold it for i thinK 2b sometime in 2001/2002. Hope this does not form the basis of valuation.
My prediction has always been that we will experience another mad rush;the kengen type, during Kenya-re's IPO. This company definately looks promising esp wen compared with banks like NBK...
yo, i was looking at the kenya RE property and the most intriguing property was the sports complex
http://www.kenyare.co.ke/property.php
im thinking someone(i) should buy it and use it as abase to build a proffesional soccer team.
what do you guys think ?
What an IPO frenzy! and Portland may be selling more shares to comply with the 25% rule. I bet you we're in for a second round of selloffs in the NSE just like pre- KENGEN, I wonder which shares will shed the most,the newly listed or the old guards.Its all good coz it will present buying opportunities in NSE and of course for the IPOs too.
Methink the winners are;Kenya Re and Mumias,and the loosers are KENGEN,Equity,SG, albeit in the short term.
why all these IPO's by corruptly owned government parastatals?
is it a way for them to avoid the scrutiny that come with world bank loans?
i'm very skeptical
It is alarming just how much some stocks are overpriced.
Talk about loosers.
roughalmasi: Interesting study, but like Gathinga, I wonder how K Re came out first, or was KCB that bad at the time?
Gathinga: Sad, I remember the aborted "sale" of K Re a few years for peanuts.
Mushenzi: I have to now research the insurance industry, specfically re-insurance.
Mersymer: No the good, non-strategic, ones are being shared with the public. Large investors got burnt by Kengen which is why ScanG set allocations for individual and institutions
Kudrinketh: Bull market still running, esp. the financial stocks.
hope kenya re sells some of these 'stupid' immovable assets before listing. they do not make sense or add value.... like that sports complex
@Gathinga - If KenRe sells these "immovable" assets, then some of the idiots in parliament (aka MPs) will claim "fraud"... of course, unless they are the "reciepients" of land & buildings!
gumo the barbarian was "given" the land where Times Tower sits... He then sold it for Shs 300 Million about 10 year ago!
Due dilligence or not, I'm just seeing more money making opportunities for sharp kenyans with a buck to spare.
All analysts are in agreement that the bull run isn't being driven by fundamentals rather speculation. Stampede for Kenya Re is most likely. Though the memory of the Kanu deal to try sell it for peanuts still lingers...
hi I am writing from the States and I am so intrigued at the whole Kenya Re IPO that may be coming up soon.The main issue I would like to raise is on advocacy for Kenyans living abroad who are so intersetd in investing in shares and participating in the whole process.How would it all work what are the procedures as there are so many Kenyans in and around the diaspora of the US and UK who need enlightenment and it would be a good bosster to the economy at th stock exchange level.Questions such as how do we open CDs accounts from this end etc...
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