Diamond Trust Bank has announced a rights issue which will be presented for shareholder approval at an extraordinary general meeting on November 1. D-Trust has been my best performing recent share, bought at 27/= in September 2005, and now trading at 84/=. Hat tip to Gathinga and Coldtusker for their comments on the capital issue after the AGM in May.
Black eyed TI
Got the latest Adili report from Transparency International Kenya (TI Kenya) in the mail yesterday. It’s hard to take the organisations findings on corruption seriously after the mud-slinging between the board and executives over the last two years.
Volley-low
Officials who threatend Kenya women volleyballers who had complained about unpaid (and promised) allowance, are also going to receive allowances as well even as the team is stll trying to raise money for the Japan trip.
Your Shell franchise here
Shell Oil is llookng for retailers to open/operate new stations in Naiorbi, Mombasa and Nakuru. You must be able to raise 10 milion shillings, and the deadlien is October 18.
Language of the future
UoN has passed out first graduates at its Confucius Institute (Chinese language centre).
Read on the launch.
Wilted flower
What should be an interesting story on the threat to the Kenya flower industry from Ethiopian incentives, is sadly hidden behind a veil superior posturing that annoys rather than educates.
Foreign companies “who provide homes, education, healthcare, water, electricity - everything", will flee the “endemic corruption and rising insecurity” of Kenya.
Left out of the story are Kenyan-owned flower companies who are not going/able to pick up and move to Ethiopia – and who still have to comply with expensive & stringent EU conditions in order to continue exporting to Europe.
Jobs
Policy research officer Africa at Action Aid. Apply to vacancies@actionaid.org 15 October
Southern and Eastern Africa Analyst at Control Risks (London). Apply to reference437@control-risks.com by 20 October.
Parliamentary Service Commission: Senior deputy clerk, principal research officer, principal budget officer, principal legal counsel, budget officer I, and budget officer II. Apply through pricewaterhousecoopers at ess.ke@ke.pwc.com by October 20.
Precision Air Tanzania (49% KQ owned): Captains (6), first officers (3) and sales manager. Apply through PWC at pwrecruit@precisionairtz.com
Software developers at Sasanet. Apply to coders@sasanet.co.ke
UN HABITAT
Details at their site: http://www.unhabitat.org.
- Chief, Urban Environment Section, P 5, Nairobi. Deadline is 10 October
- Head, Shelter Branch, D1, Nairobi. Deadline is 22 October.
Food aid specialist at USAID. Apply to hrnaiorbi@usaid.gov by October 20
Team assistant at the World Bank’s Water and sanitation program (WSP) apply to wspaf@worldbank.org by 19 October
Deputy managing director and officer manager at an un-named property management company. Apply to
gd@africaonline.co.ke by 19 October.
4 comments:
sasanet's growth is impressive. quite entrepreneural.
maina kiai made a big deal out of the investigation. he could have waited a bit and allow kacc to make a fool of themselves. but like his predecessor, gladwell, he is a marked man. hope he survives his term. any way of enforcing ti's recommendation?
How many other banks will need to raise funds?
After the Basle II guidelines are adopted many (smaller) banks will need to raise funds. This could lead to a consolidation of banks.
Did you know that NBK might be considered INSOLVENT under existing CBK rules let alone after BASLE II...
And the gov't went after Charterhouse while its house is burning!
Priorities, please! Go after NBK defaulters first, clean up NBK's books, repay debts owed by gov't entities to NBK & do a Rights Issue to shore up the capital asap. Instead we have CBK running after Charterhouse...
pombe.... tis true many banks need to raise more capital to meet the capital requirements of cbk. a few here.
HFCK
This has been due all since late 90s. The bank appears to have met the requirements last year but as their lending continues to grow, more funds are required urgantly. I see a rights issue in the next 12 months, especially now that they have a subatantive md, Frank Ireri.
NBK
This bank is technically insolvent. Govt needs to repay the loans owed by paratstatals (17 bn) to return it to the black. Without this, shareholders can wait for ever for dividends despite reported profitability. this is bacause te regulations require the bank to first utilisethe profits to clear the deficits in the books. Amos kimunya promised to issue recapitalisation bonds in his budget. He is one minister who appears to follow throgh with his economic agenda and i expect him to deliver. Thereafter, the govt appears keen to sell the bank throgh nse.
Equity bank
The bank currently has deposits of 15bn. the same is growing at 60%. meaning it will be 24bn in 12 months. the banks 2bn capital allows it to hold deposits of only 23bn. I see a rights issue to cater for this in 15 - 18 months
..
banks are ripping kenyans off their hard earned money, is it con that all banks are recording record profits especially this year and no one seems to question this!!
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