Yes, the beleaguered stockbroker Francis Drummond is now Drummond Investment Bank as per the latest licensee list from the equally occupied Capital Markets Authority.
Other Notes
- Zimele has two new unit trusts – a balanced and a money market fund
- Suspended Francis Thuo is now missing from the list of stockbrokers, but so is Faida Securities. Is that an omission?
- Uchumi advisers Royal – who later became Amana, are missing as are B A fin. Mgmt and Interglobal who have officially been deregistered. Meanwhile Inter Alliance International are new investment adviser
- Equity Bank now joins the list of authorized depositories
Safaricom Valuation?
The government has valued the 9% of Safaricom shares pledged to banks who advanced a bridging finance loan to restructure Telkom Kenya at 5.835 billion - placing the whole company’s valuation at about 64.83 billion shillings ($926) million and second to EABL at about $1.4 billion)
Edit: Allowing for banks discounting the shares at 60 - 70% of nominal value, puts the value of the company at between 92 and 108 billion shillings.
13 comments:
What's going on with all these stock broking companies???
You can't have a thriving securities market in a country were corruption is still an ingrained problem!
Who can you trust?
that valuation looks alot out of wack
celtel bought 65% of vmobile of nigeria with 5m subscribers for $1Billion 100% of safaricom with close to 6m subscribers should atleast be worth about $2billion
what does this sound like?
“when Vodafone makes investments in new territories it is not uncommon that it works alongside a partner who typically gives advice on local business practices and protocol and the various challenges associated with investing in a new market.”
“Vodafone’s chosen partner in Kenya was Mobitelea, a company resident in Guernsey.”
“In return for its valued advice Vodafone offered Mobitelea the opportunity to acquire 25% of VKL (after VKL had acquired Safaricom).”
the Vodafone letter is online at www.marskenya.org
Yeah i also ask.. What's cutting with the stock broking Companies??
Strange eh??
justsue.wordpress.com
Banks, whats the particular issue with FD. The last time I was there like three week ago they served me efficiently, as usual I got my cheque. My CDS statement was also fine but now I fear!! I'll have to ask for an interim CDS statement.
CMA's Licensee list for April 2005 implies that's when Francis Drummond got its investment bank license.
Amish Gupta has quit.
Ni kii?
very worrying. who is next ?
Has anyone heard of MOiBIwottTELEphonyA?
Anon: and the valuation has been adjusted now
Sue: Brokers are being convert into investment banks
Jakarumba: I have not been to FD in months after the really poor service and turnover that plauged FD. It will take a lot to win me or my pals back
propaganda: this month they are listed as "drummond inv. bank"
Odegle: I guess if other brokers have the cash they can increase their capital and go for investment bank where they can underwrite issues
nelie: good one
Nelie, that's a smart one indeed!!
Haiya Banks, stop scaring us about FD.They still serve me well online.Have no problems with them.Do u know something we dont?
pesa tu: No scare - and I'm happy to learn from your comments that they have improved. i was a customer of their by proxy (managing for others) and thought their online portal would work well for us. But around the time of Kengen things got so bad for us that we had to walk (the list of reasons were many) If they are back to being good, more power to them, but you know what they say about getting back a customer who has walked out in frustration at the bad service
@ bankelele:
even the second valuation is still not right MTC bough sudans mobitel 61% for $1.32bn for 2million customers - effectively estimating the price per million customers @ $700m - so i would put it @ $3.6bn
assuming 6m customers
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