Fractions of Kenya Re
It appears retail investors will get about 12% of the share that they applied for – leaving a minimum refund of about almost Kshs 17,000 (of the Kshs 19,000) that they applied for. So on to step two of my plan my plan and wait for the shares to open within a reasonable mark up of their IPO price. This is also a reminder to do the same in case of a Safaricom IPO unless they offer a trillion shares
Salvation for investors
So customers of Francis Thuo will get paid from the windfall ($3.5 million) payment by new stockbroker Renaissance Capital. But this should in no way let other brokers and authorities off the hook as they had promised a comprehensive report on what went wrong at the company. And if no NSE investor has lost money since 1954, where are my Uchumi shares?
KCB elite
KCB launches Advantage banking, joining Barclays (with Prestige) and Standard Chartered (with Diva) as offering exclusive banking services for their high net worth customers.
Safaricom is not elite, but...
(i) It’s new in a million shilling promotion cuts of buyers of their low denomination Bamba 50 (50 shilling) airtime cards
(ii) Its EDGE service (internet access) has not been working for moist of this month.
11 comments:
Thuo - The NSE has other firms in a similar boat but they will not expose the weaknesses in the system. The risk of another broker collapsing remains...
The good news (for the brokers) is that there is a market for the license inclusing OMAM & NIC.
Uchumi - I feel sorry for your (our) loss but this is a FIRM that collapsed. Not a fault of the NSE or the brokers.
Other firms that collapsed include Lonhro Motors (formerly Motor Mart) & Hutchings Biemer (technically insolvent). There used to be Pearl Drycleaners as well as Theta Tea... which have disappeared...
Vote for your President: http://arapmurgor.blogspot.com/
Let's see who the investment public prefers :)
Pearl Drycleaners are gone? Man, I remember them. They were publicly listed?? (or were you just making a point, coldtusker?)
banks, you're on Sijuicom's EDGE? When it was working, how was it? And now that it hasn't been working, how is it dealing with their :stifles hysterical laughter: technical support?
coldtusker: Your CMA buddies still silent on all reports - inbcluding Uchumi! Scary about brokers. I meant to ask what happened to shareholders of Lonhro - and there was a Pearl Drycleaners at the NSE?
we~a~do: who's arapmurgor, and is he running for president against the billion shilling TENA machine?
E-Nyce: I used EDGE and it worked well, with sites like gmail, BBC and CNN. The problem with our local sites like Nation and (even) Safariom is that they are not formated for mobile phones - so if you try and access them, your moeny would be used up without you getting any content.
- i don't see the point of calling tech support, just wait till it comes back up, whenever that will be.
Mebbe its just me but there's something very wrong about brokers pissing away client's money and someone else picking up the pieces!
Hi Banks,
Been reading your blog for a year now and I love it, keep it up. Some corrections/comments on todays post:
Stanchat's exclusive account is excel not Diva. We are a whole lotta Divas with no exclusive treatment, we still line up with the masses in the banking hall.
I use a Safaricom Edge modem on my laptop and service is excellent and very cheap at 10 bob per MB. It was down for just about 48 hours earlier this month but has been top notch otherwise and their technical support is also ace.
Banks - Please, please... NEVER refer to the CMA as my buddies... even in jest!!!!
Motor Mart/Lonrho Motors: Nothing/zilch/zero/nada... written off!
Pearl Drycleaners: They were there then they were not...
Hutchings Biemer needs to be de-listed as well. I think Kenya Orchards might be in a similar position.
Can somebody educate me on the NSE action to refund clients of Francis Thuo. I mean, if a stockbroker sprints off with our money (an euphemism for grabbing), NSE auctions their seat to highest bidder (and we have tons of them waiting), then pays back the money, and pockets the profit. Meanwhile, the thieves, other than losing their seat, go free to enjoy their loot. Isn't this tantamount to encouraging mischief among brokers? I'd shudder to imagine just how many have hatched similar plots. God have mercy!
@banks---arapmurgor is just a blogger who set up an online poll for a select presidential candidates.
M and we~a~do: I agree. Like Anglo Leasing, is it assumed that since money is being returned (Renaissance Russian money), no crime took place?
Violet: Thanks for the corrections
- StanChart is Excel, not diva
- EDGE was great and seems to be working again (except on my phone)
Coldtusker: I apologize
Safaricom
Safaricom's, EDGE has never worked for me but Celtel's is ultrafast.
Pardon my ignorance but how does the USB Bambanet gadget work? Is it on a Prepaid/post-paid platform? Its fairly cheap given that 700Mb would cost 7k unlike the 1999/= that Safaricom is charging for the same.
NSE:
Is the compensation based on Market value or some arbitrary % of the shares worth?
Apparently SafCon were planning to move to 3G (or something like it) in late 2007. Maybe the new pricing is to attract more subscribers to the network?
Now only if it works!
Banks: I think the CMA's attitude is "improving" but there is so much more they need to do to encourage/boost the NSE.
I believe Kenya is overdue for a new Exchange!
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