Friday, October 26, 2007

Safaricom IPO here

'Reliable sources' indicate that the Safaricom IPO will open on December 3 and close on December 14. With the elections scheduled to be after mid-December, this will allow inventors to sort out their business before they sit down and vote. Hat Tip to AKS

23 comments:

MainaT said...

And investors...

That sounds good to me. I hope they'll go further and list it before the 2008. Then we can concentrate on new IPOs (NSE, one of Merali's company's et al) in the new year

3N said...

good news though it is sure to be oversubscribed and retail investors can only get a limited amount.

Anonymous said...

Homegrown + sger agencies 2 missed opportunities for local investors

coldtusker said...

LOL... MainaT... u wanna lose money? Invest in an a Merali compnay... esp at the IPO/OFS...

Firestone sold at 35.50 almost 10 yrs ago and it is 11.00 now!!!

Eveready at 9.50 & now at 7/- in less than 1 year!

GOK will try to launch SafCon but there are roadblocks esp with court challenges from ODM... political move for kibz & co to get more votes...

MainaT said...

CT-IPOs are the only consideration that I do for speculative purposes that way no money is lost. Safcon is a political move for both sides.

coldtusker said...

MainaT: Erm, merali IPOs/OFS are losers but be my guest if you want to try your hand at them!!!

Jakarumba said...

Mainat, which Merali IPO is this. The only laggard in my portfolio is Sameer, the decline is so heavy that al I can do is just hold.

MainaT said...

CT-On Everready, bought at 950 sold at 18. It juts depends on how good/cooperative your broker. I don't buy to hole a Merali co.
Jk-Merali said he wants to do an IPO each year.

Back to Safcon-what do you think the price will be. I think in the 20s.

Aly Khan said...

Bankelele Thanks for the compliment.
I am sure the raison detre of this IPO is all about one off massive enfranchisement of Kenyans a la Mrs. Thatcher. It is a truism that when you have a stake in your country you are less likely to change the status quo. Given that it is a 35-40b issue and lets say 30b is for retail [on the high side], divide that by at least 2m and then you will note that the optimal application is 15,000/= or you will be sitting on your own, waiting for refunds....

Anonymous said...

Banks thanks for the info. we can now prepare and for those of us intending to be considered as corporates have time to form companies for that sole purpose.

Jakarumba said...
This comment has been removed by the author.
Jakarumba said...

Mainat, then Merali does not sound serious if he's talking of an IPO every year, I think he'll be pulling out of his failing ventures.
Whats interesting is that Baraka Fund seems to be going for a major stake in Sameer Africa.

Now Kenyans are at it with their rumours; that Murungaru has already been allocated shares worth 3 billion in the Safcom IPO and that he is owner of Transcentury!!

10/29/2007 3:24 PM

Kenyan Entrepreneur said...

I just looked at aly khan's website. He said something that I and many other kenyans in the diaspora would agree with:

i.e. there's no reason india should beating kenya in the outsourcing industry and any kenyan who's dealt with indian outsource workers will say the same thing - kenyans have much better accents and they are just as smart.

That undersea cable will be huge; it's all about the internet.

The other things he mentioned you can get for yourself through your own general reading.

kenyanentrepreneur.com

Anonymous said...

Good stuff Bankele.. To digress, has anyone managed to pick up a cop of Adam, the new Kenyan mag for Kenyan men? I am only finding chilles interested in it, what about guys? Personally I think it is not that great, I hjaven't read it but I don't see how you can have a male magazine with no chilles on the cover!

Anonymous said...

is it just me ama does business daily seem to be plagiarising bankelele stuff for their front page news every day? first was the safricom story, with no flesh, then today is the sasanet story that banks posted like 6 months ago. ama banks rights for bd and has writers block?

aegeus said...

if we thought the kengen or other recent rollouts were oversubscribe, we aint seen nothing yet!

Anonymous said...

so which local bank will the chinese taekover .. KCB or equity. i suspect its gonna be equity.

kip said...

I will go for it once the hype is over...

Jakarumba said...

Anonymous, sometime back Nation discovered that Kenyan Blogger were seriously eating into their turf. about three months ago they advertised for jobs and Bloggers were expressly ionvited to apply. SO who know, maybe Banks is behind the stories in Business Daily.

bankelele said...

MainaT: It will be disaster if it overlaps with elections If the calendar won't fit they should just postpone it to February

3N: as with previous IPO's. I'll take a pass

coldtusker: I thought I had bough sameer lower, did not expect it to go lower.

I'd only touch a Mearli IPO if it's KDN or Celtel Kenya, and if he steps back on managment control

Jakarumba: They are now importing more tyres (less focus on local producation) I hear.
- Any truth to Baraka? there was a similar story a year ago (Transcentury) that spiked Sameer's price before it was found to be false
- I have no association with businesss daily. in fact I have just finished a holiday where I did not see a single copy (not sold by street newspaper vendors)

Aly Khan: You're welcome. I'd advise the governemtn to also offload some shares in mega bucks Kenya Pipeline, if Safaricom is too hot a potato

Kenyan Entrepreneur: I agree we have great outsourcing potential, but infrastucture, security and tax breaks will have to be fixed even after the undersea cable

aegeus: the biggest. stock broker offices are empty now, but the crowds will stretch down the road once the IPO starts

kip: I agree, I too will sit out the Safaricom IPO. I passed the Kenya Re one, and then wondered what the fuss was about once it listed (& I still haven't bought)

Concept said...

I would advice like minded investors to exploit this time by buying into the other counters.
This is the mother of IPO's and other stocks will fall as investors await the IPO.
Its best time to buy other jewels of NSE.

Patriot said...

http://www.nationaudio.com/News/Dail.../News6.html.gz


Central Kenya MPs now back Majimbo

By MUGUMO MUNENE
and WATORO KAMAU

Central Kenya MPs have agreed for the first time to back Majimbo – a federal system of government.

The policy switch came during a marathon meeting of the Central Kenya Parliamentary Group which ended at 2am yesterday.

Previously the MPs, mainly from the Gikuyu, Embu and Meru Association (Gema), had insisted Majimbo would be too expensive for Kenya.

Discussions at the meeting – at La belle Inn in Naivasha – centred on the MPs' political survival and their representation in the next government after President Moi retires.

Key to that aim, one MP said, was the need to mobilise Central Kenya communities to join a single political party to ensure they have strong bargaining power in the formation of the next government.

The group believes that if they support a single political party along with "some selected friendly communities" they could comfortably win at least 70 to 80 Parliamentary seats.

The MPs also discussed strategies for the economic revival of Central Kenya and ways of ensuring that the region was fully represented in a future goverrnment.

Within that context four of the MPs said they would not be opposed to supporting a Kanu candidate at the next General Election, although a clear majority of the 35 MPs present later claimed the four had been giving only their personal views and did not speak either for the Parliamentary group or for Gema.

The marathon meeting started on Thursday at 8 pm.

The MPs were mainly from the Democratic Party, Ford-People, the Social Democratic Party and Safina, while Gatundu South MP Moses Muihia and Dagoretti MP Beth Mugo attended the group's meeting for the first time.

DP chairman Mwai Kibaki skipped the talks, which were chaired by group chairman and DP patron Njenga Karume (Kiambaa). Kieni's Chris Murungaru was secretary.

Speaking to the Nation later, Mr Karume said that the group was planning another meeting in Nairobi next week.

"We discussed the development of Central Kenya but we shall tell you more then," Mr Karume said.

Kanu's President Moi and NDP leader Raila Odinga have now been mandated by their parties to work out a merger.

On the other hand, Mr Kibaki, who is believed to support the Central Kenya group, has been in talks with Ford Kenya's Kijana Wamalwa and NPK leader Charity Ngilu in search of alignment.

Sources at the Naivasha meeting told the Nation that members had in a radical departure resolved to support majimbo; the federal system of government.

"We have now decided to go for majimbo but we still stand by our position that we should have a government of national unity," a source told the Nation yesterday.

However, they have set one condition for majimbo – that the provincial boundaries are reworked and people allowed to register in the jimbo (federal state) of their choice.

They plan to present their detailed proposals on this to the Constitution of Kenya Review Commission when it begins collecting views.

The meeting discussed the coffee industry and resolved to demand the release of the remaining Stabex cash.

"We have to fight for the political and economic empowerment of our people and find ways of tackling the elections. That is why we met. We are particularly angered by the Government's refusal to release the Stabex funds in toto. We are tired of waiting," another MP said.

The MPs also complained that the Government was dragging its feet over implementation of the Donde Act to regulate interest rates and the Coffee Bill which is yet to be tabled .

MPs Matu Wamae, Chris Murungaru and Muhika Mutahi, said the meeting discussed which leaders could reach out to other Kenyan communities.

Dr Murungaru said: "Nevertheless this was a special meeting and that is why we decided to meet at night when there is not much distraction."

Dr Murungaru gave the Nation a list of MPs who attended the meeting. They included; Joseph Kuria Mukira (Subukia), Paul Kihara (Naivasha), Martha Karua (Gichugu), Mwangi Kiunjuri (Laikipia East), Kamande Mwangi (Maragwa), Maina Njakwe (Mathioya), Joshua Toro (Kandara), Chege Mbitiru (Laikipia West), Muriuki Karue (Ol Kalao), James Kibicho (Ndia), David Manyara (Nakuru Town), Mwangi Githiomi (Kipipiri), Philip Gitonga (Lari), Beth Mugo (Dagoretti), Norman Nyaga (Kamukunji), Njehu Gatabaki (Githunguri), Patrick Muiruri (Gatundu North), David Mwenje (Embakasi), Stephen Ndichu (Juja), David Murathe (Gatanga), Njeru Ndwiga (Manyatta), Thirikwa Kamau (Ndaragwa), Ngenye Kariuki (Kiharu), Adolf Muchiri (Kasarani), Alfred Nderitu (Mwea), Moses Muihia (Gatundu South), John Michuki (Kangema), Matere Keriri (Kerugoya Kutus), Kihara Mwangi (Kigumo), David Mwiraria (Imenti North) and Kiraitu Murungi (Imenti South).

Anonymous said...

50 QUESTIONS FOR KIBAKI TENA NOISE MAKERS
1. Who renegotiated and signed the agreement granting a 20 extension for the British military to continue training in Kenya around Laikipa, Nanyuki and Archers post?
2. Why do we find it necessary to allow foreign troop to bomb the crap out of our landscape, littering it leaving huge amounts of ordinance and making these prime games reserve areas practically inhospitable
3. Who sold the oil prospecting rights to the entire Kenyan offshore including Lamu (A UN historical site)?
4. Who further parceled out huge tracts in North Eastern Kenya to the Chinese government for huge amounts of money, none of which the residents of Northern Kenya will ever see?
5. Was there any competitive bidding for these rights?
6. How many other companies were willing to pay significantly higher sums for these rights in open bidding?
7. Why was the Kenya Sugar Board boss fired?
8. Did you know that by law only the board of directors can do this?
9. Did you know that he was fired for sticking to procedure and opening tender documents at the pre-assigned time and date?
10. Did you know he refused to allow a late and low bid by a certain consortium?
11. Did you know the treasury has no legal mandate to take over the bidding for these sugar companies?
12. Did you know that for 40 years the GOK has appointed MDs for Miwani, Muhoroni, Chemelil and Sony sugar factories?
13. Did you know that for those 40 years they deliberately appointed inept managers so long as you were willing to help the rulers siphon out money from these companies and kill these industries?
14. Did you know that the GOK wrote of billions of shilling in debts owed by coffee farmers?
15. Did you know that the same was done for Dairy Farmers?
16. And tea farmers?
17. BUT not the Sugar Industry?
18. Do you know why?
19. Do you know how much money from Western Kenya goes into the government’s budget (consolidated fund)?
20. Of this do you know how much goes back to the same region in terms of recurrent and development expenditure/
21. Who owns Mobitelea?
22. Did you know if the Safaricom IPO goes through, these illegal and corrupt owners who should be in jail in any civilized society stand to get up to Ksh 2 billion in COLD HARD UNEARNED CASH – FROM POOR ORDINARY KEYANS?
23. Who is trying to sell TELKOM Kenya NOW?
24. Did it take 5 years to realize you want to privatize this company?
25. Or did it take five years to line your pockets enough to make an embarrassingly low bid for this dull jewel (never the less a jewel)?
26. Who said a 50% stake in Telkom Kenya is worth Ksh 2 billion?
27. Who did that valuation?
28. Did you know that some of the biggest land owners in Kenya are Kenya Telkom and the now ripped off Kenya Railways?
29. So you PRIVATISED Kenya Railways to a nobody with ZERO experience in rail management, are the trains moving?
30. What about the KR land – is it still there?
31. Did you know we (via our taxes) refurbished Sagana State Lodge for a mesmerizing Ksh 600,000,000?
32. Did you know that the work is still INCOMPLETE?
33. Did you know that the Head of State has never spent a night at the SAGANA STATE LODGE?
34. Did you know that Ksh 600,000,000 could buy and/or build any residential property in Nairobi – Yes including the State House?
35. Do you know who signed the financing agreement (read loan!) to buy so called frigates for the Kenya Navy?
36. Did you know that what was purchased were OLD FISHING VESSELS fitted with a few motor and torpedo launches?
37. Do you feel any safer with these schooners protecting our waters?
38. Do you remember the unveiling of the UHURU HIGHWAY PROJECT by the PRESIDENT? Have you seen any progress? You may have seen the grading of the road sides? What else?
39. Do you know that the financing was arranged by the Chinese government?
40. And you, your children and your grand children will be paying for this non starter of a project?
41. Did you know that the Goldenberg scandal cost Kenya 90 billion shilling or 20% of our current budget? Yes I thought you would say that – It was Moi! What then is Kibaki doing with this man? Why the sudden legitimacy to a known and acknowledged criminal and fraudster?
42. DID YOU KNOW that the Kibaki government signed several agreements (Anglo Leasing) for projects to be paid by Internationally Accepted Promissory notes and THESE ARE LEGALLY BINDING?
43. DID YOU KENYA KNOW THAT THESE WILL BE REDEEMED IRRESPECTIVE OF WHO IS IN THE STATE HOUE?
44. DID YOU KNOW THE GOVERNMENT HAS MORTGAGED ME AND YOU VIA ANGLO LEASING PROJECTS TO THE TUNE OF KSH 80 BILLION? AND PENDA IT OR NOT IT WILL BE PAID BECAUSE IT IS LEGALLY BINDING. CANCELLING THE PROJECT DOES NOT REMOVE THE OBLIGATION? HERE ME WELL – KIBAKI TENA TEAM – IT IS WORSE THAN GOLDENBERGE!!!
45. Did you know that no body in this government has balls enough to arrest and prosecute Mr. Pattni? Of course he would finger them all!!
46. DID YOU KNOW THAT THE ONLY MAN CLEARED BY THE GOLDENBERGE COMMISSION WAS MUSALI MUDAVADI?
47. DID YOU KNOW THAT THE GOVERNMENT OF KENYA can nail Mr. Ruto, but will not because the can prosecute a case and it will inevitably touch their new found buddy Mr. Moi?
48. Did you know who proposed the amendment to the Kenya Constitution making Kenya a one party state?
49. Do you know what a crime of omission is? It is sitting and doing nothing when evil is all around you.
50. Can anybody tell me what role Kibaki played in the second liberation and the fight for freedoms that we now enjoy? I remember Oginga Odinga, Gitobu Immanyara, Charles Rubia, Raila Odinga, Martin Shikuku, Okii Ombaka and Kenneth Matiba. I remember Koigi Wamwere, Kijana Wamalwa and Masinde Muliro. I remember the forgotten ones – Miguna Miguna, Wahome Mutai (Yes cartoons kept us going!), a jungu called Smith Hempstone (I could swear huyu alikuwa Kenya damu!), Prof Oyugi, Ngugi wa Thiongo, Okongo Arara, Adungosi Titus and Shem Ogola. I remember Adam Mathenge, Willy Mutunga, Wachira Kamonji, Maina wa Kinyati, Mukaru Nganga, Anyona George, Khaminwa John, Otieno Mak Onyango, Onyango Paddy, K’Oale Muga, Wahinya Bore, Mutuse Thomas, Mugo Micere, Kimani Gecao, Ngugi wa Mirii, Ngweno Hillary, Mwachofi Mwakudua, P.L.O., Gikenya Waititu, Peter “Young” Kihara, Theuri Mugo, Kathangu Njeeru and Wafula Buke.

My dear Kenyans, if you can honestly define crimes of omission or commission, then you can understand where Kibaki was and what he was doing. He has stood for nothing but maintaining the status quo and ku fuata nyayo. Kumbuka walala heri na walala hoi ni nani.



Would these great Kenyans sit in a Kibaki Government?

'We did not attain independence to have a country of ten millionaires and ten million beggars' - JM Kariuki
"Whose Kenya is it?" shouted Tom Mboya. "Ours!" shrieked 20,000. Now the mob's chant was in throbbing rhythm. "Are you tired of asking for freedom?" asked Tom Mboya. "Never!" came the resounding answer. (1960)
"What all of us wanted was to show people that we were all one family and that there was no difference between all the tribes of Kenya” – Harry Thuku

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