Tuesday, July 29, 2008

Kutwa Tuesday: Equity Bank & Tiomin

recently in the media

Equity Bank returned to super nova status with almost 200% growth in June 2008, compared to a year before. From a pedestrian growth (at their rate) in Q1 of 8% for deposits and asset, they rebounded to 23% gains in both during the second quarter of 2008 after the Kenyan peace deal and their heavy involvement in the Safaricom IPO - redeploying funds from government securities.

March to June income grew faster for the first time in three quarters, after being evenly matched in December and March. And at 70 billion ($1.05 billion) in assets, will be 3rd largest bank in Kenya by year end (how long before they overhaul Barclays and KCB?). Also how much of a boost did NBK get from Safaricom and Barclays lose by staying on the sidelines? - Thank Kofi or Safaricom?

Alternative investments
in my mailbox
- The Barclays Bond is looking to be a good investment for retail crowd – a Kshs. 100,000 ($1,500) investment will deliver 11.5 %% for the next 7 years. Third tranche of bond coming soon
- Following the Stanbic IPO, Uganda has a rights issue from New Vision
- Tanzania has Nicol - the National Investments Company Ltd newly listed on the Dar es Salaam Stock Exchange

Biz briefs
- The Jinchuan Group Limited China will invest $25 million into the stalled Tiomin Kenya Limited project (purchasing 70%)
- From Indian Ocean Newsletter: Transcentury eyes a bid for Uchumi Supermarkets
- Rate hikes - four mid-size banks have hiked their base lending rates above 15%
- Diamond Trust Bank answers some common shareholder FAQ on deceased, lost, or dormant shares
- Stanbic Uganda leads the way communicating with its (31,000) shareholders – from sending annual reports by e-mail to communicating about divided payment calendars and difficulties, while inviting shareholders who have not received theirs to contact the Bank. Any Kenyan companies doing that yet?
- Vodafone to buy back under valued shares: what about Safaricom?

From the blogs
- Archer finds a faux/fan site for embattled Kenyan Transport Minister - Chirau Mwakwere
- How good is Safaricom’s bambanet service? (a review)
- A marketer’s perspective on the Coke vs. Alvaro brew war

- Nominate a company as one of Kenya’s Top 100 (D/L 31/7)

- science & technology scholarships to study in Algeria (10) and Morocco (15) for recent high school graduates.
- Graduate trainees at the Kenya Revenue Authority. Apply by 22/8 using snail mail to the senior deputy commissioner HR 48240-00100 Nairobi
- British Council - Africa knowledge transfer partnerships for (2) graduates to work at MEA Limited and Booth Extrusions d/l 8/8

- Marketing manager at East African Breweries
- Google Africa: Geographic Specialist (Temporary), HR and Communications Associate, Localisation Project Manager – Africa, Strategic Partner Development (SPD), Local Markets, Technical Support Associate, Google Applications (all Nairobi)
- I & M Bank: Cashiers/Tellers for Nairobi, Mombasa & Kisumu, Relationship Manager/Officer
- Jetlink Airlines: technicians, engineers, telesales officers, reservations officer. Apply to hr@jetlink.co.ke by 8/8
- KCB: Contact center services manager, quality assurance & business processing manager. Apply to recruitment@kcb.co.ke by 8/8
- Neptune software: Lead developer, associates consultant (2), consultants (2), sales manager, and client relationship manager. Apply to Kenya@neptunesoftwareplc.om
- Executive director Media council of Kenya (D/L 8/8)
- Paynet: Sales accounts manages, system support analyst. Apply to careers@paynet.co.ke 1/8
- USIU: Network administrator, internal auditor, purchasing coordinator, jobs@usiu.co.ke 8/8


coldtusker said...

Kenya has archaic laws that do not allow for e-mailed Annual Reports!

I guess alibaba and the 42 thieves are too busy politicking... rather then moving the country forward...

Though... I like what Orengo and Raila seem to be doing...

Rafiki said...

RE: Coke vs. Alvaro war

Alvaro may be non-alholic, but it is not natural either. There is no trace of fruit at all in Alvaro. No pineapple. No pear. Please check my post on this: http://rafiki-kenya.blogspot.com/2008/07/alvaro-non-alcoholic-but-not-natural.html

Filipe said...

Hey Banks,

Thanks for commenting on BBK bond mail.

Check out the price of the bond at 102 last week while the bond from other co. including Sasini floated at 10.50% is a star at 109 in the East African. Across EA the debt securities are doing rather well while the equities in KE are in a slump.

On the TZ front, you can access the market but a trick that has worked so far is rather crude and needs thorough background checks. You form a co. registered in TZ with a TZ friend to make buys at even the UUT (Umoja Unit Trust - open ended) that has grown from TZS 118 in Jan to currently TZS 140. While CRDB (still on over-the-counter market) is now at TZS 400/500 from TZS 100 in late 2006.

bankelele said...

Coldtusker: many companies have amended their by-laws and got shareholder approval but I’m yet to see one that e-mails stuff. Hate to fall behind

Rafiki: nice write-up

Filipe: thanks for the article, the Barclays bond looks intriguing - but floating not fixed
- Look out for another mega corporate bond by year end

coldtusker said...

The companies' by-laws cannot contradict the law... the law stipulates snail mail...

Davis said...

Thanks for frequent job postings.
My worry is, our internet wizards could be busy spamming the inbox of companies whose E-mails appears with the @ tag.

May be jobs [at] banks.com will help them.

Thanks again for the effort and the good work. It is highly appreciated.

bankelele said...

Coldtusker: Ok

Davis: ok noted [i generaly try and avoid putting individual e-mail addresses up]

Rafiki said...

RE: Equity Bank

The British Council Leadership Forum is organizing a session with James Mwangi, CEO & MD of Equity Bank, on Wed 20 Aug 2008 at 6 pm.


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