NSE is overweight with financial shares, and may get heavier with the listing of Co-operative Bank later this year. The listing is expected to raise 10 billion shillings ($150 million) for growth and expansion. The shareholders transferred the assets and liabilities of the bank to a limited liability company (from a co-operative socirty) last week. – and their class B shares (par value Kshs. 100 shillings will be split into shares of par value Kshs. 1)
However as a long suffering customer of the bank, I may not add to might already overweight basket of financial stocks.
edit - Co-Op IPO opens October 20 2008
elsewhere
transport
- Kenya Airways; are offering a novel business trip package – 4 trips for $1,000 to be completed by March 2009 for trips to Dubai, Bangkok, honk Kong, Guangzhou
– Delta airlines open a Nairobi office
Railway destiny in local hands
- The Government wants Rift Valley Railways to increase capacity, lay more tracks, and transfer cargo ASAP. ICDCI looks at RVR as a long term investment, but they hope to get return on the investment within 4 years. They own 10% of the company and will acquire another 10% from IFC over the next four years.
Communications
- Zain will increase share capital by 75% (raising $4.5 billion) from its Kuwaiti shareholders for expansion in Africa. They are already advertising to put up base stations and adding dealers in Kenya
- good to know Econet has the most subscribers in Zimbabwe.. That’s an ARPU in millions?
Dividend cycles
how long goes it take some NSE companies to pay declared dividends?
One month: Standard chartered (interim), Kenol (interim)
Two months: Barclays, BAT, Olympia
Three months Crown Paints, TPSEA (Serena), Jubilee, Nation Media, Total, HFCK, Diamond Trust, Pan Africa, NIC, Standard Chartered (final), Bamburi (interim)
Four months: Centum (ICDCI), Standard Newspapers, Access Kenya, Eveready, Bamburi (final)
Five months: Kenya Re, Kenya airways, Express, Rea Vipingo
Showing posts with label Econet. Show all posts
Showing posts with label Econet. Show all posts
Tuesday, August 12, 2008
Monday, April 14, 2008
E-government and privacy
Online IPO Registrations I applied online for my Safaricom IPO shares.
There’s the offical site for the IPO registration that is very easy to use. Just type in your CDS number and ID number and ID/ passport number (that you used to open the CDS account) to get started ( it’s an indictment for investor education initiatives by the CMA that there are leaders and executives who still don’t know what a CDS account) - and you get all your information like contact information, select your stockbroker, how you want your refunds and dividends to be handled etc.
Some Kenyans, may find it unnerving to see their information in an online public database, like having Safaricom know where you are . The Electoral commission of Kenya (ECK) enabled online verification of vote registration (I checked and confirmed mine online, but it was missing from the voting day roll) in one of the many positive things they did before the election, and the Kenya Revenue Authority (KRA) which utilizes the internet for some clearing & forwarding processes ahs also promised to enable online tax filing and driver license.
Econet hiring Econet mobile has promised to launch services by August 2008, with new partners Essar. They even advertised for some jobs in the Friday paper, something they have done several times before. Hopefully the company will become operational and the jobs materialize
There’s the offical site for the IPO registration that is very easy to use. Just type in your CDS number and ID number and ID/ passport number (that you used to open the CDS account) to get started ( it’s an indictment for investor education initiatives by the CMA that there are leaders and executives who still don’t know what a CDS account) - and you get all your information like contact information, select your stockbroker, how you want your refunds and dividends to be handled etc.
Some Kenyans, may find it unnerving to see their information in an online public database, like having Safaricom know where you are . The Electoral commission of Kenya (ECK) enabled online verification of vote registration (I checked and confirmed mine online, but it was missing from the voting day roll) in one of the many positive things they did before the election, and the Kenya Revenue Authority (KRA) which utilizes the internet for some clearing & forwarding processes ahs also promised to enable online tax filing and driver license.
Econet hiring Econet mobile has promised to launch services by August 2008, with new partners Essar. They even advertised for some jobs in the Friday paper, something they have done several times before. Hopefully the company will become operational and the jobs materialize
Saturday, July 21, 2007
NBK and Econet restructure
National Bank: was the first bank to release half year results with assets up 25%, deposits up 22% and profits up 35% from June 2006. The big transformation comes from Kshs. 20 government bond plan which have now been absorbed in the bank's financial statements. What does it do? While government securities are up 6X (from Kshs. 3.96 to 23.57 billion), it also chops 2/3 of loans off their books (drop to 27.34b to Kshs. 7.34 billion). The restructured balance sheet also helped profits as NBK reduced provisions from Kshs. 1b last June to Kshs. 350m at this half year.
But NBK is not out of the woods yet. While the gross non performing assets from 34b to a more manageable Kshs. 5 billion this is still about 75% of NBK's loan book which, as the MD mentioned at the AGM many cases are still stuck in court.
Econet: After three years of being persona non grata, Econet has been given the green light by the government to roll out operations and its network. In the three wasted years that Econet has wrangled with shareholders and the government, much has changed. Celtel has engaged super-profitable Safaricom in a war for customers even as Telkom wireless has become a viable alternative to an extent that the need for a third mobile operator may have passed. Also what happened to anyone who applied for jobs there? For Econet, not going to be easy to assert themselves and with networks so expensive and unless they get new shareholders and partners with investment resources and regulatory muscle.
Equity muscle: strong back to get heavy hitters like the Minister of Finance, the Central Bank of Kenya and the Nairobi Stock Exchange to come to your defense. Econet should talk to them
Investor outreach: Following in the steps of the Suntra - Postbank partnership, stockbroker Ngenye Kariuki has partnered with K-Rep bank to offer stockbroking services at the banks branches.
Happenings in North Eastern Kenya: The Kenya Revenue Authority sets up shop at Wajir Airport as the Kenya power & lighting company plans to open up stations in Mandera, Wajir, and Garissa.
Who needs e-mail? : The postal corporation of Kenya plans to increase the cost of corporate mail boxes and sending most letters (small/mid size envelopes), to reflect the increased cost of doing business.
Takeovers: James Finlay takes over Homegrown (flowers), and Krystalline Salt acquires the Mombasa salt works company
Government pork : Jaindi Kisero points some out uncertain projects that are going to be funded by tax revenue including 1.3billion to purchase a ranch in Nyeri District to settle squatters, 400 million to settle hawkers, 200 million to purchase shares in De La Rue, Sh 140 to buy shares in Panpaper, 641 million for coffee debts, 664 million for pyrethrum debt, and 15 billion for Telkoms’ tax arrears
Education
- Teachers over-borrowing: The Teacher Service Commission (TSC) has told banks it will stop allowing check-off loans. They fear some teacher have over-committed themselves i.e. borrowed so much that they take home less than 1/3 of their salary after all deductions are made. (One teacher is not happy about the change)
- Universities: Two new universities to open soon - KCA University at Ruaraka and Presbyterian University at Kikuyu. Also both Kenya Methodist University and University of Nairobi will open campuses in Mombasa as Kenyatta University opens one in Kitui
Odds:
- MP Jakoyo Midiwo has sued to wind up the Kenya Times (Media Trust)
- Former managing director of Mugoya, James Mugoya Isabirye, is wanted by the Kenya police. The receiver manager has also offered a generous reward
- Why does the High court have a summer vacation (from 1 august to 15 September)?
Jobs
- Action Aid: head of finance Somalia
- Equity bank: credit managers, bank managers. E-mail jobs@equitybank.co.ke by 28/7
- First community bank: IT product specialist, audit offer, business relationship officers, corporate relationship assistants, private banking officers, credit administration officers, trade finance assistant managers, tellers, head tellers, customer service representatives. Apply to fcb_vacancies@ahmedabdi.com by 30/7
- Knight Frank: senior valuer, property manager, residential sales manager, site acquisition agent. Email info@ke.knightfrank.com by 27/7
- Sub editors at the Nairobi Star newspaper: Apply to jobs@nairobistar.com by 31/7
- Spencon: head of internal audit, senior internal auditor, internal auditor, business analyst, marketing & communications assistant, group contracts manager, contracts manager, IT/ERP professionals. E-mail recruitment@spencon.net by 10/8
But NBK is not out of the woods yet. While the gross non performing assets from 34b to a more manageable Kshs. 5 billion this is still about 75% of NBK's loan book which, as the MD mentioned at the AGM many cases are still stuck in court.
Econet: After three years of being persona non grata, Econet has been given the green light by the government to roll out operations and its network. In the three wasted years that Econet has wrangled with shareholders and the government, much has changed. Celtel has engaged super-profitable Safaricom in a war for customers even as Telkom wireless has become a viable alternative to an extent that the need for a third mobile operator may have passed. Also what happened to anyone who applied for jobs there? For Econet, not going to be easy to assert themselves and with networks so expensive and unless they get new shareholders and partners with investment resources and regulatory muscle.
Equity muscle: strong back to get heavy hitters like the Minister of Finance, the Central Bank of Kenya and the Nairobi Stock Exchange to come to your defense. Econet should talk to them
Investor outreach: Following in the steps of the Suntra - Postbank partnership, stockbroker Ngenye Kariuki has partnered with K-Rep bank to offer stockbroking services at the banks branches.
Happenings in North Eastern Kenya: The Kenya Revenue Authority sets up shop at Wajir Airport as the Kenya power & lighting company plans to open up stations in Mandera, Wajir, and Garissa.
Who needs e-mail? : The postal corporation of Kenya plans to increase the cost of corporate mail boxes and sending most letters (small/mid size envelopes), to reflect the increased cost of doing business.
Takeovers: James Finlay takes over Homegrown (flowers), and Krystalline Salt acquires the Mombasa salt works company
Government pork : Jaindi Kisero points some out uncertain projects that are going to be funded by tax revenue including 1.3billion to purchase a ranch in Nyeri District to settle squatters, 400 million to settle hawkers, 200 million to purchase shares in De La Rue, Sh 140 to buy shares in Panpaper, 641 million for coffee debts, 664 million for pyrethrum debt, and 15 billion for Telkoms’ tax arrears
Education
- Teachers over-borrowing: The Teacher Service Commission (TSC) has told banks it will stop allowing check-off loans. They fear some teacher have over-committed themselves i.e. borrowed so much that they take home less than 1/3 of their salary after all deductions are made. (One teacher is not happy about the change)
- Universities: Two new universities to open soon - KCA University at Ruaraka and Presbyterian University at Kikuyu. Also both Kenya Methodist University and University of Nairobi will open campuses in Mombasa as Kenyatta University opens one in Kitui
Odds:
- MP Jakoyo Midiwo has sued to wind up the Kenya Times (Media Trust)
- Former managing director of Mugoya, James Mugoya Isabirye, is wanted by the Kenya police. The receiver manager has also offered a generous reward
- Why does the High court have a summer vacation (from 1 august to 15 September)?
Jobs
- Action Aid: head of finance Somalia
- Equity bank: credit managers, bank managers. E-mail jobs@equitybank.co.ke by 28/7
- First community bank: IT product specialist, audit offer, business relationship officers, corporate relationship assistants, private banking officers, credit administration officers, trade finance assistant managers, tellers, head tellers, customer service representatives. Apply to fcb_vacancies@ahmedabdi.com by 30/7
- Knight Frank: senior valuer, property manager, residential sales manager, site acquisition agent. Email info@ke.knightfrank.com by 27/7
- Sub editors at the Nairobi Star newspaper: Apply to jobs@nairobistar.com by 31/7
- Spencon: head of internal audit, senior internal auditor, internal auditor, business analyst, marketing & communications assistant, group contracts manager, contracts manager, IT/ERP professionals. E-mail recruitment@spencon.net by 10/8
Saturday, December 09, 2006
Ecofade II
Part I
Econet Wireless fired off another long letter to the Minister for Information and Communications this week in addition to printing it (2 pages long, badly worded, with typos) in the Nation to explain why they have not rolled out almost two years since they were awarded the third mobile license.
The company which has a history of big talk blames red tape and invisible forces who have continued to manipulate the license process.
Econet's MD writes that they want (then) Minister Raphael Tuju to retract his unauthorised statement cancelling Econet's license and also wants the CCK to issue them with network codes. They claim CCK and various officers have been pushing them to renegotiate with KNFC (an entity who could not pay for 5% of their purpoted 82% ownership), and also lend money to KNFC to enable them to pay for their $12m portion of the license fee.
Econet claims to have already spent $40m on the process (also what happened to applied for jobs at Econet?
Air news
- Early Bird offer from Kenya Airways has round-trip flights to Mombasa at 5,000/= if you take the 6:45 a.m. flights.
- Kisumu Airport should reopen next week when repairs should be done.
- Qatar Air Cargo to serve Nairobi and Eldoret from next year.
December 9 Opportunities
Jobs
Corporate affairs group leaders (2) at Celtel. apply to hr@ke.celtel.com by 15/12
Internal audit manager at East African Portland cement. D/L is 22/12
East African tea trade association
- finance/investment analyst
- project management office director
Apply by 22/12 to eatta.tea@gmail.com
Power economist at the Electricity regulatory board. D/L is 29/12
Multi-lingual flight attendants at Kenya Airways - (both male and female) – fluent in Hindi, Arabic, Spanish, Italian, German, French and Portuguese aged 21 – 30 (in addition to the other similar flight crew requirements). D/L is 20/12 for applications to the group human resource director.
Director treasury at Kenya commercial bank. Apply through Hawkins associates
Oracle
- education sales consultant
- middleware pre-sales consultant
More details their site and apply to mearecruit_ae@oracle.com by 15/12
Retail, sales & marketing - area business managers (2) at Shell. Apply to hr@ksl.shell.com by 11/12
Urgent cargo
- chief operating officer
- general manager - freight
Apply to hr@urgentcargo.com by 18/12
Internships
Aga khan foundation young development professional (YDP) program a 1 year leadership and management development program – accepting two streams this year (i) development management (ii) arts, media, or culture management web link here and deadline to akf.kenya@akdn.org is 20/12
Kenya Oil Company (Kenol) management trainees preferably who are fluent in Portuguese or Spanish. apply by 18/12 to the human resource manager.
Econet Wireless fired off another long letter to the Minister for Information and Communications this week in addition to printing it (2 pages long, badly worded, with typos) in the Nation to explain why they have not rolled out almost two years since they were awarded the third mobile license.
The company which has a history of big talk blames red tape and invisible forces who have continued to manipulate the license process.
Econet's MD writes that they want (then) Minister Raphael Tuju to retract his unauthorised statement cancelling Econet's license and also wants the CCK to issue them with network codes. They claim CCK and various officers have been pushing them to renegotiate with KNFC (an entity who could not pay for 5% of their purpoted 82% ownership), and also lend money to KNFC to enable them to pay for their $12m portion of the license fee.
Econet claims to have already spent $40m on the process (also what happened to applied for jobs at Econet?
Air news
- Early Bird offer from Kenya Airways has round-trip flights to Mombasa at 5,000/= if you take the 6:45 a.m. flights.
- Kisumu Airport should reopen next week when repairs should be done.
- Qatar Air Cargo to serve Nairobi and Eldoret from next year.
December 9 Opportunities
Jobs
Corporate affairs group leaders (2) at Celtel. apply to hr@ke.celtel.com by 15/12
Internal audit manager at East African Portland cement. D/L is 22/12
East African tea trade association
- finance/investment analyst
- project management office director
Apply by 22/12 to eatta.tea@gmail.com
Power economist at the Electricity regulatory board. D/L is 29/12
Multi-lingual flight attendants at Kenya Airways - (both male and female) – fluent in Hindi, Arabic, Spanish, Italian, German, French and Portuguese aged 21 – 30 (in addition to the other similar flight crew requirements). D/L is 20/12 for applications to the group human resource director.
Director treasury at Kenya commercial bank. Apply through Hawkins associates
Oracle
- education sales consultant
- middleware pre-sales consultant
More details their site and apply to mearecruit_ae@oracle.com by 15/12
Retail, sales & marketing - area business managers (2) at Shell. Apply to hr@ksl.shell.com by 11/12
Urgent cargo
- chief operating officer
- general manager - freight
Apply to hr@urgentcargo.com by 18/12
Internships
Aga khan foundation young development professional (YDP) program a 1 year leadership and management development program – accepting two streams this year (i) development management (ii) arts, media, or culture management web link here and deadline to akf.kenya@akdn.org is 20/12
Kenya Oil Company (Kenol) management trainees preferably who are fluent in Portuguese or Spanish. apply by 18/12 to the human resource manager.
Wednesday, May 17, 2006
Kenya telecommunication license bundle
The Communications Commission of Kenya has officially tendered the license for a second national telephone operator to compete with Telkom Kenya.
As promised by the Government, the license also included a national cellular license, which effectively kills off non-starting Econet who have been unable to get moving after three years (they will probably sue the Government unsuccessfully, further delaying the license)
The license includes: local voice & data access, national long distance voice & data access, national cellular mobile, international voice gateway, commercial VSAT and internet backbone.
Experienced telecommunication operators who have a proven annual turnover of $150 million and manage over 500,000 subscribers are invited to bid provided they will be 30% partnered with Kenyans. Deadline for applications is June 30 and the license will be awarded in January 2007.
As promised by the Government, the license also included a national cellular license, which effectively kills off non-starting Econet who have been unable to get moving after three years (they will probably sue the Government unsuccessfully, further delaying the license)
The license includes: local voice & data access, national long distance voice & data access, national cellular mobile, international voice gateway, commercial VSAT and internet backbone.
Experienced telecommunication operators who have a proven annual turnover of $150 million and manage over 500,000 subscribers are invited to bid provided they will be 30% partnered with Kenyans. Deadline for applications is June 30 and the license will be awarded in January 2007.
Saturday, April 15, 2006
Ecofade
According the People newspaper, Econet wireless has lost its case against the Government of Kenya – which is now free to source and re-advertise for a new third mobile operator for the country.
Meanwhile the other two operators, Celtel and Safaricom, have both applied to the CCK for licenses to provide and operate international gateway telecommunication systems and services. They are likely to begin after June 2006.
Meanwhile the other two operators, Celtel and Safaricom, have both applied to the CCK for licenses to provide and operate international gateway telecommunication systems and services. They are likely to begin after June 2006.
Wednesday, November 02, 2005
Lazy tender job blog day
what about them?
Itis was hypocritical of the US and Britain to call for the resignation of Kenyan Minister Chris Murungaru, while retaining their own scandal ridden leaders like Dick Cheney and David Blunkett
give them a chance
James Shikwati argues that indigenous Maasai should manage Amboseli Park which is their own land and resources - not outsiders.
running in America
Paul Tergat will tackle the New York marathon for the first time on Sunday.
remember Econet?
Econet who seem to spend more time in court than on telecommunications will list on the Johannesburg Stock Exchange in May 2006, in a bid to raise $500 million.
we want oil
Kenya continues her search for oil and doesn’t care who finds it.
Tenders
free trade at Mombasa
The Kenya Ports Authority (KPA) has invited firms to set up a free trade zone at the Mombasa port via a 33 year build-operate-transfer (BOT) concession. Interested bidders should submit a business plan for the project via December 21 to kpamd@kpa.co.ke after obtaining detailed tender documents form KPA.
airport expansion
The Jomo Kenyatta International Airport modernisation and upgradation project has invited firms to construct a passenger apron at terminal 4, taxiways, car parks and associated facilities. Documents should be submitted to the Kenya Airports Authority (KAA) by November 10.
Separately, in Parliament a Minister said that the Government plans to build a second runway at the airport after recents incidents should how necessary this move was.
airport repair
The KAA has also invited a tender for emergency rehabilitation work at Moi international airport (Mombasa) involving reconstruction of 175 metres of pavement and installation of drainage & electrical systems (including flood lights). Tenders to be submitted to KAA by 1st December.
bank software
Consolidated Bank invited bids for the supply, installation and commissioning of a credit risk and debt management system (closing November 22)
Elsewhere K-Rep Bank, a micro finance institution just installed a similar solution - Temenos T 24 at a cost of 102 million shillings.
Jobs
The Communicatins Commission of Kenya is hiring:
- Manager procurement
- Manager new technologies
- Assistant director standards & type approval
- Assistant director compliance & consumer affairs
- Statistics officer
- Economic analysis officer
- Economist/ communications services
- Legal officer
- Radio engineers (5)
Telkom Kenya is hiring:
- Manager call centre
- Distribution manager
- Head of customer service
- Regional sales manager
a remittance company
IRNet Coop Kenya (ICK), a company setting up remittance services with international partner is hiring:
- General Manager; Must have MBA, and IT exp would be a plus and 3 to 5 years management experience in banking, finance, telecom or retail industry.
- Operations manager; must have 3 to 5 years of administrative/accounting experience in banking finance, telecom or related field.
For both: Applicants must be aged between 28 – 35, and have business degrees in finance, accounts or engineering and experience with integrated accounts software as well as good analysis skills and knowledge of local market. Apply to IRNet Coop Kenya box 73236-00200 by 7 November.
It
give them a chance
James Shikwati argues that indigenous Maasai should manage Amboseli Park which is their own land and resources - not outsiders.
running in America
Paul Tergat will tackle the New York marathon for the first time on Sunday.
remember Econet?
Econet who seem to spend more time in court than on telecommunications will list on the Johannesburg Stock Exchange in May 2006, in a bid to raise $500 million.
we want oil
Kenya continues her search for oil and doesn’t care who finds it.
Tenders
free trade at Mombasa
The Kenya Ports Authority (KPA) has invited firms to set up a free trade zone at the Mombasa port via a 33 year build-operate-transfer (BOT) concession. Interested bidders should submit a business plan for the project via December 21 to kpamd@kpa.co.ke after obtaining detailed tender documents form KPA.
airport expansion
The Jomo Kenyatta International Airport modernisation and upgradation project has invited firms to construct a passenger apron at terminal 4, taxiways, car parks and associated facilities. Documents should be submitted to the Kenya Airports Authority (KAA) by November 10.
Separately, in Parliament a Minister said that the Government plans to build a second runway at the airport after recents incidents should how necessary this move was.
airport repair
The KAA has also invited a tender for emergency rehabilitation work at Moi international airport (Mombasa) involving reconstruction of 175 metres of pavement and installation of drainage & electrical systems (including flood lights). Tenders to be submitted to KAA by 1st December.
bank software
Consolidated Bank invited bids for the supply, installation and commissioning of a credit risk and debt management system (closing November 22)
Elsewhere K-Rep Bank, a micro finance institution just installed a similar solution - Temenos T 24 at a cost of 102 million shillings.
Jobs
The Communicatins Commission of Kenya is hiring:
- Manager procurement
- Manager new technologies
- Assistant director standards & type approval
- Assistant director compliance & consumer affairs
- Statistics officer
- Economic analysis officer
- Economist/ communications services
- Legal officer
- Radio engineers (5)
Telkom Kenya is hiring:
- Manager call centre
- Distribution manager
- Head of customer service
- Regional sales manager
a remittance company
IRNet Coop Kenya (ICK), a company setting up remittance services with international partner is hiring:
- General Manager; Must have MBA, and IT exp would be a plus and 3 to 5 years management experience in banking, finance, telecom or retail industry.
- Operations manager; must have 3 to 5 years of administrative/accounting experience in banking finance, telecom or related field.
For both: Applicants must be aged between 28 – 35, and have business degrees in finance, accounts or engineering and experience with integrated accounts software as well as good analysis skills and knowledge of local market. Apply to IRNet Coop Kenya box 73236-00200 by 7 November.
Wednesday, May 11, 2005
Bring on MTN and 5th mobile company
Going though some old newspapers, I found this interview with Econet’s Chief Marketing Officer: He admits that Econet will have to charge Kenyan cell phone users just as much, if not more, than Safaricom and Celtel if and when they ever begin operations.
Friday, May 06, 2005
Business Week
CCK Back at work
Things are moving again at the Communications Commission of Kenya – they are reviewing applications for two ISP’s, 4 local courier services, 2 premium rate service providers and a call centre service provider known as “All About Marketing”
But they have now flipped the script on Econet Wireless and now strongly oppose the third mobile operator who had sued Information minister Raphael Tuju and the CCK. The lawsuit has also been expanded to include other parties, and is likely to delay Econet or any other provider from offering a third cell phone service in Kenya.
Job Watch
Kenya Commercial Bank has advertised for a new post of Deputy Chief Executive Officer. Applicants must have a university degree, a financial base and 10 years relevant experience. They must also be currently employed as general managers at other organizations. (it’s interesting to note how boards can manipulate the inclusion or exclusion of certain candidates through highly subjective selection criteria). Apply to Hawkins & Associates at Hawkins.associates@khigroup.com quoting ref no. 111/BO/FN
Other companies hiring this week are Huawei Technologies, Karen Hospital Nation Media Group, Rusinga School and several NGO’s.
Media Conference in Nairobi
The International Press Institute (IPI) World Congress and 54th General Assembly will take place in Nairobi from May 21st to 24th at KICC. great web site that gives vital info for participants and visitors
Coffee sector woes
In the Kenya gazette last week, Co-operative Minister Njeru Ndwiga revoked all exemptions to the cooperative societies act currently enjoyed by the Kenya Planters Cooperative Union. Missing coffee from warehouse
KPCU is currently facing other troubles for failing to deliver coffee it sold to coffee exporters at the weekly Nairobi Coffee Exchange auctions.
Getting wireless in Kenya
The Grand Regency Hotel (a leading Nairobi hotel) will roll out wireless internet connectivity (802.11b) throughout the hotel’s rooms and facilities.
Banking in Naivasha
CFC Bank has opened a branch in Naivasha, which is about 90 kilometres from Nairobi. They also have a unique ATM located at a flower farm in Naivasha and farm workers are issued with special cards which they use to draw money from the ATM – reducing their need to go to town for banking purposes.
Upcoming Events
Nation Media Group AGM
Will be held on May 26th at the Nation Printing Plant on Mombasa Road (Nairobi)
Among the agenda items will be
(i) approval of an interim dividend of 20% (1 Kshs. Per share) bring the total dividend for the year to 100% (5 shillings per share)
(ii) increase the share capital of the bank from 300 million to 600 million shillings by creating 60 million new shares (of Kshs. 5 shillings each) to rank pari pasu with existing shareholders
(iii) approval of payment of bonus shares: registered shareholders as at May 13 will received 1 bonus share for each 3 they own. (however these new shares will not qualify for the interim dividend – see (i) above)
(iv) increase the number of directors.
Equity Bank AGM
Will be held on Friday May 27th at Fourways Towers on Muindi Mbingu Street. Agenda has not been published, but their IPO is not likely to take place till next year.
Things are moving again at the Communications Commission of Kenya – they are reviewing applications for two ISP’s, 4 local courier services, 2 premium rate service providers and a call centre service provider known as “All About Marketing”
But they have now flipped the script on Econet Wireless and now strongly oppose the third mobile operator who had sued Information minister Raphael Tuju and the CCK. The lawsuit has also been expanded to include other parties, and is likely to delay Econet or any other provider from offering a third cell phone service in Kenya.
Job Watch
Kenya Commercial Bank has advertised for a new post of Deputy Chief Executive Officer. Applicants must have a university degree, a financial base and 10 years relevant experience. They must also be currently employed as general managers at other organizations. (it’s interesting to note how boards can manipulate the inclusion or exclusion of certain candidates through highly subjective selection criteria). Apply to Hawkins & Associates at Hawkins.associates@khigroup.com quoting ref no. 111/BO/FN
Other companies hiring this week are Huawei Technologies, Karen Hospital Nation Media Group, Rusinga School and several NGO’s.
Media Conference in Nairobi
The International Press Institute (IPI) World Congress and 54th General Assembly will take place in Nairobi from May 21st to 24th at KICC. great web site that gives vital info for participants and visitors
Coffee sector woes
In the Kenya gazette last week, Co-operative Minister Njeru Ndwiga revoked all exemptions to the cooperative societies act currently enjoyed by the Kenya Planters Cooperative Union. Missing coffee from warehouse
KPCU is currently facing other troubles for failing to deliver coffee it sold to coffee exporters at the weekly Nairobi Coffee Exchange auctions.
Getting wireless in Kenya
The Grand Regency Hotel (a leading Nairobi hotel) will roll out wireless internet connectivity (802.11b) throughout the hotel’s rooms and facilities.
Banking in Naivasha
CFC Bank has opened a branch in Naivasha, which is about 90 kilometres from Nairobi. They also have a unique ATM located at a flower farm in Naivasha and farm workers are issued with special cards which they use to draw money from the ATM – reducing their need to go to town for banking purposes.
Upcoming Events
Nation Media Group AGM
Will be held on May 26th at the Nation Printing Plant on Mombasa Road (Nairobi)
Among the agenda items will be
(i) approval of an interim dividend of 20% (1 Kshs. Per share) bring the total dividend for the year to 100% (5 shillings per share)
(ii) increase the share capital of the bank from 300 million to 600 million shillings by creating 60 million new shares (of Kshs. 5 shillings each) to rank pari pasu with existing shareholders
(iii) approval of payment of bonus shares: registered shareholders as at May 13 will received 1 bonus share for each 3 they own. (however these new shares will not qualify for the interim dividend – see (i) above)
(iv) increase the number of directors.
Equity Bank AGM
Will be held on Friday May 27th at Fourways Towers on Muindi Mbingu Street. Agenda has not been published, but their IPO is not likely to take place till next year.
Friday, April 29, 2005
Weekend Wrap
Non-performers
This week our Members of Parliament were ranked by a lobby group and came out as having performed very poorly. Even though they condemned the survey, most Kenyans feel the results are true – but all want to get a ticket of their own to Parliament next time round.
MP for Hire?
The top ranked MP in the survey, Kitutu Chache MP Jimmy Angwenyi was caught on Nation TV in a highly suspicious tea break with disgraced officials of the Ministry of Health causing him not to ask a sensitive question in Parliament. Last week he kept lobbing soft balls until Information Minister Raphael Tuju to hit a home run against Econet Wireless.
Transparency International moves on
On Friday April 29th, TI advertised the vacant post of executive director. Applicants must be Kenyans citizens of integrity who can demonstrate project development, fund-raising, local & international interface skills as well as recruit, manage and motivate other TI staff. Apply to recruit@adeptsystems.co.ke by 13th May.
Plant A Tree
Today (Friday) is national tree planting – unfortunately no one noticed and Kenya’s forests are being rapidly depleted. Since the entire Nyayo era is being revived by Narc, I‘d like to encourage them to re-introduce Moi’s 1980 tree project of “kata moja, panda mbili” to encourage tree planting among rural communities who depend on firewood for fuel
Upcoming Debate
On Tuesday May 3rd (6.p.m) at the Stanly Hotel, the Media Council of Kenya has arranged a forum entitled “Is the media abusing freedom of the press?” Members of the public are invited to share their views with Standard Associate Editor Kwamchetsi Makokha and Public Communication Secretary, Dr. Alfred Mutua, among others.
Prosecutors scoring zero
As Tom Delamere entered the court system to be charged with murder, out walked three suspects who had been charged with killing Professor Mbai last year (yes they are innocent, but who are the real killers? Also walking out of jail this week was Ketan Somaia, following in the golden footsteps of Kamlesh Pattni who was acquited last month. And even as Kenyans this week discovered how rotten the National Aids Control Council was, former director Dr. Gachara is sitting at home, courtesy off a Presidential Pardon last Jamhuri Day. With a high-powered legal team (led by Fred Ojiambo) already assembled against a Nakuru prosecutor, Delamare's ordeal will be over in a few months.
This week our Members of Parliament were ranked by a lobby group and came out as having performed very poorly. Even though they condemned the survey, most Kenyans feel the results are true – but all want to get a ticket of their own to Parliament next time round.
MP for Hire?
The top ranked MP in the survey, Kitutu Chache MP Jimmy Angwenyi was caught on Nation TV in a highly suspicious tea break with disgraced officials of the Ministry of Health causing him not to ask a sensitive question in Parliament. Last week he kept lobbing soft balls until Information Minister Raphael Tuju to hit a home run against Econet Wireless.
Transparency International moves on
On Friday April 29th, TI advertised the vacant post of executive director. Applicants must be Kenyans citizens of integrity who can demonstrate project development, fund-raising, local & international interface skills as well as recruit, manage and motivate other TI staff. Apply to recruit@adeptsystems.co.ke by 13th May.
Plant A Tree
Today (Friday) is national tree planting – unfortunately no one noticed and Kenya’s forests are being rapidly depleted. Since the entire Nyayo era is being revived by Narc, I‘d like to encourage them to re-introduce Moi’s 1980 tree project of “kata moja, panda mbili” to encourage tree planting among rural communities who depend on firewood for fuel
Upcoming Debate
On Tuesday May 3rd (6.p.m) at the Stanly Hotel, the Media Council of Kenya has arranged a forum entitled “Is the media abusing freedom of the press?” Members of the public are invited to share their views with Standard Associate Editor Kwamchetsi Makokha and Public Communication Secretary, Dr. Alfred Mutua, among others.
Prosecutors scoring zero
As Tom Delamere entered the court system to be charged with murder, out walked three suspects who had been charged with killing Professor Mbai last year (yes they are innocent, but who are the real killers? Also walking out of jail this week was Ketan Somaia, following in the golden footsteps of Kamlesh Pattni who was acquited last month. And even as Kenyans this week discovered how rotten the National Aids Control Council was, former director Dr. Gachara is sitting at home, courtesy off a Presidential Pardon last Jamhuri Day. With a high-powered legal team (led by Fred Ojiambo) already assembled against a Nakuru prosecutor, Delamare's ordeal will be over in a few months.
Wednesday, April 13, 2005
What is Econet?
Information & Communications Minister Raphael Tuju came out with both guns blazing from behind the safety of Parliament immunity and basically called Econet a snake oil sales company or the equivalent of Anglo-Leasing (a ghost) incapable of setting up a mobile phone network in Kenya.
What Impact will Econet have on Kenya? Here is a breakdown of the products and services that they offer in Zimbabwe (1 Kenya shilling = 80 Zimbabwe dollars – and all prices have already been converted)[info from their web site]
Products
Buddie: instant pre paid mobile phone connection from Econet wireless. With Buddie, you get NO hassles, NO credit checks, NO subscriptions, NO monthly bills and of course, an instant connection. Buddie is affordable because it offers you total control over your cell phone usage. It’s up to you how much you want to spend.
Sounds like a typical pre-paid Safaricom or Celtel number so far. So what’s different? You can have a buddy inner circle, which consists of five other Econet numbers of your friends/relatives – and you get 20% savings on each call. Initial Registration is free, subsequent change of numbers will cost 60 shillings
IMHO savings offered by Econet should be more – maybe even up to 50%. Within Safaricom, on a given day, once caller may pay 32 shillings per minute (with Tarific) to call safaricom, while another customer pays 16 shillings (Jambo tariff) –NOTE Celtel already has a package like this for corporate customers who can call select Celtel numbers at discounted rates
Libertie: Flexible service that offers value added services - customers have a choice and can select a package that is convenient and affordable for them, as each package has a different tariff and method of payment. Typical post-paid service as from Safaricom and Celtel Different top ups: With Libertie lines you can only use the subscription or top up vouchers to top up your account and not the Buddie recharge cards. Top up denominations are 250, 500 750 1,000 and 1,500 shillings and you can top up to 25,000 shillings. Any airtime that is not used by the end of the month is carried forward to the next month – and at the end of your 30 days, if you have not paid the next month’s subscription you will be barred from making calls even if you still have money in the account.
Business Partna: Contract package designed for corporate organizations, and gives the customer the real advantage of a wide range of value-added services. It includes unlimited access to airtime, access to mobile e-mail (send and receive e-mails on your cell phones at the cost of an SMS), access to mobile bill enquiries, electronic bills (receive your bill statement via e-mail).
Txt – Short Message Service: Short Message Service (SMS) including Txt – Classifieds (place classified advertising in newspapers via SMS), Txt n’ Score (predict the score of a particular soccer match and stand to win airtime prizes), Txt – Ring tones, Logo’s and Picture messages (provides subscribers with ring tones, logos and picture messages). There is no charge for receiving an SMS from another subscriber. To send an ordinary TXT costs only 2.5 shillings or 12.5 shillings for a ring tone, logo or picture message. already available in Kenya from both mobile companies
Services
Roaming: Use your Econet SIM card whenever you cross borders by connecting to our roaming service – no need to worry about paying your bill in foreign currency for any calls you make while away from home as you will pay when you return from travel. But you must notify Econet a week before travel and a refundable deposit may be required already available to some Safaricom subscribers – they even have a special Traveller tariff
Crisis Centre (Emergency Services) Econet mans a 24-hour emergency service centre in the country and you have automatic access to the Fire Brigade, Ambulance, Police, Safeguard and Rescue services on your fingertips. sounds like Safaricom’s 911 service, but no idea if its free for all – which it should be
Ecomail (Voice mail)
A personal answering service that works for you 24 hours a day. Kenyans rarely use voicemail, preferring to send SMS messages which are cheaper (5 shillings as opposed to a full minute charged for leaving voice mail) and clearer
Call Centre
Econet runs a 24-hour Call Centre that gives advice, directory services, and information to subscribers on products and services. nothing to brag about
Value Added Services
Executive Briefing: This is a value added service available only to contract subscribers. It is SMS based and provides wide range of information ranging from local news to international news. Charges per month are News (63 shillings), Sport (63 sh), Business news (38 sh) ZSE – stock exchange (38 sh) Weather Report (25 sh) or all the above services for 190 shillings per month. Included FREE are a daily inspirational quote, bible verse and breaking news. Safaricom offers these services to all subscribers at 7 shillings per message
News on Demand
Allow subscribers to listen to the latest local, regional and international news through their Econet lines not viable as Kenyans always turn on TV’s at news time
Electronic Bills
Subscribers can receive account invoices electronically instead of having to wait for the post office to deliver. Something Celtel should introduce. this is a good idea, even Celtel should do this, but it’s only for post-paid customers
What Impact will Econet have on Kenya? Here is a breakdown of the products and services that they offer in Zimbabwe (1 Kenya shilling = 80 Zimbabwe dollars – and all prices have already been converted)[info from their web site]
Products
Buddie: instant pre paid mobile phone connection from Econet wireless. With Buddie, you get NO hassles, NO credit checks, NO subscriptions, NO monthly bills and of course, an instant connection. Buddie is affordable because it offers you total control over your cell phone usage. It’s up to you how much you want to spend.
Sounds like a typical pre-paid Safaricom or Celtel number so far. So what’s different? You can have a buddy inner circle, which consists of five other Econet numbers of your friends/relatives – and you get 20% savings on each call. Initial Registration is free, subsequent change of numbers will cost 60 shillings
IMHO savings offered by Econet should be more – maybe even up to 50%. Within Safaricom, on a given day, once caller may pay 32 shillings per minute (with Tarific) to call safaricom, while another customer pays 16 shillings (Jambo tariff) –NOTE Celtel already has a package like this for corporate customers who can call select Celtel numbers at discounted rates
Libertie: Flexible service that offers value added services - customers have a choice and can select a package that is convenient and affordable for them, as each package has a different tariff and method of payment. Typical post-paid service as from Safaricom and Celtel Different top ups: With Libertie lines you can only use the subscription or top up vouchers to top up your account and not the Buddie recharge cards. Top up denominations are 250, 500 750 1,000 and 1,500 shillings and you can top up to 25,000 shillings. Any airtime that is not used by the end of the month is carried forward to the next month – and at the end of your 30 days, if you have not paid the next month’s subscription you will be barred from making calls even if you still have money in the account.
Business Partna: Contract package designed for corporate organizations, and gives the customer the real advantage of a wide range of value-added services. It includes unlimited access to airtime, access to mobile e-mail (send and receive e-mails on your cell phones at the cost of an SMS), access to mobile bill enquiries, electronic bills (receive your bill statement via e-mail).
Txt – Short Message Service: Short Message Service (SMS) including Txt – Classifieds (place classified advertising in newspapers via SMS), Txt n’ Score (predict the score of a particular soccer match and stand to win airtime prizes), Txt – Ring tones, Logo’s and Picture messages (provides subscribers with ring tones, logos and picture messages). There is no charge for receiving an SMS from another subscriber. To send an ordinary TXT costs only 2.5 shillings or 12.5 shillings for a ring tone, logo or picture message. already available in Kenya from both mobile companies
Services
Roaming: Use your Econet SIM card whenever you cross borders by connecting to our roaming service – no need to worry about paying your bill in foreign currency for any calls you make while away from home as you will pay when you return from travel. But you must notify Econet a week before travel and a refundable deposit may be required already available to some Safaricom subscribers – they even have a special Traveller tariff
Crisis Centre (Emergency Services) Econet mans a 24-hour emergency service centre in the country and you have automatic access to the Fire Brigade, Ambulance, Police, Safeguard and Rescue services on your fingertips. sounds like Safaricom’s 911 service, but no idea if its free for all – which it should be
Ecomail (Voice mail)
A personal answering service that works for you 24 hours a day. Kenyans rarely use voicemail, preferring to send SMS messages which are cheaper (5 shillings as opposed to a full minute charged for leaving voice mail) and clearer
Call Centre
Econet runs a 24-hour Call Centre that gives advice, directory services, and information to subscribers on products and services. nothing to brag about
Value Added Services
Executive Briefing: This is a value added service available only to contract subscribers. It is SMS based and provides wide range of information ranging from local news to international news. Charges per month are News (63 shillings), Sport (63 sh), Business news (38 sh) ZSE – stock exchange (38 sh) Weather Report (25 sh) or all the above services for 190 shillings per month. Included FREE are a daily inspirational quote, bible verse and breaking news. Safaricom offers these services to all subscribers at 7 shillings per message
News on Demand
Allow subscribers to listen to the latest local, regional and international news through their Econet lines not viable as Kenyans always turn on TV’s at news time
Electronic Bills
Subscribers can receive account invoices electronically instead of having to wait for the post office to deliver. Something Celtel should introduce. this is a good idea, even Celtel should do this, but it’s only for post-paid customers
Tuesday, April 12, 2005
Corporate Brief’s
Barclays
The whole saga of the Matiba schools vs. Barclays is spinning out of control. Current MP’s and former MP’s have stepped up and urged the government to tame rogue foreign banks that are destroying Kenya entrepreneurs. Meanwhile, over the weekend, threats were made to Barclays and staff working for the receiver manager of the schools. Hopefully these are just prank calls.
HFCK
Al is well or not well with Housing Finance’s proposed merger with Development bank (DBK) .It appears that, not only is DBK management opposed to the deal, but also Central Bank of Kenya which now also wants to remove the managers of HFCK
Central Bank
Meanwhile deputy governor Sambili’s term is coming to an end. The office comes with security of tenure.
Econet
According to Ministry of Information PS, James Rege, Econet will not be allowed to operate in Kenya because it has only paid $15 million of the $27 million license fee. This was on KTN, but after attending a few functions and seeing some wild news coverage, I’d like to see the actual remarks, and the context in which he made them.
Telkom
Telkom will lay off 12,000 of its 18,000 workers. This will save 400 million shillings a month – Telkom earns 1.2 billion shillings a month, but half of that goes to salaries (according to media reports on Monday). The company has about 250,000 lines, and according to PS Rege, a Senegalese telephone operator serves the same number of lines with just 2,000 employees.
The whole saga of the Matiba schools vs. Barclays is spinning out of control. Current MP’s and former MP’s have stepped up and urged the government to tame rogue foreign banks that are destroying Kenya entrepreneurs. Meanwhile, over the weekend, threats were made to Barclays and staff working for the receiver manager of the schools. Hopefully these are just prank calls.
HFCK
Al is well or not well with Housing Finance’s proposed merger with Development bank (DBK) .It appears that, not only is DBK management opposed to the deal, but also Central Bank of Kenya which now also wants to remove the managers of HFCK
Central Bank
Meanwhile deputy governor Sambili’s term is coming to an end. The office comes with security of tenure.
Econet
According to Ministry of Information PS, James Rege, Econet will not be allowed to operate in Kenya because it has only paid $15 million of the $27 million license fee. This was on KTN, but after attending a few functions and seeing some wild news coverage, I’d like to see the actual remarks, and the context in which he made them.
Telkom
Telkom will lay off 12,000 of its 18,000 workers. This will save 400 million shillings a month – Telkom earns 1.2 billion shillings a month, but half of that goes to salaries (according to media reports on Monday). The company has about 250,000 lines, and according to PS Rege, a Senegalese telephone operator serves the same number of lines with just 2,000 employees.
Wednesday, April 06, 2005
Econet Wants You
Freed (for now) by the Kenyan Court system, Econet Wireless is wasting no time and has gone ahead and advertised for jobs in the Nation and Standard virtually every day of the week:
They invited applicants for network engineers – 6 jobs (Friday April 1) transmission engineers - 19 jobs (Sunday April 3 newspapers), sales & marketing – 17 and information systems - 12 (April 5), and customer service – 13 and interconnect & international 6 jobs (April 6).
They invited applicants for network engineers – 6 jobs (Friday April 1) transmission engineers - 19 jobs (Sunday April 3 newspapers), sales & marketing – 17 and information systems - 12 (April 5), and customer service – 13 and interconnect & international 6 jobs (April 6).
Thursday, February 24, 2005
Business Briefs
NIC Bank Warning
NIC Bank which does a lot of vehicle and asset financing, has issued a warning that it is not associated with NIC Microfinance (K) Ltd a company that also purports to offer vehicle finance
Now Uchumi franchises
In a novel restructuring move, that may further dilute and confuse a brand which seems to have no strategic direction, Uchumi supermarkets invites individuals to set up and run their own Uchumi franchises. You must: have working capital of Kshs. 5m, a bank guarantee of Kshs. 5m, be prepared to manager your site on a day-to day bases, have proof that you own/lease property, and turn over 1% of net sales to Uchumi.
For further information, contact the Company Secretary, Uchumi P. O. Box 73167-00200 Nairobi, Tel: 550200 or e-mail franchise@uchumi.com
Econet Decision
The fate of Kenya’s third licensed mobile operator, Econet, may be known on March 1, when Justice Mohammed Ibrahim delivers his verdict. Econet appealed when Information Minister Tuju had cancelled their license on the grounds that the company awarded the license, was not the same one that had applied.
NIC Bank which does a lot of vehicle and asset financing, has issued a warning that it is not associated with NIC Microfinance (K) Ltd a company that also purports to offer vehicle finance
Now Uchumi franchises
In a novel restructuring move, that may further dilute and confuse a brand which seems to have no strategic direction, Uchumi supermarkets invites individuals to set up and run their own Uchumi franchises. You must: have working capital of Kshs. 5m, a bank guarantee of Kshs. 5m, be prepared to manager your site on a day-to day bases, have proof that you own/lease property, and turn over 1% of net sales to Uchumi.
For further information, contact the Company Secretary, Uchumi P. O. Box 73167-00200 Nairobi, Tel: 550200 or e-mail franchise@uchumi.com
Econet Decision
The fate of Kenya’s third licensed mobile operator, Econet, may be known on March 1, when Justice Mohammed Ibrahim delivers his verdict. Econet appealed when Information Minister Tuju had cancelled their license on the grounds that the company awarded the license, was not the same one that had applied.
Sunday, December 26, 2004
Why Not 5 mobile companies?
Safaricom published their 6 month annual reports (their year end in March 2005) and reveled that they earned a profit of Kshs. 2.6 billion between April and September 2004, which was up from the Kshs. 1.5 billion they earned from the same period last year.
There needs to be more competition in this lucrative sector, where Kencell and Safaricom earn super-profits from their high mobile (tariffs) charges that consumers pay. My question is why stop at 2 (3 if you believe in Econet) mobile operators?
I recommend that anyone who PAYS the $25 million should be licensed to operate a cellular/mobile phone company in Kenya. That way the government earns more revenue and mobile communications become more affordable as companies will lower prices and actually compete to attract more consumers. I believe Uganda has 3 and Tanzania 4 mobile companies. (And what happens if Kencell and Safaricom decide to merge one day? - we have seen telecom mergers of such magnitude in Europe and America)
There needs to be more competition in this lucrative sector, where Kencell and Safaricom earn super-profits from their high mobile (tariffs) charges that consumers pay. My question is why stop at 2 (3 if you believe in Econet) mobile operators?
I recommend that anyone who PAYS the $25 million should be licensed to operate a cellular/mobile phone company in Kenya. That way the government earns more revenue and mobile communications become more affordable as companies will lower prices and actually compete to attract more consumers. I believe Uganda has 3 and Tanzania 4 mobile companies. (And what happens if Kencell and Safaricom decide to merge one day? - we have seen telecom mergers of such magnitude in Europe and America)
Tuesday, December 07, 2004
Tuju: Bull in a Kenyan antique shop
I was going to write about this yesterday, but the Standard commentator Nick Wachira has beaten me to it. Minister Tuju is out of control and is going to scare away investors. However, it seem he may not be in control of his actions, and is himself following orders that create more confusion
Read on the murky circumstances behind (i) cancellation of the tender for the second national fixed line operation (ii) the jobs scandal at Kenya Wildlife Society (KWS) that resulted in him in firing a member of the board and, just over a week ago (iii) the scrapping of the Econet Wireless Kenya’s licence that gave the firm rights to be a third mobile phone operator.
Read on the murky circumstances behind (i) cancellation of the tender for the second national fixed line operation (ii) the jobs scandal at Kenya Wildlife Society (KWS) that resulted in him in firing a member of the board and, just over a week ago (iii) the scrapping of the Econet Wireless Kenya’s licence that gave the firm rights to be a third mobile phone operator.
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