Nairobi Securities Exchange IPO

The Nairobi Securities Exchange (NSE) launched its IPO on July 23. It runs up to August 12, 2014 and they are selling 66 million shares at Kshs 9.50 per share (with a minimum investment of 500 shares costing Kshs 4,750) and the NSE plans to raise Kshs. 627 million (~$7.3 million).

Excerpts from the prospectus and other sources. 

• The NSE borrowed Kshs 300 million from Kenya Commercial Bank to part finance the purchase of the Westlands building that now houses the exchange. (The interest rate is minus 2 the bank’s base rate). Part of the funds raised from the IPO will be used to repay the Exchange's mortgage debt.
• The Dar es Salaam Securities Exchange has completely divested from the NSE and CDSC.
• The NSE has about Kshs 1 billion assets and an EPS of 10.70. They had earnings of 622 million and a profit of Kshs 262 million in 2013. The NSE owns Kshs 20 million worth of  Safaricom bonds and Kshs 15 million of Housing Finance ones
• The IPO is budgeted to cost Kshs 40.8M
• Ahead of the IPO in which 194 million (M) shares are being listed, the Kenya Government and the Investor Compensation Fund each own 6.56 million shares and 22 stockbrokers each own 4.08M shares - for a total of 128.6M shares. 2.5 million shares are reserved for employees of the exchange (The NSE  has 38 employees and 5 senior managers). 
• KRA assessed and charged them Kshs 19m for 4 years of back taxes, of which Kshs 15m has been paid
• One of the options the Exchange is contemplating is to establish regional exchanges in Somalia, the Democratic Republic of Congo (DRC), South Sudan and Burundi 
• The NSE expects to introduce the REITs and ETFs, and there are also plans to introduce the a Derivatives Market this year. The NSE also plans to upgrade of the Automated Trading System (ATS) and the Bonds Trade Reporting System with some of the proceeds from the IPO.

Hilton, Intercontinental, KWAL Privatizations

Privatizations to be concluded by the Kenya Government by June 2013 include: 

- The Industrial & Development Corporation (ICDC) will sell 26% of Kenya Wine Agencies Limited (KWAL to Distell of South Africa and 4% to employees.

- The Kenya Tourist Development Corporation (KTDC) will sell 40% of the 287-room Hilton Hotel, 34% of 389-room Intercontinental Hotel (both in Nairobi) and 39% of Mountain Lodge which is located in Nyeri and managed by TPS Serena  to fellow shareholders.

No IPO's will result, but the remaining shares in KWAL may be sold to the public within two to four years if their performance improves.  

Reading the Kenya Airways Tea Leaves

Today is the last day of the Kenya Airways  rights issue in which they are seeking to raise Kshs 20 billion ($240 million) from shareholders.  The 35 year old company is  one of the most talked about companies in Kenya mainly as as a model of privatization gone right. 

The airline which dubs itself The Pride of Africa, has set out to branch out across Africa and cover every African capital, but has also had to fight a rear guard action from a handful of local airlines and Gulf carrier.

The information memorandum is about 236 pages, but with most of the data in it one year old, relating for the financial year that ended in March 2011. Also, there have been no stockbroker reports about this rights issue.
 

Shareholders: - The company 73,612 shareholders (old data)
-  The authorized share capital of the airline  is Kshs 10 billion (102) comprising 2  billion shares with a  par value of Kshs 5. 461 million have been issued and in 2011 shareholders had a return on equity of 15%
- Approval has been obtained from the stock exchanges in Tanzania (page 130) and Uganda  (page 127) where KQ” share are cross listed
- The directors’ shareholding is listed (98) and they don’t own much in the airline while the CEO does not own any shares in the airline (odd as the marketing camping exhorts Kenyans to invest in the pride of Africa) and this does not bind the CEO to improve the share performance of the airline.
- For any KQ shareholder who does not participate in their shareholding will mean a substantial dilution in their shareholding (93) and this has been enumerate in a court case where a shareholder sued the airline to stop the rights issue
 

Rights issue: - Proceeds of the rights issue will be used to make pre-delivery payments (28) for aircraft  between June 2012 and March 2013  and pay down some unsecured loans
- The success level of the rights issue is to raise Kshs 14.4 billion ($173 million) (26)  and KQ will lower its risk profile (and maybe borrowing costs) by having a higher equity (23)
-  Kenyans have to own at least 50% of the shares and the transaction advisors may refuse transfer of shares to foreigners that will violate that (p37)
- Shareholders are being offered 16 new shares for every 5 held. They were priced at a discount when the offer was announced, but the market price is now the same as the rights price was at a discount, but now trades (Kshs 14.9) at  about the offer price
- The  rights issue will cost Kshs 620 million ($7.4 million) (p38) -comprising commissions of Kshs 310 million, advertising 66M , CMA Kenya fees 51M, underwriting (up to 47M), and lead transaction advisor 15M  ($180,000)
-  The issue is underwritten for only up to Kshs 420 million (93) and they are aiming to raise Kshs 20 billion
 

Rump allotment: Qualified institutional investors (33) will be invited to buy shares at the discounted price concurrent with the rights issue , and these social security funds of Rwanda, Uganda, Tanzania, Burundi, pension & insurance companies in east Africa, financial forms in south Africa and other foreign institutional investors(230). Yesterday’s paper had a story that the IFC will own 7.4% of KQ after the rights issue.
 

Performance: - Despite revenue increasing from Kshs 41 billion to Kshs 55 billion  ($662 million) in the first six months of their 2012 year, operating profit for the 6 months was Kshs as 1 billion ($12 million), down from 2.4 billion  the year before. This was attributed to increased employee costs and new routes and the airline issued a profit warning in January 2012 profit wanting in January 2012 (68) citing the rising fuel costs which will impact full year profits for 2012
- For the full year to march 2011 revenue of Kshs 85 billion( comprising passenger 75, freight 6.5, handing 1.4)  and had direct costs of Kshs 54 billion (comprising fuel of 25 billion, landing 8 billion, maintenance 7, sales commission 2.7), fleet ownership of 9 billion, 13 billion on administration (11 billion on staff)
- Of the revenue, 54% is from African routes, 27% Europe, and 19% Mid-East & Asia (68)
- Their hedging policy is to hedge 80% of their fuel requirements for the next one year hedged and 50% for following months  (70)
-  Their debt equity ratio in 2010 was 111% (borrowings of Kshs 20 billion against equity of Kshs 17 billion) and this improved to 88% in 2011.
-  Deferred income - includes compensation from manufacturer (204 -likely Boeing)  of Kshs 2.5 billion and they also have deferred tax liabilities of Kshs 8 billion (203)
 

Banking: KQ has borrowing of Kshs 25 billion ($301 million) (201)  from Private Export Funding (PEFCO), Barclays and ABN Amro at rates of 4-6%  over 12 years and lien of credit for Kshs 20 billion (202) . The loans are route through Simba Finance, Swara aircraft Finance, Chui aircraft finance, and  Kifaru aircraft who are registered as owners of the aircraft  (81) (these are not subsidiaries) and will transfer their titles once the loans (secured through Eximbank) are repaid (201). KQ also drew new loan facilities in 2011 from standard bank, KCB and Barclays to pay for pre-delivery payments (87) . KQ also earns rates of 4 -6% on their deposits (198)
 

Staff: - KQ has 4,355 staff who earned Kshs 11 billion ($132 million) in 2011 (numbers in December are 4,672 (61)
-  KLM appoints the CEO, finance director and one director for each 10% they own (106)
- Directors and key management were paid 223 million in 2011, with directors earning 78 million of that (175 )
- KQ is recruiting expatriate pilots to meet a shortage (65)
- Have an Ab Initio pilot training program (pilots who had no previous flight experience)  that now has 87 pilots pilots getting training in south Africa (61). KQ has an arrangement with Co-Op bank in which these students can borrow and pay to for their expensive training of pilots and they have drawn have drawn Kshs 500 million ($6 million) (112)
- KQ will hire a director for a new fleet delivery department and separate that from the technical department (61)
 

Fleet: - KQ operates 33 aircraft, 20 under lease (108) and has 7 spare engines
- Have Kshs 20 billion worth of leases (213)  and commitments to buy about Kshs 100 billion ($1.2 billion) worth of aircraft (212)
- Paid deposits of Kshs 2.1 billion to Boeing (192) and Kshs 631 million for leases of Boeing and Embraer planes & engines
- Have signed purchase agreements for 10 Embraer 190, three 777-300ER,  and 9 Boeing 787 Dreamliner’s with options for 4 more (111)
- Future fleet will comprise Embraers (for domestic/short routes), Boeing 737 (NG) next generation (for medium/Africa routs), and Boeing 787/777 for inter-continental routes) . They also have board approval to acquire 12 freighters (53)
- Sold 2 Saab 340 aircraft to Alandia as well as land in Nairobi and Lusaka, (108)
 

Customers & Passengers: - Flew 3.1 million passengers in 2011 and 1.8 million in the first half of 2012
- All KQ ground staff participated in customer service training at the end of 2011  (65)
- The airline seeks to maintain & improve on on on-time performance but this has been hampered by airport congestion, traffic jams unavailability of equipment and a lack of captains (65)
- KQ plans to re-design their network to decongest JKIA by having more mid-day flight blocks, in addition to the current morning  & evening ones (58)
- Passenger meals are by KLM catering and NAS (111)
 

Risks: - Risks to the company include adverse publicity from terror alerts or attacks ,  aircraft crashes (91)  fuel prices (90) and the slow pace of Jomo Kenyatta Airport (JKIA) expansion (90) which impacts on time performance. They need the airport authorities to complete terminal 4 which will be exclusive for KQ with 7 parking bays nose in , and also construct multi-level terminals ,  have a separate domestic terminal, and (later) construct a new (greenfield) airport and second runway.

On-going construction at Jomo Kenyatta International Airport, Nairobi

But they also note in risk <i>mitigation</i> that:
 

Support from the Government of Kenya for the airline is another important positive factor, which allows the airline to compete successfully. Lenders’ and investors’ experiences with flag carriers and airlines in general across the world create an expectation that carriers tend to find some way to keep operating in difficult circumstances, and this usually involves the state in some form or another (63)
 

Litigation: KQ has suffered two fatal crashes and there are  still cases and investigations that stems from those in two in Cameroon (2007)  and ivory coast (2000) . there are minor passenger and staff cases, but also a long running claim by Kenya revenue authority for indirect taxes (page 107)
 

Competition: - KQ is largest in Africa with 42 African destinations compared to Ethiopian 40, south Africa (22) (p47)
- Comparing airline traffic (62) between Africa to the world, top is South Africa, Egypt air, Air France, and KQ is 8th , just behind Ethiopian and Emirates while for traffic between Africa and Asia, KQ  is 6th  behind  Emirates, Ethiopian, Qatar, Egypt air) .
- KQ enjoys some advantages by having a young aircraft fleet, while other countries don’t have working airlines. It competes in the region with Ethiopian & South Africa, but these airlines have distant hubs in Johannesburg and Addis, while gulf carriers pull traffic away from the region with their long haul aircraft and cheap tickets (64)
- KLM owns 26% of KQ and KQ owns 41.23% of Precision Air in Tanzania (72) after their own rights issue which reduced KQ’s shareholding from 49%.

NSE Moment: Britak, Transcentury, Kigali Bank, Stima SACC0

This week we were reminded that there's been no IPO at the Nairobi Stock Exchange (NSE) since 2008 (Co-Op Bank) and the events in the last few days were the fulfillment of initiatives that companies like Britak and Transcentury had initiated earlier in the year.

Britak: The British American Investments Company Kenya kicked off their IPO this week. The group had Kshs 9 billion in income, and pre-tax profit of Kshs 2.8 billion in 2010. With group assets of Kshs 25 billion, it is second only to the ICEA at 27 billion.

They are being sold at Kshs 9 with an allocation criteria of 30% East Africa retail, 30% foreign, 37% institutions, 3% employees, agents, and individual policy holders and can be obtained at British American branches, Equity bank , Standard Chartered (and partner Postbank), NIC, CBA banks and stockbrokers.

The minimum for retail investors is 2,000 shares (Kshs 18,000 while for institutions it’s 10,000 shares (Kshs 90,000 or ~$1,000). The IPO is budgeted to cost Kshs 320m ($3.5M) with estimated payments to transaction advisor 24M, sponsoring broker 6M, legal costs 9M, selling commission 87M, CMA 9M, NSE 1.5M, PR 67M, and advertising 90M.

Insurance Opportunities

Of the Kshs 5.9 billion to be raised, 1 billion will be for regional expansion (Tanzania, South Sudan, Rwanda), 1.2 billion will be for Kenyan operations (set up a frontier investment fund, new branches), 2.5 billion for the housing & mortgage sector aimed at affordable housing models, and 750 million will go to pay off a loan at CBA bank that was used to purchase shares in Equity Bank (Britak own 11% of equity and 16% of housing finance banks).

The Britak IPO runs from 12 July to 5 August and they have also reached out to bloggers, with forums and their own blog posts such as this tale of their CEO's initial investment.

However, there are some concerns that with their 45-year history and strong brand name (-pay Kshs 18 million a year to British American), this is a retail magnet IPO and the sale of 650 million shares (30% of the company) is likely to be over-subscribed, and the dividend paid (Kshs 200m in 2010) is likely to be safaricom-ish (small)

The company has also called for the Government to extend current tax incentive for newly listed operating companies to also include holding companies (like Britak)

Transcentury: The investment group which has had a spectacular climb and string of investments, most notably with East African Cables listed their shares at the NSE on July 14.

Their shares had been trading at an OTC exchange and were listed at the NSE at Kshs 50, which worked out to a P/E ratio of 38

RVR Coach

The Group also has a Mauritius convertible bond issued to finance the restructuring of Rift Valley Railways and investment in geothermal and other energy projects, but which also has the potential of diluting investors shareholding by over 1/3. (150 million shares available to bond holders over the next 5 years prices between 40 and 50)

Still, Transcentury has been am inspiration to other investment groups, albeit not as well connected to initiate projects with more risk such as energy real estate, and offshore. The introduction is budgeted at Kshs 20 million (220,000 - CMA 5M, NSE 1M, advisor 8M, stockbroker 4M) and the PDF prospectus is 'protected' so you can't copy sections of it.

Family Bank: Their long dalliance with the NSE is about to be fulfilled as their shareholders will next month approve a listing at the exchange. They will also vote on an ESOP for managers and 1 % transfer of shares of the company to the new CEO. It has since emerged that he is purchasing the shares at a discount as part of his employment package.

Stima SACCO: Away from NSE is Stima SACCO that is in the process of raising funds of about Kshs 500 million ($6 million) . They have advertised in newspapers (even on TV), which may land them in trouble with the CMA, for selling shares to the public without adequate information. At Kshs 100 per share, individuals can buy 200 shares at a minimum (Kshs 20,000).

Kenya Airways: Nothing yet from the airline who were expected to approach shareholders for new funds. The government has allocated funds to invest and defend their 26% stake an the airline which has since signed a deal for new Embraer aircraft to grow their African footprint.

Bank of Kigali: The Bank of Kigali is aiming to raise $62 million from new investors in an IPO that runs from 30 June to 29 July. The Bank control 25-30% of the banking sector in Rwanda; it had profit of 8.6 billion francs ($14 million) in 2010 on assets of 197 billion francs ($324 million) - equivalent to a smaller mid-size Kenyan bank

300 million shares are on offer, and the minimum is 200 shares per person at 125 francs per share ($0.075 or Kshs 18.65). They are open to cross-border investors and the allotment will be to 27% retail East Africans, 2.4% to employees & directors, 15% – East African institutions, 15% to Rwanda institutions and 40% to international investors.

The Rwanda government owns 66% of the bank, and the other 1/3 are owned by the social security fund of Rwanda. 16 billion francs ($27 million) will go to the Government for reduction of its shareholding and 20.8 billion francs ($34 million) will go to the bank to reduce its assets & liabilities maturity gap and grow its loan book and operations (from 33 to 60 branches). This will result in new shareholders owning 45% of the bank, the government 30% and the social security fund with 25%

Other: The IPO prospectus lists
- lawyers acting for the bank, number of cases they have and prospects of loan recoveries
- lawsuits filed against the bank by name (former employees, debtors opposing auction)
- list of subcontractors and related partners such as visa card providers, SMS partners, providers of credit reference and lines of credit etc.
list of properties owned and rented by the bank and rent amounts. Also Rwanda depreciate building over 5 years, after each revaluation

Risks & Exposure - one of the operational risks is scarcity of qualified personnel in Rwanda
- commerce restaurants & hotels account for 46% of the bank portfolio while construction was 29%. Also 11% of loans were to a single group and records of large are available for review to persons who sign non-disclosure agreements
- Kenya is the country's largest trading partner: Rwanda exports 33% to Kenya and imports 16% back.

Staff: - All staff are entitled to bonus and in 2010 this totaled 8% of profit, which that was shared by 441 staff (out of 454), and the average award was $3,200.
- The bank also runs an in-house dispensary and provides full medical cover to staff and 4 dependents
- The oldest director was born in 1960, the youngest in 1977. At senior management, the managing director is the oldest employee at 54, while the head of finance is the youngest at 31.

NSE Nairobi Investor Briefs

new corporate activities at the Nairobi Stock Exchange include

British American Investments - a.k.a. British American a 46 year old company in the country now planning an IPO at the NSE. They are also embarking on regional diversification as a group, which is best known for its British American insurance (Britak) – but has since added British American asset managers (formed in 2005) and Britam insurance in Uganda.

In 2010 they had gross revenue Kshs. 4.5 billion ($56 million) (up from 3.9 B in 09) largely due to Investment & other income of Kshs 5.1 billion (09 was only 400k) and their profit before tax was Kshs 2.8 billion, compared to a loss of Kshs. 334 million the year before. This also included underwriting income in Kenya of Kshs 152 million (up from 80M year before)

They are aiming for the IPO in 2011 to finance their diversification into micro-insurance and bancassurance as well expansion to Tanzania, Rwanda and south Sudan. They are yet to obtain shareholder and capital markets authority approval. Group Managing Director Benson Wairegi said they have alerted the CMA, but are yet to submit documents until their shareholders approve the process

Kenya's capital markets rules require 3 to 5 years profitability before a company can list, though @coldtusker disagrees with that saying smart investors should be allowed to decide a company's prospects regardless of their recent profitability.

Other: - Their balance sheet grew to Kshs 25.2 billion ($315 million) up from 16.3B. Assets under management by British American asset management (BAAM) grew from Kshs 8 to 17 billion
- Expenses were up 8% compared to 16% for revenue
- Paid a dividend of 200M (Kshs 6.67 per share) up from 120M last year (Kshs 4 per share)
- Bank portfolio: they own 11% of Equity bank and 15.9% of Housing finance

TransCentury: Also up for possible listing is TransCentury which was founded by a Group of prominent Kenyan investors who expand into the limelight when they acquired East African cables in 2004. Since then they have taken stakes in Development Bank of Kenya, Kenya Power & Lighting company as well as Rift Valley Railways

Their 2010 highlights and 2009 detailed accounts show;
- High finance costs eating into profits and need to pay down debt
- Strong shillings bad for there profit 170m impact,
- Kshs 1 billion invested in 2009, down to 50 million in 09

Portfolio - Seem to manage regional diversification better than Olympia did and which Centum is now trying to do
- Quoted shares in Metal Fabricators (Zambia) 20%
- Unquoted in Rift Valley railways (34%) and Development Bank of Kenya

- In 2010, added Cableries du Congo (Congo Cables)
- Chai Bora Blended Tea (Tanzania) [Revenue of Kshs 714M, pre tax loss of 29M]
- Kewberg Cables & Braids [Revenue of Kshs 781m, pre tax profit of 44M]
- Tanelec (Tanzania) [Revenue of Kshs 772M, pre tax profit of 133M]
- Avery East Africa (Kenya scale) [Revenue of Kshs 226M, pre tax profit of 21M ]
- Participation in investment in funds include Kshs 200 million in Aureos (East Africa, South Asia, china), Helios (Kshs 350m) and Business Partners International (Kshs 43 million)

In anticipation of a NSE listing, they made moves such as:
- 10:1 share split in October 2008. Now has 263 million ordinary shares up from 20 million after bonus, split, and new issues
- Paid a dividend of Kshs 13 million in 2009 (DPS of Kshs 0.05). For 2008, it was 29 million, which was part paid in '09
- According to the East African in Feb '11, Transcentury shares were trade at an OTC market run by Dyer & Blair at Kshs 35 per share compared to Kshs 48 in 2010.
- Seem to manage regional diversification better than Olympia did and which Centum is now trying to do

Kenya Airways: Is likely to seek to raise capital from its shareholders this year on advice from their directors and CFC Stanbic who are their financial advisors.

Regional: In Tanzania, Kenya Airways is ceding a steak in Precision Air, which is seeking to raise almost $30 million, in an IPO, but indications are clear that Kenyans will be locked out as will other non-Tanzanians.

From Rwanda, we have the prospect of more share listings from two companies - Bank of Kigali and MTN Rwanda, and following in the footsteps of Bralirwa who's IPO was open to all East Africans.

Analyzing Kenya Pipeline

Pre-IPO Peek at KPC

Kenya Pipeline Company (KPC) is expected to be the next big privatization project to help plug the current Government of Kenya budget deficit. The IPO transaction adviser selection process is already underway for KPC and other state corporations

How much can one glean from audited accounts of the giant company? I got hold of a 2007 annual reports of the company – a rare big glossy booklet that mentions every project e.g. SAP, ISO, fibre optics, refurbishments in Western Kenya, Mombasa, Athi River, with lots of graph



KPC still mostly compares itself to other state corporations in terms of goals such as to raise capacity from 440,000 to 880,000 lire per hour by August 2008 - a massive project that later turned controversial and may have cost the last MD (Okungu) his job in January 2009.

Financials
- 2007 revenue of 8.8 billion shillings (~$117 million) (2007 was 8.45 billion and 2003 was 6.5 billion). 2007 Revenue comes from export services (4.3b) , local services (3.7b), and 748 million from kipevu storage fees
- Pre-tax profit of Kshs. 4.3 billion in 2007 (~$53 million)
- Earnings per share was 163 shillings [153 in 2006, 2003 was 29 shillings) – company’s shareholding is made up of 18 million ordinary shares of 20/= par each.
- Dividend paid out of 8.25 per share each year 2007 and 2006
- Cash of 4.5 billion (1.1 billion in 2003) of which 2.5 billion is in treasury securities (which they only started investments in 2005)
- Paid 2.2 billion in direct and indirect taxes and was recognized by Kenya Revenue Authority as a distinguished tax payer
- Total assets of 20.2 billion shillings (18.7 billion in 2006) –however fuel stocks of 13 billion shillings (384,509 cubic metres) that is owned by marketers is not include in their accounts. [2006 was 36 billion comprising 856,958 cubic metres]
2008 decline: summarized KPC financial accounts show revenue declined by 7% to Kshs. 8.2 billion and pre tax profit 54% down to Kshs. 2.6 billion in 2008

Auditors: Accounts audited by controller and auditor general, who hired Deloitte & Touche; who said the accounts were ok except to note that that 1.2 billion receivables (current assets) includes 348 million owed from an unnamed oil company that is the subject for a court case and for which no provisions have been made

Scandals: has been a cash cow for politicians for years with a high turnover of managing directors, manager and directors. Different parts of the report mention Kshs. 967 million pending in lawsuits, 404 million leasehold land unable to develop since it is gazetted forest land, 347 million from Oil Company, 314 million of obsolete spares, and Kshs. 221 million for a finance deal with Triple A that cost the previous MD (Ochuodho) his job. The company also provided Kshs. 382 million of services to National Oil Corp of Kenya (related company as they are both owned by the Government– do they pay all oil marketing fees?

Banking
Bank with NBK, CBA, Stanchart, Co-op. In 2007, they paid off all bank loans (EIB, Stanchart, and CBA) amounting to Kshs. 500 million in 2007, but are still stuck with the 221 million Triple A loan.
- KPC recently signed a syndicated loan of Kshs 8.2 billion with CFC-Stanbic, Barclays, CBA, Citibank, and KCB.

Exports:
- Exports 58% to Uganda, 155 Rwanda, DRC 14% Tanzania 6% Sudan 4% Burundi 3%
- strong shillings bad for export sales
-pricing structure – more expensive at Eldoret and Kisumu means that the company loses revenue if other countries e.g. Rwanda, Uganda remove their oil at Nakuru or Nairobi depots
- 50% of their revenue comes from fuel exports, and With oil being found in Uganda, Sudan, and possibly Congo, is the pipeline capable and adequate to transfer oil from central Africa to the coast at Mombasa?

Others & Non core activities
- will Construct an LPG plant with private sector investors (including Kenya pipeline refineries limited, and now-collapsed Triton) in Mombasa at a cost $50 million and one in Athi River at a cost of $13.5 million by Bharat of India
- Other income includes Kshs. 8 million in helicopter income, and also disposed of 120 million worth of helicopters in the year 2007
- 50 million donated to ministry of youth affairs
- 6 acres worth of land worth 30 million in Nairobi was donated for a street children rehabilitation center
- Spent 114 million in advertising (by a monopoly) and 35 million shillings in legal expenses
- Has shares in petroleum institute of east African and consolidated bank
- Successfully changed their pension from a defined benefit to a defined contribution scheme

Outlook:
- Slight financial dip in 2008 will probably be attributed to the post election disruptions
- Capital spending could be significant as they are extending the pipeline to Uganda (Eldoret to Kampala). Also the company already spends quite a bit in pipeline rehabilitation costs, and won't a complete new pipeline (though more expensive) be a better solution?
- Needs a stronger management team led by a strong MD – like Kengen’s Eddy Njoroge (someone with a legacy to protect who will shun the wheeler dealers) and a stronger board (not just the Energy ministers' cronies)
- Could be a good IPO buy i.e. a cash cow pre-tax profit margins of almost 50%

Other Opportunities
- Bank of Africa: branch managers, assistant branch managers, operations assistants’ recruitment@boakenya.com by 5/2
- Consolidated bank credit manager, administration manager, apply to the Head of HR 51133-00200 by 31/1
- Housing Finance senior relationship manager (mortgage finance), portfolio manager, legal officer, human.recources@housing.co.ke
Dyer & Blair sales agents, and for several hundred other weekly jobs visit Kenyan jobs blog

Kenya Bank Rankings: June 08 Briefs

ABC; assets up 16%, deposits 17 and loan 7%, income is up 12% but expenses up 17% with no growth in 2008. Too early to tell about kisima at this indigenous bank>
Bank of Africa : deposits up 20% and loan 34%, income 51% with expenses up 41% but NPA also up 59%. French bank, quiet style, but making more marketing efforts to shore up size.
Barclays: assets up 22%, profit 21%, deposits 22% and loans up 30%. Income is up 35% from a year ago but expenses up 45%. In 2008, deposits are up 18% but loans up 1% - change of direction? Did not actively participate in Safaricom, and this big bank everyone (unfairly) watches to see how they react to Equity Bank
Baroda: profit up 31% deposits 9%, and loans up (staggering for them) 57%, in 2008, both income and expenses are up 29%, and though deposits are flat, loans are up 25% - no longer playing safe
Chase: asset up 76% deposits 58% and loan 88%. Income is up 48% but expenses up 75% and NPA 86%. in 08 loans up 29% and deposits up 51% at this fast growing local bank which has now ventured into stockbrokerage as Gencap
Citibank: assets up 65% and profit up 74%. 2008 looking even better as income is up 49% compared to just 7% in expenses, and remains immune (and insignificant) to parent turmoil
City Finance: assets up 2% , deposits up 12% strategy shifting with shifting bank with loans down 59% government securities and placements up by higher margin from a year ago. Just 8 million in staff costs in six months?
Commercial Bank of Africa: (CBA) assets and profit up 21% loans up 52%, and income up 23% compared to expenses 26%. Increased lending in 08 with 36% loan growth since December. Blue chip bank adjusting to the times, quietly did Safaricom IPO and dabbles in insurance
Consolidated: assets up 6% deposits 24% and loans 36% - with income and exp up 10%. Up for sale, can't list so likely to be sold privately, and hopefully without controversy
Cooperative (Co-op) : asset up 23% profit 51% loan 44%, and NPA down 54% but insider lending up 40% from a year ago. IPO set for October 20 this year – but has it cleaned up enough legacy bad debt?
Credit: asset up 23% profit up 36% deposits up 25% and loans 44%
Development bank of Kenya (DBK) - assets up 33% deposits up 41% and loans 53%. The
Development financier is up for sale by the Government (ICDC)
Diamond Trust: asset up 40% deposits 37% loan 34%, income up 45% but expense up 64% as bank continues its expansion in Kenya, Uganda Tanzania and Burundi (every other bank says Rwanda)
Dubai Bank asset up 5% deposits 8% income 18% expenses up 13%, somehow translating to profit rise of 85%
Ecobank (formerly EABS) assets and deposits up 4%. Income up 34% and expenses up 10%. The parent Ecobank is currently raising $2.5 billion, (equivalent to Barclays Kenya assets) – showing how far Kenyans banks have to go in the big leagues
Equatorial: assets up 26% deposits 29% , income 21% but expenses up 31%, with no growth in 08
Equity 100% growth in assets loans and profits, and 78% in loans. Income up 140%, with expenses up 106% from a year ago. How long can this exponential growth go on?
Family bank : assets up 39% deposits 23% loan 52%, but income has tripled as have expenses at ‘Equity Blue’
Fidelity: asset up 29% deposits 36% loans 40%
Fina: Assets up 13%, deposits 14% and loan 32%. Income up 26% but expenses up 47% leading to a 24% lower profit. Many banks encroaching on the turf they created in Rwanda
Giro: assets up 1%, , deposits flat but loans up 10% , income up 26% with expenses up 10% - also leading to a surprising 86% profit surge
Guardian: assets and deposits up 11%. Income up 37% with expenses up just 26% leading to a profit surge of 76%
Habib AG Zurich: assets up 10% profit 22% deposits 13% and loans 31%
Habib Bank: assets up 4% from year ago, but no growth in 2008
Housing finance: asset up 34% deposits up 15% and loans up 27%. But profit down 20% (income up 1% while expense up 5%). in 08 deposits are up 5% and loans up 15%. Raised new funds from shareholders and will expect a boost from Equity Bank as anchor shareholder
Imperial; assets up 16%, deposits and loans up 22%. One bank reputed to have the fewest customers, but massive profits from them
(Bank of) India: asset and loans up 15%, with profit up 35%
I&M: asset and loans up 33%, income up 25% as expenses up 16%. Shareholders funds up 60% from new investors and the bank is opening new urban branches
KCB: assets up 66%, and deposits up 20%. Profits are up 77% (income up 50% with expenses up 38%) from a year ago. New funds raised, going regional in eastern Africa and will be cross-listed as well.
K-Rep: assets up 13%, deposits 15 % loans 10%. Income up 12% but expenses up 33% leading to a sharp drop in profit
Middle East: income up 15% and expenses up 33%
National Bank of Kenya assets up 3%, deposits and loans virtually unchanged, but income up 16% as expenses up just 4% leading to a surge in profit of 46% . government shareholding is up for sale
NIC: asset up 37% deposits 31% and loans 39%. Profits are up 38%, as income is up 26% with expenses up 17%. Expanding their stockbrokerage operation, and also opening new branches,
Oriental: assts up 12% deposits up 32% and loans 16%
Paramount Universal: assets up 13% with deposits and loans up 17% at one of the smallest banks
Prime Bank: super growth, with asset up 59%, deposits 57%, loans 66%. Income up 56% with expenses up 30% leading to a surge in profit up 98%
Southern Credit; assets up 9%, deposits and loans up 10% - but income is up 14% with expenses up 31%
Standard Chartered; sleeping giant - assets up 2% profit 1% deposits down 2%, but loan up 15%. Income up 6% but expenses up 10% from a year ago
Transnational: assets up 19% profits 16% deposits 23% and loans 19%
Victoria: flat, assets down 2%. Deposits are down 34% as loan up 18% - and income is up 18% but expenses are up 58%

Coop Bank IPO is Next

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

Wikileaks: Charterhouse

Charterhouse revealed
Fresh off the kroll reports, Wikileaks moves on to another Kenyan financial saga - uncovering secrets of charterhouse bank .

The bank was placed under statutory management in 2006 after a long battle with the central bank governor, finance minister, amid allegations of money laundering and tax evasion that almost brought down Nakumatt supermarket who banked with them and hosted several Charterhouse branches.

Euro needs more marketing
The US Dollar keeps dipping lower, not just against the shilling, but is all over recording lows against the Euro and now achieveing parity with the Canadian dollar (no more cheap buys from Canada).

I feel bad when I travel to another country with my Dollars and they don't go as far as tehy used to, or as if I had carried Euros instead.

While the dollar is laid low, there is no other currency stepping up to grab its space. The pound is a colonial relic and the yen is too far & exotic.

The Euro needs to step up and lobby to become the currency of choice for hotels, shops, forex bureaus, Kenya airways, Somali & Sudanese businessmen, companies and most important the Kenya government

Family Bank gets cheques
After applying for a waiver (and getting it), Family Bank finally is now fully fledged with cheque books for customers and access to the Central Bank clearing house. This meshes will with their growth plans – as a recent report found they had the highest new account growth among all banks last year.

IPO savings loan
From Transnational Bank, comes the Fanikisha enabling people to save money and buy IPO shares on the NSE – which TNBL will finance up to 2 ½ times what you have saved. The account is aimed at Kenyans abroad – but my question is with the fractional IPO applications yielded (1/4 or 1/3 of shares paid for) what gain is there in taking a loan for an IPO?

Story con or cover up?
KTN had a story this week about the Tesco supermarkets (local chain – not UK-related) who just ended their Uchumi franchise partnership. KTN said they had seen documents showing that Tesco was insolvent with negative share capital, numerous bounced cheques, rent arrears of many months at its stores, and suppliers reclaiming their merchandise. The story ended there with not follow up in the Standard (KTN sister paper) or any other newspaper. So was it hushed up, or was it a case of more mud slinging in the supermarket wars?

Kutwa Tuesday (June 12)

IPO Wanted


To plug a hole in the budget

Kenya Pipeline is in the news again – this time suing the Kenya Times group. The company has an enviable profitable track record for a Parastatal which makes it a ripe prime candidate for an IPO but mostly gets saddled with bad news for all the wrong reasons and controversial. A dose of public shareholding will lead to greater transparency & accountability and less political football at the company which is more profitable than Kengen (It earned 3.9 billion (pre tax) in June 2006, up from 2.4 billion in June 2005 (Kengen reported 3.8 and 1.8 billion pre tax in those years)

Kenya Re earnings
Point brought out by MainaT’s comment - what was Kenya Re’s true profit in 2005?

Post TED: Kenyan wildlife
The Economist analyses hippos and cheetahs

opportunities

Jobs
- Director of internal audit at East African development bank. Apply through KPMG at esd@kpmg.co.ug by 20/6
- Investment Climate Facility for Africa: Finance Director, Director, Strategic Knowledge, Projects Director, Director, and Legal/Regulatory Affairs. Apply through PWC at recruit@tz.pwc.com by 15/6
- Project manager at inmobia. Apply to job@inmobia.com by 12/6
- Research assistants at kemri-wellcome. Apply online
- Management trainees at Kenya wildlife services. D/L is 22/6
- Chief internal auditor at Kenya women’s finance trust. (D/L is 18/6)
- Nielsen: IT system manager, research executives. Apply to hr@acnielsen.co.ke by 16/6
- Safaricom: senior manager financial systems & analysis, site acquisition officer, senior learning & development officer, senior buyers (communication, technology - 3 positions). Apply to hr@safaricom.co.ke by 15/6
- Group head of ICT at UAP insurance (D/L is 21/6)
- urgent cargo: credit controller, sales executives, HR & admin officer. Jobs@urgentcargo.com by 22/6
- wilderness lodges (owners of keekorok) head of marketing, internal auditor. Apply to recruit@adeptsystems.co.ke by 22/6

Awards
- Africa women entrepreneurs (from Ethiopia, Kenya, Rwanda, Tanzania Uganda) get voices heard and be recognized. Nominations to be submitted to the Cineartsafrika website by 29/6
- East African community students essay competition. D/L is 19/7

Partnerships
- Become a Citi hoppa franchisee. Cost at 50,000 per bus and get details at info@citihoppa.com
- Become a Keringet water distributor. Details at keringet@water.co.ke
- Get a mobile phone kiosk Sasanet. Details at sales@sasanet.co.ke

Vote The electoral commission of Kenya has reopened voter registration from June 11 to July 10 for Kenyans wishing to vote in the elections expected in December 2007.

Previous Kutwa Tuesday

Kenya Re 2006

Kenya Re published their 2006 results in preparation for IPO planned for June. Assets were up from Kshs. 11.6 billion in 2005 to 12.8 billion ($183 million) in 2006 and net insurance premium revenue rose from 2.1 to 2.8 billion over the same period. The year also saw management expenses increase from Kshs. 290 to 453 million resulting in a reduction of pre-tax profit from Kshs. 947 million in 2005 to 762 million ($10.9 million) in 2006.

Kenya Re accounts are straight forward, but insurance reporting is tricky. Once a year, usually between March & May), insurance companies publish their year end results. But there is no rhyme, some report only total assets, some don't report profit/loss, or net asset positions while others have more/less detail – making it difficult to compare and see which companies are performing better. I wish their reporting could be harmonized.

Access Kenya IPO

IPO season is on again and this time its Access Kenya - a leading corporate ISP and telephony company.

Am yet to see the full prospectus, which should be an interesting read to see the trend of share capital and profit adjustment that is alluded to in the abbreviated prospectus published in the paper on Thursday – the day the IPO started.

The company has learnt from the Eveready listing and set out to limit shareholder numbers by setting a minimum investment for retail investors at a moderately high 50,000 shillings ($715).

Industry: The communications sector has so much happening now from - unified licences, the Wananchi ATC deal , Telkom SA/AfOL deal, Telkom Kenya re-engineering itself, EASSY vs. TEAMS cabling, fibre optics everywhere and of course Safaricom at the top of the food chain who have continually reinvested much of their record profits towards infrastructure expansion.

Investments in the sector are not cheap and with technology rapidly evolving, the 400 million shillings that will accrue to the company may not be enough for more than a few years at a company that starts off with a marginal balance sheet.

IPO results will be out in May and shares will be listed in June 2007.

Other opportunities

from the daily papers this week

Jobs

Coca Cola - East & Central Africa business unit: franchise marketing manager, hospitality manager, operations marketing representative, financial services manager financial accountant senior brand manage (2) revenue growth manager commercialization manage (2) strategy development manager, human recourse manager compensation & benefits manager quality improvement manager


Apprenticeships for mechanics at DT Dobie: applicants must be under 22 with good grades in maths, physics, English and apply in handwriting by 11/5 to DT Dobie Training Center p o box 30160-00200

Safaricom: head of customer management, head of retail. Apply to chro@safaricom.co.ke.

Soon you can dine in the skies as the Kenyatta International Conference Center has set out to revive its roof top revolving restaurant on the 27th & 28th floors of the building.

Easter weekend

No trades
I realized that I had not been to my stockbroker’s office to trade this year. It would be good to visit to find out the fate of my Stanbic shares. I’m not sure if I got a full allocation or a refund since I have not got any report from the broker. This week would be a good time to visit before the lines begin for the Access Kenya IPO which starts next week.

Access Kenya IPO
Access Kenya announced that their IPO will begin on April 19th. The company hopes to sell 80 million shares at 10 shillings ($0.14) each to raise 800 million shillings ($11.4m). I look forward to the prospectus to be released within the next few days to give a proper picture of the communications market. And we are also awaiting an IPO from Wananchi, Kenya’s largest ISP who unfortunately lost a bid for Africa Online to Telkom of South Africa.

The ISP industry has shown tremendous growth, but the sector faces additional challenges for investors.
- First like the Scangroup IPO, intangible measures take on greater significance in comparing the company against its peers and its future prospects.
- Second, an additional regulator comes into play i.e. the Communications Commission of Kenya. The sector has seen some turbulent investments that have not reached fruition including the third mobile operator (Econet in court for three years) and the second national operator (license has been awarded and canceled twice). Also CCK will in future move towards giving unified licenses, which means that that companies won’t have to go back to re-apply each time they want to introduce a new service.
- Third in a unified license world, and once a restructured Telkom has been sorted out, Safaricom and celtel may be the ISP companies of the future with their EDGE / GPRS offerings. (ISP’s are already complaining about mobile companies not playing fair with interconnection, leading back to the regulator again).

Corporate divorce
Alexander Forbes of SA has withdrawn its name from Alexander Forbes insurance brokers of Kenya citing a lack of majority equity or management control. The Kenyan operation (formerly Hyman Robertson) who already have a new name ready to launch, feel that they have been a good custodians of the brand, turning it around from loss making one to being one of the largest in East Africa.

Fading libraries?
Read in the Sunday Standard that the British Council was closing their library in Mombasa owing to declining memberships.

Looking back on Kengen & Total

Total
In October last year, Total Oil held a cocktail party to reassure shareholders after some dismal 9 month results.

Now that the 2006 results have been finalized, here are some other things shareholders were told at the event.
- Company experienced difficulty with upfront payment of taxes and ineffectiveness at the oil refinery in Mombasa
- Total had made a provision of 100 million shillings for an oil marketing case, but that very day the high court had ruled in their favor.
- The Chairman (Mr. Nguer) promised that the results at the end of the year would be much better than the 9 month ones
More comparisons to Kenol: he said that Kenol share price was 115 shillings in April and 109 on that day in October, while total had similarly changed from 44 to 37/38. He also said that while their operations were down 9%, Kenol’s were down 30%. [Today March 2007 – Kenol is 85 and Total 30]
- Commenting on Mobil oil exit and entry of Tamoil (of Libya) to Kenya, Nguer remarked that the sector was stable but that oil marketing was unique in Kenya and some multi –nationals could not understand this.
- On threats by Minister of Finance to fix oil prices, he said he did not see the country going back on its 1994 deregulation of the sector prices

Kengen
The surprise announcement last week that geothermal development company would be hived off from Kengen prompted a look back at the company’s pre-IPO prospectus. And sure enough in the future outlook for the company, the Kengen prospectus does mention the state will set up a geothermal development company to undertake high risk activities such as exploration and drilling. It will be financed by appropriations from parliament and will take over Olkaria from Kengen

Also that:
- Regulator (ERB?) will be empowered to set the price of fossil fuels bought by Kengen i.e. diesel. This is likely to affect independent power producers.
- New rural electrification authority. Any impact on KPLC?
- Kengen to bill KPLC at 2.36 not 1.76 per kWh which has become a hot button issue in this election year

Eveready Mea Culpa

Mea culpa Eveready
I was wrong in estimating diminished interest in the Eveready IPO. 200,000 Kenyans applied for shares in the company and will each receive about 20% of the shares they applied for.

“Corporates” will only receive, at best, 17% of the shares they applied for, but are assured of much better allocation in the about-to-end Mumias offer which closes on Monday.

Bad loans for shares
I was also wrong that no banks will advance loans for Eveready shares.

This still happens, but with less fanfare/advertising than was seen with the Kengen IPO in March. IPO loans are not that attractive to banks since most offers are over-subscribed leaving borrowers with much fewer shares than they applied for – about 20% allocation on average. Also since Kengen has stuck at about 3X its IPO price and Scangroup (2X IPO price), banks are taking on some risk in undertaking such lending. E.g. Say I took out an unsecured personal loan of 120,000 shillings to buy Kengen shares (for 36 months at 19% interest). After the IPO I’d get 2,000 shares whose value of the past few months has been between 60,000 and 72,000 shillings. Meanwhile I have to pay back 150,000 shillings to the bank over the next three years.

Banks need hawkers
This week my bank ATM confiscated my card since it did not recognize my PIN number. I have not forgotten my PIN but the bank has a new IT system that for some reason only recognizes the original PIN, and not the PIN I had changed to as soon as I got the card months ago.

Anyway, I had to do something I dread doing today – visit/queue in the banking hall. It was a time wasting hour, 10 minutes of which I spent in the wrong line. Some banks have empty halls while others have crowded halls of customers who line up to deposit over the counter money. I got to thinking that maybe the bank should allow hawkers in to do some business and share the profits with the bank. They could sell newspapers, fruit, and airtime. Better yet, banks should stop their ridiculous no mobile calls rule for banking halls. If I have to spend a 1/5 of a working day in the bank, I should be able to do some other business over the phone.

Anyway I will be back in two weeks to collect a copy of my original PIN and resume using the ATM for normal banking

Where can you trade shares?
A rough estimate of the access to stockbroking services reveals that Nairobi (and other urban centers) have an undue advantage over rural folk in terms of stockbroking services. While IPO shares are sold at banks throughout the country e.g. KCB, for normal share trading one has to issue a stockbroker.

Like with urban bank customers (who are net borrowers) compared to rural customers (who are net savers) the rural shareholders are at a disadvantage in their access to stockbroking services. On the other hand, they trade much less (earn less commissions) than urban shareholders – preferring to buy and hold shares for dividends, bonuses and AGM goodies.

All brokers have office in Nairobi (including 3 for CFC and 2 for Suntra) while the rest of the country has brokers spread out as follows: Mombasa (Apex Africa, CFC, Dyer & Blair), Naivasha (CFC), Nakuru (Apex Africa,
CFC, Nyaga), Eldoret (CFC), Kirieni (Apex Africa), Kisumu (CFC), Nyeri (Nyaga), Thika (Nyaga), Machakos (Nyaga).

Recent trend Over the last month, Discount stockbrokers have opened offices in Kisumu, Mumias and Bungoma to facilitate the Mumias share offer.

Wishful thinking about oil
Reading this NY Times story about oil smuggling from Venezuela where oil costs $0.17 a gallon to Brazil where it cost $5 a gallon makes me wish that when if Kenya strikes oil, the price of petrol will drop from the current $5 a gallon (Kshs. 77/litre) to $0.17 (Kshs. 3/litre)

Opportunities

jobs

anon new bank backed by prominent middle east and other corporate investors is hiring human resource manager, IT manager, head of operations, head of corporate banking, head of retail banking, head of risk management head of treasury, head of investment banking, head of finance, head of trade finance, relationship managers, security manager, PR manager, branch managers, tellers,
Apply through Manpower services (K) by 23/12

Executive director at East African business council (Arusha) apply through manpower at manpower@africaonline.co.tz by Jan 5

Country manager - S. Sudan at family health international. Apply to hr@fhi.or.ke by 29/12

FSD Kenya SACCO-CAP (SACCO capacity building project) credit specialist marketing specialist financially analysts, IT specialist
Apply to sacco-cap@woccu.org by 27/12

Haco
- planning manager
- Financial accountant
jobs@haco.co.ke by 19/12

I&M Bank
- Liability Manager
- Relationship Manager - Assets
- Relationship Manager - Liabilities
- Marketing Relationship Officer (Mombasa)
Details and applications online

Manager procurement at the Kenya civil aviation authority - KCAA
jobs@kcaa.or.ke by 29/12

Kenya revenue authority
- Senior deputy commissioner: research & corporate planning
- Senior deputy commissioner: legal services
Apply through deloitte at esd@deloitte.co.ke by 5/1

Ministry of foreign affairs principal counselor (4) first counselor (11) second counselor (22) first secretary (28) third secretary (64)
Details will online and apply by 12/1

Nuturn bates
- Account director
- Account manager.
Apply to sam@nuturnbates.co.ke

Ogilvy
- Finance director: apply through KPMG at esd@kpmg.co.ke by 29/12
- Accountant D/L is 19/12
- Credit manager D/L is 19/12
Account managers (3) D/L is 21/12
Apply to info@ogilvy.co.ke

Safaricom
- Site Optimization Supervisor
- VAS Propositions Manager
- Business Analyst – Strategy Implementation– BASI_Nov06_CSP
Details at this site

Shelter Afrique
- Investment officer (directorate of operations)
- Internal auditor (bilingual)
- Translator (English/French) at the corporate secretary department
Apply to recruit@shelterafrique.org by 15/1

Travel insurance marketer at UAP insurance. Apply to recruit@adeptsystems.co.ke by 29/12

Finance director at the world wildlife fund (EARPO – Nairobi). Apply to HResource@wwfearpo.org by 31/12

learning/possible employment
Opportunity at the Steadman Group for some participants who enroll in an applied research training program at Strathmore business school . Fees are 75,000 shillings and applications can be found at www.steadman-group.com/scrt or www.sbs.ac.ke/scrt. Application deadline is 31/12 and classes begin on 27/1 for the two month program which also includes 2 week research at Steadman

Hospitality
- Kenya Wildlife Services is seeking partners to lease develop and manage tented camps in Western Kenya - at Kisumu impala sanctuary, Ndere island national park and Ruma national park. D/L is 19/1

Earn $17 a day (per bed) by hosting delegates World Social Forum and provide them with bed & breakfast, running water & electricity from January 20 – 25.

travel
Buy a ticket at East African to Mombasa directly from the airline get a second one free (up to 6 January)