Showing posts with label Nairobi Jobs. Show all posts
Showing posts with label Nairobi Jobs. Show all posts

Monday, September 14, 2026

Bank Jobs in Nairobi, Kenya

Some mid-September 2026 job opportunities at Kenyan banks and financial institutions in AI, cybersecurity, data protection, card, foundation, infrastructure, energy, health, actuarial and multilingual desks. Check the banks' websites for more details.

  • The African Guarantee Fund (AGF): Group-Director Business-Development
  • Bank of Africa (Kenya) Relationship Manager – Institutional Banking, Credit Analyst 
  • CBK: Head of AI and Automation, Cyber Security Infrastructure Analyst, Head Data Applications & Integration, Core Banking Business Analyst, others. 
  • Co-op Bank: Business-banker.
  • Development Bank: Senior Legal Officer.
  • Ecobank: Customer Liaison Officer – Chinese Speaking (Nigeria), Investment Banking Analyst, (Cote d'Ivoire), Card Products Manager (Rwanda), Head Agency Banking (DR Congo)
  • Equity Bank: Manager, Data Protection and IT Risk (Rwanda), Head of Financial Crime/ MLRO, Risk & Regulatory Compliance Manager – EIB, others 
  • Family Bank: Credit Monitoring Supervisor, Head of SME
  • HFCB: Credit Analyst - Business Banking, Head of Personal Banking
  • KCB: Senior Credit Analyst, Relationship Manager-Infrastructure & Energy, Treasury Dealer, SME & Retail Sales, Treasury Sales Department.Corporate Dealer, Manager, Sustainability Programs & Subsidiary Liaison, Sales Manager Mass and Middle core Retail, Card Issuing, Fast Moving Consumer Goods (FMCG) Head , Infrastructure & Energy Head, others 
  • Kenya Re: General Manager Kenya Re Foundation, Chief Representative Rwanda Liaison Office, Asst. Manager Research and Development, Senior Actuarial Officer
  • Kingdom Bank: Manager – Foreign Exchange Sales 
  • Mastercard Foundation Head, Office of the CPCO
  • National Bank: Treasury Dealer Manager, Tax & Fixed Asset, Head Commercial Functions and Branch Network Audits
  • Premier Bank: Financing Analysts (Nairobi & Mombasa)
  • Sidian Bank: Transaction Monitoring and Chargeback Analyst, Credit Administration Officer, Registry 
  • Stanbic Bank Kenya: Head, Private Banking & Wealth Personal & Private Banking, Head, Business & Commercial Banking, Vice President - Energy & Infrastructure, Investment Banking, Financial & Regulatory Reporting Manager, Data Insights & Analytics Manager.
  • UBA Kenya: Relationship Manager (Mombasa), Relationship Manager – Chinese Desk (Mandarin Speaking), Corporate RM – Oil & Gas, Corporate RM – Energy, Corporate RM – Construction, Corporate RM – Telecommunications & Services, Corporate RM – Agriculture, Relationship Manager – Public Sector, Relationship Manager – Embassies Multilateral & Development Organizations (EMDOs)
  • Visa: Analyst; Core Consumer Solutions
  • World Bank Consultant for Digital Health Transformation - Kenya. 
Also some tenders
  • EADB seeks a core banking system provider and an enterprise resource planning (ERP) solution.
  • ATIDI seeks a consultant for a team building assignment.

Tuesday, May 06, 2014

Parliament Salaries 2014

This week, we get a look at the payslips of two Kenyan members of Parliament (MP); One from the Nairobi Senator, Gideon Mbuvi Sonko, and the other from National assembly representative for Homa Bay, Peter Kaluma. While they earn roughly the same amount, they differ because one does not need his salary, while the other says he can't live on his salary (and stretch himself further).

Kaluma: Peter Kaluma released his payslip to support his position before a court case, in which he was asked to increase his monetary support for a child, which he said he could not do - as he took home zero in net salary.

Bits of his payslip

Income
Salary Kshs 319,500 (~$3,759)
'Administrative' 213,000
'Sitting allowance' 10,000
'Vehicle fixed cost' 356,525

Deductions
Pay-as-you-Earn Tax (PAYE) Kshs 257,839 ($3,033)
Motor car advance 184,164
Co-Op Parliament 153,611Pension 40,257
- Pacoso Shares 20,000
- Pacoso loan 54,212
 
Sonko:  Gideon Sonko, the flamboyant Nairobi Senator, also released his payslip on his facebook page to show that he has maintained his commitment since he joined politics in 2010 to give (his) salary back to wananchi (people) and listed several churches that were beneficiaries of his largess.
Bits of his payslip

Income
Basic salary Kshs 319,500 ($3,758)
'Administrative' 213,000
Via: Nairobi News
Sitting allowance 30,000
Car maintenance 356,525
'Responsibility 96,000
Total Kshs 1,015,025 ($11.941)
Deductions
PAYE 292,439 ($3,440, equal to 28.8%)
Pension 40,257 
Pacoso shares 50,000
Pacoso loan 64,703
In line with previous other discussions of the salaries of members of parliament, MP's earn 2.6 times what they did seven years ago. But at least they are paying an amount of tax, as other income top earners, on the full amount of their entire gross income (equivalent to about 28% tax), not just their basic salary, as in the past that left their hefty allowances (vehicle, responsibility etc.) untaxed.

Some predictions over the next few years;

- MP's will continue to increase their salaries, because they can.
- MP's will move the the elections date back from April 2017 to sometime in 2018 to get a full five-year term.
- MP's will scrap nominated parliamentary seats so that only people who campaign as hard as they, can enjoy the benefits of their 'hard work'.
- MPs will move to try to allow politicians to run for more than one seat, so that in the event they lose a large seat (President), they have something to fall  back on (e.g. in parliament, or as cabinet secretaries).

Wednesday, March 30, 2011

Award Season Part Trois

Following on part II

The Anzisha Prize for young Africans (15-20 yrs) who have solved a problem /challenges in their community (via @kenyanpundit)

The Android App competition. in the X.com dev. challenge participants can win prizes of up to $25,000. D/L is 14 May.

The 2nd eLearning Africa Photo Competition runs through April 21.

Facebook’s first hire in Africa - will be a growth manager in Nigeria (via @bellanaija)

The 2011 Freedom to Create Prize main prize and imprisoned artist prize is open to 15 July (via @Kwani)

Various jobs at Google East Africa .

iHub Mentorship program. D/L is 6 April.

Partial scholarships available to attend the 4th Global Forum on Innovation & Entrepreneurship. D/L is April 1

Kenya Government Science & Technology scholarships (29) to study in China, for undergraduates and postgraduates in engineering, medicine, computer science, and pharmacy. D/L April 7.

Connected Kenya Vision 2030 ICT awards from the Kenya ICT Board.

Maisha Filmlab with free screenwriting directing camera sound and production workshops in East Africa. (via @mkaigwa)

Mass Challenge a $1 million start up competition (via @egm_photo)

Panos Eastern Africa media fellowships. D/ L April 6.

Strathmore University’s Mobile Academy . D/L 31 March

Winners of the Nokia Idea storm will have their ideas developed into phone apps. D/L is April 14.

TEDGlobal 2011 takes place in Edinburgh, Scotland in July 2011. It moves from traditional Oxford this and 75 places available, and D/L is April 4.

Africa Youth Trust Young Women Leaders funded by the UN Women Governance and Gender Programme. D/L April 15.

Modern careers: Someone got hired via twitter

Sports: The Watamu Triathlon takes place April 9 & 10 at the Kenya coast. D/L April 4.


Photo is from a blog tracking a Cairo to Cape 12,000 kilometre bicycle expedition (equivalent to 4 Tour de Frances in 4 months). It’s now complete after a tough stint in Kenya.

Wednesday, March 16, 2011

Award Season Part Deux

This is a continuation of a series highlighting some open awards, that may be about to close in the next few weeks.

The Acumen Fund East Africa Fellows Program aimed at entrepreneurs or people working on ground breaking programs with social impact in east Africa and will receive training in leadership , and is modeled around an executive MBA. D/L is 15 April for launch in July 2011

The Africagrowth Institute 2011 SMME Awards that recognizes \small, medium or micro enterprise (SMME)companies that are growing sustainably and contributing to economic growth. D/L is 30 June

(For Women): The Anita Borg Agent Award for ladies who demonstrate use of technology to change lives. Sponsored by Google, it has prizes of $5,000 in travel reimbursement to attend the Grace Hopper Celebration of Women in Computing. D/L is May 2

(For Women): The annual Business Daily Top 40 Women Under 40 award series in Kenya that recognizes women achievers in the world of business. D/L is 10 April.

The Diageo Africa Business Reporting Awards that recognize outstanding journalists, editors, blogs, and other media that feature coverage of the African businesses scene. D/L is 27 March.

(For Writers): The Golden Baobab Prize for Literature is a Pan-African literary award. Details here.

The Nestle Prize that recognizes projects in the fields of nutrition, clean water, or rural development that create shared value. D/L is 30 June.

The Shuttleworth Foundation for people ready to commit to undertake social change through innovation. They review applications in May 2011 for September intake.

(For Journalists): The United Nations journalism fellows program Dag Hammarskjöld Scholarship Fund program aimed at developing country journalists with an interest in international affairs and winners get to travel to and report on the United Nations from New York. D/L is 6 April.

(For Writers): The World Bank Essay competition open to people aged 18 – 25 to write about youth migration. Details here but the deadline is tomorrow – 17 March.

EDIT: PIVOT 25 competition for developers in June 2011 with prize money of up to $75,000. Deadline is April 15.

The Nairobi Stock Exchange young investors challenge whose registration period is on-going through April.

Any other awards that can be highlighted here?

Friday, June 25, 2010

VC Coffee Chat

On Monday June 28 at the iHub in Nairobi there will be a talk on venture capital, in continuation of a series of events that bring together local financiers and entrepreneurs.

In preparation for that, we had a chat with Eline Blaauboer of TBL Mirror Fund which is a Dutch venture capital fund that has made four investments in Kenya and are also branching around East Africa.

The Fund invests a minimum of EUR 100,000(~Kshs 10 million) taking minority stakes in companies that show fast growth and the potential to be market leaders. They look for well-managed ambitious and visionary SME’s and TBL invests in all sectors particularly where the partners have extensive industry knowledge, as a VC focused on a specific sector is not sustainable here yet. It's interesting to note that, while it is said in local banking that women are not ambitious enough to dream big and attract large funding, ½ of their investee are women-led companies

Related
- TBN are hiring both an investment manager and an investment analyst.
- On Monday June 28 at the iHub in Nairobi there will be a VC 101 event with a talk on venture capital given by Vincent Kouwenhoven of the EVA Fund
- Recap of recent VC activity in the region by Ratio-Magazine.

Saturday, September 19, 2009

Urban Inflation Index September 2009

(i) Tracking changes in the three months since June 2009, and approximately one year and two years ago
(ii) also the job/other opportunities column is back

Gotten cheaper
Communications: leading mobile company Safaricom this week launched Super Ongea, a zoning tariff that eases congestion on the network by offering different rates from the then low 8 shillings per minute (now the high) to as low as 80 cents per minute. This they hope will ease congestion on the network and also hold on to some customers who are flocking to the cheaper new provider Yu (Essar telecom) who have very low rates. Zain and Orange have gone slow on the marketing front, and this week the Orange CEO called for an end to price wars. The new Safaricom tariff does not affect data or money transfer of which Safaricom is getting a stranglehold with m-pesa and 3G. Safaricom is big seller of mobile phones, modems, and laptop computers, going full blast in data at the expense of retail ISP’s while M-Pesa utilization has taken on a life of its own that makes Kenyans wonder how life was before mobile money transfers started three years ago.

Foreign Exchange: 1 US$ equals Kshs. 75.93 compared to 77.94 three months ago.

About the same
Fuel: A litre of petrol is Kshs 80.9 (~$4.79/gal) up 11% in 3 months, 1@% cheaper than a year ago and 10.5% above two years ago, so relatively unchanged as thin fuel margins still continue from the price drop of about a year ago that wiped off Triton

Entertainment: A bottle of Tusker beer (at local pub) is Kshs. 120 down from 130 three months ago. Prices seem to have stabilized though and with English football season on now, bars will not be changing prices anytime soon. East African Breweries year-end results showed that beer volumes were up just 1% for Kenya

Gotten more expensive
Staple Food: Maize flour which is used to make Ugali that is eaten by a majority of Kenyans daily. A 2 kg. Unga pack at Uchumi today costs Kshs. 84, 9% cheaper than 3 months, 15% up from a year ago, and 68% up in two years ago. Already there is worry about a grain shortage in the next few months, and the country may have to import some maize while awaiting the harvest from local farmers near the end of the year

Other food item: Sugar (2 kg. Mumias pack) is Kshs. 200 up 14% in 3 months, 38% in 1 year, 33% in 2 years, though it’s hard to say if sugar shortages are genuine or artificial; the annual importation exercise is a tug of war between politicians, tax man and importers.

Electricity/utilities: this month’s bill is Kshs 1,900 compared to 1,500 from three months ago. Still I can’t complain since compared to what some residents pay . The electricity rationing seems to have ended but at a cost since the new electricity is generated from more expensive thermal sources. The clean energy planned for Kenya- wind (Turkana, kengen) and sugar (Mumias), and mini-hydro’s (KTDA) will take a while to be felt in our bills.

Water rationing is still on going and the Nairobi water company said bills would increase from July 2009 onwards by about 50%.

Opportunities
most from the daily papers this week

SME Funding/Solutions
- For software developers from Microsoft through Local innovation centres unverified
- The Esther Passaris Grant is a monthly grant for Entrepreneurs. of between Kshs. 50,000 to 100,000 unverified
- Ongoing business plan competition jitihada closes 23/9
- Toolkit for learning: the IFC SME Toolkit Kenya

Jobs
- finally a blog -related job makes the newspapers - The British high commission in Nairobi is hiring a communications support officer part of whose job will include supporting the post webmaster in developing & maintain website, including the high commissioner's blog through regular updates and site moderation. d/l is 23/9 and applications by snail mail only.
- Central Bank of Kenya : Accountants/ Financial Analysts, Finance Officers, Network Engineer, Network Administrator, Analyst/Programmer, Assistant Director: Policy Development And Research, Assistant Director, Academic Affairs, Finance Manager (2), Assistant Finance Manager (2), Internal Audit And Risk (manager, assistant manager, officer) and other jobs. D/L 25/9
- Equity Bank: Assistant HR Manager- Training & Development, Assistant HR- Services Manager D/L 19/9
- Apprentice engineers (20) at KPLC recruitment@kplc.co.ke by 7/10
- KIPPRA jobs not online Economists in Infrastructure & Economic Services (3 positions), Senior Analyst/Analyst, Assistant Analyst, Analyst, Assistant Analyst apply to admin @ kippra.or.ke by 21/9
- Safaricom : Senior customer systems analyst , senior manager - financial systems & analysis , principal accountant – treasury planning D/L 23/9

Tenders
The Kenya Government has asked all ministries, agencies, parastatals to e-mail in soft copes of any tenders or procurement notices they advertise in the newspaper. This will be displayed at a government procurement portal.

Despite Safaricom's controversial, no frills, AGM, Kengen, the company with the second largest shareholder register (216,000) after Safaricom, is not going to let its members go home empty handed. They have a tender at their site for
supply of agm goods & services that closes on 24/9

Travel: Emirate Airlines have launched world cup travel packages for fans wishing to attend the 2010 world cup in south Africa; these combine air travel, hotel bookings in Johannesburg, cape town & Durban, and ground transport to stadiums.

Friday, September 11, 2009

Week on Twitter (September 11)

Another re-cap of a week full of Twitter - @bankelele posts which included issues like - more innovative loans from Equity Bank, why do Kenyan companies make such large PDFs? The fibre cable has reached Mandera in remote Northern Kenya, but piped water is yet to get there, police dogs sniff grass, Zimbabwe ministers text like teenagers, how to get through to safaricom’s notoriously inaccessible customer service, mobile companies know how to keep Kenyan ministers happy, Kenyans laugh at their failings, pre-paid internet gets cheaper, another bank to list at the Nairobi stock exchange while another joins twitter, more awards for women, more jobs at the central bank of Kenya, and the UNEP toys with Kenya

- @TChenya @KumekuchaChris was just at Equity Bank; amazed they have loans for water tanks http://bit.ly/AoYg4
- This #Safaricom portal is going to be the Kenya borg http://portal.safaricom.com...
- Do cops favour their own matatus, leading to traffic jams for other motorists? http://www.coastweek.com/32...
- R/T @baldaufji #Zimbabwe minister text messages leaked http://bit.ly/2KkUIx U c the strait jacket vakuru [old man] is being given 2 wear
- The koinange family starts development of the parking lot next to kencom Nairobi
- Just registered to get my Safaricom dividend by cellphone m-pesa in November @saitonne m-pesa dividend registration ongoing around the country till 30 September, mostly at supermarkets - which one is near you?
- Cold call from a bank offering an unsecured personal loan at 24%!
- @egm_photo @jmugambi its soooo wrong for fibre cable to reach mandera before piped water!
- Gabon09 election resembles kenya08 but little concern in Kenya
- #TPF3 Tanzania is 0-2: EABL endears itself to that beer market
- (Sad to hear) R/t @estoni #samburu insecurity rife, tourist vans attacked, some travel companies are canceling Kenya safaris
- @kainvestor the most blatant on-going copy cat is 'citi shuttle' aping 'citi hoppa' with same green, same routes #thuo should do something
- (i) #shagslife a police dog from anti-stock theft unit just tracked down some stolen bales of hay to a nearby compound (ii) Hay and fencing was 'stolen' from farm of local MP last night. @coldtusker, this police lassie did an impressive job over many KM
- More bank for twitter @Standardbankgrp the official account for #stanbic (found at @kainvestor)
- R/t @saitonne are you stuck trying to call #Safaricom customer care 100 number? Try adding some zero's and no's e.g. 1000055
- R/t @kachwanya Yu to launch money transfer service on October 1. (Now where's telkom, been almost 5 years in the making?)
- Watching morning news - #Safaricom seem to trend #CSR projects to home area of sitting communication minister
- Family bank march to listing at Nairobi stock ex @nsekenya on with plans for share split and rights issue pending approval
- you know you’re Kenyan goes viral (i) #youknowyourekenyan when you understand (and agree with) Francis atwoli (ii) #youknowyourekenyan cause your "najivunia kuwa mkenya" cap is made in china

- NHC rescinds sale of houses to 102 #madaraka estate residents (for non-payment?) while NSSF threatens to repossess some tassia-embakasi plots
- @ kainvestor how do Kenyan corporations create such huge huge PDF? E.g. quarterlies from NSE site (i) Mabati Rolling Mills half year results (large PDF) http://tinyurl.com/ldyk22 (ii) @kainvestor #KenGenPIBO information memorandum dead D link on site at http://www.kengen.co.ke/PIBO/
- Nominate an African woman achiever for a Graca Machel award http://www.civicus.org/media/Graca_Machel_Initiative_Call.pdf D/L 30/9
- R/T @gishungwa @shiroh: Central bank of Kenya is hiring http://tinyurl.com/lu6bbo
- @inexes @shiroh while standard chartered will take divas to South Africa for shopping for $1,000, family bank has week-long trip in October for business customers for $2,000
- Eh @intelligensia, plans underway to (dredge &) raise the water level of masinga dam by 1.5 metres
- New Zain Kenya unlimited pre-paid internet bundles costing $3 per day, or $30 per month
- NTV's Rita Tinina on GoK begging UNEP for Mau Cash http://bit.ly/2m8BUu (look for a toy truck near end of vid)

Thursday, April 09, 2009

Mostly Equity – Suspensions & Housing Evictions



Equity suspended: Equity Bank was briefly suspended as a Central Depository Agent by the Central Depository & Settlement Corporation (CDSC). They have smartly escaped unscathed without answering any charges owing to:
- Playing one regulator against another the. The Capital Markets Authority (CMA) immediately reversed the ban, and reinstated Equity while terming the CDSC action as being against procedure
- By invoking the ‘small investor’ Equity said that they were in trouble because they had reached out to the small investor, lending them funds to buy Safaricom shares without collateral, and some people did not like that

Lost in the story is
- Equity split shares were supposed to start trading on April 14, but have been trading as split prices and have appreciated about 40% since the announcement
- The spat makes the CMA and CDSC look bad; by having a turf war (PDF) and fighting in public both claiming to fight for the integrity or interest of investors
- Why won’t Equity pay the minuscule amount or respond to the regulator (CDSC)?
- Comments made by the CEO at the bank AGM, bragging having the most investor accounts in the country coming back to haunt at a time when brokers are (i) broke (ii) resentful/envious
- More tales at the stockskenya forum

Equity moves in at Housing Finance: At Housing Finance, Equity is asserting its authority at the bank and Equity directors will now form 1/3 of the Housing Board of Directors, with Peter Munga (Equity chairman) Benson Wairegi (Equity vice chairman) and Babatunde Soyoye (Helios) all appointed in 2008 and who will all be ratified by Housing Finance shareholders this month.

During the 2008 rights issue at Housing Finance, Equity also increased their ownership stake from 20% to 24.9% while sister institution British American Investments (Britak) also increased from 4.9% to 7.5%. The rights issue also saw the National Social Security Fund reduce stake from 7.8% to 6.8% as the Government of Kenya which did not take up any new shares saw its stake reduce from 7.3% to 3.6%

Opportunities

Free Download Githongo Book - The most talked about book in Kenya - It's Our Turn to Eat - the Story of a Kenyan Whistle-Blower (John Githongo) by Michela Wrong will be available for download from April 10. yes you probably have a bootleg copy, but this is the real one from the publisher

- Invest in a Government of Kenya Bond to raise 10, billion shillings ($125 million), and earn a potential 10% bond return (PDF); minimum application amount is 50,000 ($625), and the offer closes 22 April. (better than Madoff?)

- Maker Faire Africa (MFA), a celebration of African ingenuity, innovation and invention, will take place August 13-15 at the Ghana-India Kofi Annan Centre of Excellence in ICT in Ghana's capital, Accra there are opportunities to sponsor the summit

- Jitihada is the Kenya National Business Plan Competition – (details) (PDF) that will be launched in mid-April.

Create a Logo for an international mobile banking conference and win $200. Details here, found at @whiteafrican

Jobs
- Old mutual: Broker distribution manager, Mass market manager. Apply to recruitment@oldmutualkenya.com by 17/4
- National social security fund managing trustee. apply through manpower associates by 26/4
- Capital Markets Authority: Assistant Manager (Legal Framework), Accountant, Assistant Manager (Investigations), Manager (ICT). D/L is 15 April

Monday, February 16, 2009

Kenya Infrastructure Bond

The government of Kenya infrastrucre bond closes on Wednesday and looks to be a successful fully subscribed offer that will raise Kshs. 18.5 billion (~$231 million).

It will have proved irresistible to funds and institutional investors who have been looking for investment outlets as the Nairobi Stock Exchange slump persists, and the sure 12.5% annual return from the Government of Kenya over the next 12 years is a sure bet. The 12.5% interest payments will be paid semi annually with principal repaid in 2015, 2017 and 2021. Bonds from Mabati and Barclays were fully subscribed in 2008

Through the minimum investment is just Kshs. 100,000 (~$1,250) it looks like there’s little interest from retail investors, with many smarting from the free falling NSE and more concerned with protecting their existing investments (read these great tips) from rogue stockbrokers to sign up for bond which, the fire-fighting Capital Markets Authority (CMA) has not gotten round to providing much investor education. The short window (about 3 weeks from Jan 28 to Feb. 18) may also not have favored retail investors.

The success of the bond which is earmarked for road, geothermal and water projects comes despite some reservations (little infrastructure spending identified, limited oversight, may affect Kenya’s credit rating). The bond was first set out in the 2008 budget by the Minister of Finance.

Read more bond perspectives from the Kenya Capital Investment Group blog

Opportunities

Start your own collection agency from Collection Africa

- Join embattled Suntra investment bank as a manager - investment banking & fund management or manager - stock broking

Friday, February 13, 2009

Equity leads the Kenyan Economy

The first Bank (as usual) out with the 2008 profits is Equity Bank with the usual staggering financial results (PDF) for 2008 with 101% growth in profits and 103% in loans.

But a closer look at the numbers show some more subdued stats that may indicate an economic slowdown, and which may be confirmed when other banks (especially Barclays and KCB) release their year-end results in the next two months.

- Equity’s growth in assets is 45% from a year ago, but 6% in Q3 and 3% in Q4
- Equity’s deposits are 55% up from a year ago, but this breaks down to 23% in Q2, 10% in Q3 and 6% in Q4
- Equity’s’ loans are up 87%, but the 41% increase in Q2, was followed by 17% in Q3 and 2% in Q4
- Expansion costs - income up 98% from a year ago, but expenses have kept track – up 97% from a year ago (in 2007, the spread was 73% and 52% in 06/07)
- Factor in Safaricom IPO lending (interest and fees) estimated at– and Q2 income was 3x higher than in any of the other two quarters
- Cross-checking against the 2007 election and disruption in economic activity, in 4Q of 2007, Equity had growth of 18% in deposits and 33% in loans with 54% in profits in same quarter, with in 1Q of 2008, had 8% deposit and 11% in loans, rates which outpace 4Q of 2008

Shareholders will be happy with the Kshs. 3/= dividend, but the 1 for 10 share split, will add a huge float of shares to an overflowing NSE pool.

Bank opportunities
most from the daily papers this week
- African Development Bank is currently accepting applications for its Young Professionals Program . Apply online by 20/2
- Barclays seeking debt recovery agents – auctioneers, re-possessors, valuers and investigators. D/L is 28/2
- Commercial Bank of Africa: senior manager finance. Apply through KPMG by 25/2
- Family Bank Bancassurance Manager. D/L for online applicatiosn is 6/3
- IFC Investment officer (private equity & investment funds division) Africa, based in Nairobi. D/L is 27/2

Wednesday, January 28, 2009

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

Wednesday, November 12, 2008

Kutwa Tuesday: Sam’s Kids


They may be called Barack, Michelle, Obama, or other creative names, but many of these new kids born and given fabulous American
baby Obama names were conceived as a result of Uncle Sam’s bungled election debacle in December 2007.


Opportunities

Airbus University Challenge: the Airbus
Fly Your Ideas challenge is open to university students around the world with ideas on the future of aviation and improving its environmental position. Prizes are €30,000 and deadline is 1st December 2008

Georgetown Fellowships Apply for the Georgetown University Law Center’s Global Health Law Fellowship Program. D/L is February 16 2009

Kenya Content Conference Tandaa 08 a local content conference sponsored by the Kenya ICT Board takes place on November 14 2008.

Kenya’s Top Women The Business Daily invites you to nominate Kenya’s Top 40 women under 40. send their names, contracts and reasons why they are worthy (in less than 500 words) to top40under40@nation.co.ke by 30th November

Government of Kenya jobs:
- Judiciary 25 resident magistrates. D/L 21/11
- Electoral commission of Kenya – 39 district election coordinators

Biz brief’s

Co-Op IPO: is 1/3 of the way to target with just 3 days to go optimistic about the Co-Op IPO. transaction advisers have now released cash flow and share price projections that should have been in the Co-Op Prospectus. what happens if they fall short – will D&B pay C-op for the shortfall? Is there a last minute investor who will get preferential terms to bridge the gap? The prospectus states that in the event that this minimum amount is not attained, approval may be sought from the Authority to proceed with the listing of the existing shares and any Offer Shares that are subscribed under the Offer.

I got an SMS (as did other Co-op customers) inviting me to take part, but the application desks/tents still look rather forlorn

Equity - HF: November 4 was not just Obama day, but also the date when the Housing Finance and Equity Bank deals should have been completed

Foreign Investors Tough times for the former Rift Valley Railways and Tiomin who continue to flounder: Tiomin’s latest statement notes. …. the Government of Kenya has not completed the remaining bureaucratic steps required for the transaction to close…..Tiomin's management shares our investors' extreme frustration at this unreasonable delay….. Tiomin has acted in good faith and we are very disappointed….. If the closing continues to be delayed, we will consider terminating the MOU on the grounds of unreasonable delay….. Tiomin will issue another press release when further material information is available. Pity they have no local defenders

Geothermal prospects : two companies are scoping in Eburu (gilgil) and Menengai for geothermal energy

Brew turf Coca Cola launch minute maid juices in Kenya (what happens to 5 alive) as EABL launch Alvaro in Uganda

Sat-TV: DSTV will launch pre-paid scratch cards, following in the footsteps of rival GTV who are reaping from the ongoing English premier league

Insurance by M-Pesa: Madison Insurance now accepting insurance installment payments by M-Pesa following Old Mutual, which enabled investment, plan payments

Radio Standard Group prematurely possible radio investment worth Kshs 250 million as KISS FM parent Radio Africa rolls out their 4th radio station – XFM (rock music)

Wednesday, October 29, 2008

Safaricom 2s

Three weeks after Safaricom’s share price dipped into the 3 shilling range the share is on the verge of tumbling into the 2/'s [$0.025] - down from the IPO of 5/= and brief high of 8/=.

what are others saying?

Coldtusker points to some deals that can be cut cheaply with NSE shares.

KCIG states that a bear market should be no big deal for serious investors.

Analysts are still producing reports on NSE shares to buy (Access Kenya). What about when to sell?

Everyone’s doing it, so throw more stones at D&B - Dyer & Bair who structured the Safaricom IPO.

Shut down the NSE?: Closing the shares market to salvage what’s left was proposed in Nigeria and now a stockskenya thread has taken it up here as well.

Could be worse: Liquid Trader gives insights on the SA economy that are not easy to decipher by watching CNBC.

Another IPO you say? Co-Op Bank opens tomorrow. No prospectus out yet, but here’s another PDF from the Bank MD.

Looking for work? here’s a great new local Kenya job blog.

Friday, October 24, 2008

Reassurance from bankers

The downward trend continued at the stock exchange again this week to Friday. So how about some banking news to reassure nervous investors?

KCB: are first out of the blocks with their third quarter results. Some shareholders might be peeved about having forked over Kshs. 25 a share in the rights issue a few months ago, only to have the share trading at below 20 this week.

How have they performed? Compared to a year ago, assets are up 67% and profit up 66% - which should go on through Q4 of the year, and hopefully the bank will reward patient shareholders with 2/3 increase (or more) in dividends after December. After three quarters, the bank has already passed their full year income mark for 2007, and aggressively loans are up over 50% against just 15% increase in deposits.

Equity: are usually one of the first banks to publish quarterly results, and have been known to run them in the Saturday newspapers, so we’ll see by Monday.

Co-Op: a week to the IPO and the media push is on, though subdued compared to past NSE offers. There’s a pre-prospectus document (PDF) at their site published a few weeks ago. See also analyst Robert Bunyi’s perspectives on the IPO (Hat tip Ratio Magazine)

Safaricom (M-PESA qualifies as a bank!) CEO Michael Joseph does his part to reassure retail investors about their Safaricom share prospects going forward. and regardless of their current price.

Opportunities

most from the Daily Nation
- East African Cables commercial manager hr@eacables.com 13/11
- Econet credit manager see www.Adeptsys.biz by 31/10
- Government of Kenya (Ministry of public service): 112 senior personal secretaries, 126 personals secretaries. D/L is 31/10 to the PS by snail mail
- KCB: head of alternative business channels, manager – trustee services & compliance. 7/11
- KPMG: seeking several public sector & development associates (PSA01/08) apply through talentrecruit@kpmg.co.ke D/L 7/11
- Suntra investment bank: Chief executive (SIB-CEO/10.08) apply through esd@deloitte.co.ke D/L 12/11

from The Economist
- African Agricultural Technology Foundation: Executive Director Nairobi, Kenya
- IUCN: Regional Director for Eastern and Southern Africa Nairobi, Kenya
- KickStart International, Inc: Development Economist / Director of Impact Evaluation & Monitoring Nairobi, Kenya
- Africa Center for Strategic Studies: Associate Dean, Relations Professor Washington, DC
- eRwanda PROJECT: Lead Technical Manager for RCIP-Rwanda Kigali, Rwanda
- Africa University: Vice Chancellor Mutare, Zimbabwe
- Alliance for a Green Africa: Senior Policy Officer, Innovative Financing for Agriculture Nairobi, Kenya
- SNV: Senior Advisor Water, Sanitation and Hygiene -Nanyuki, Kenya
- Call for Paper - First Congress of African Economists

from the mailbox
Free Web, Domain and Blog Hosting in Kenya‏: read more but buyer beware

Thursday, October 02, 2008

To Coop or Not?



The big debate now is if the Co-Op Bank IPO should go ahead this month or if it should be postponed. The Chairman of the Nairobi Stock Exchange has issues conflicting statements on the matter but appears to have bowed to the arrangers and the stockbroking community line that it should go ahead.

IPO’s in London and New York are beign deferred as they are unlikely to be warmly taken up, and here, the dearth of IPO's in the pre-Kengen was guided by the sentiment that they would not perform well in the then deflated markets. Even the giant IPO of Safaricom – was postponed till after the 2007 elections.

The timing is just not right, with two collapsed stockbrokers still being sorted out, Safaricom refunds not fully reconciled, and the Diaspora who were so enthusiastic about Safaricom still (i) worried about repercussions of the US financial markets turmoil (ii) real estate and (iii) feeling suckered by Safaricom's post-IPO performance which they heavily invested in.

Though the funds raised are targeted towards, mortgage finance, ICT and branch expansion, the Co-Op IPO should be postponed to at least next year. It withstood the 1998 Nairobi bomb blast and has turned round a Kshs. 3 billion loss to a similar profit in 6 years and a few more months won't make a difference. But as a fall guy of Safcom, I’ll revert to my IPO bypass plan when the Co-op IPO arrives.

Need for Capital; Co-op is a fast growing bank with a retail and branch base like KCB and Equity that requires capital to be shored up. The two banks that were most in need of regulatory capital - KCB and Housing Finance have already had rights issues in 2008, and other shareholders should prepare for the same at CFCStanbic, Prime, CBA, among other smaller banks.

NSE/CMA to note; In the wake of Crown Berger and Portland Cement share collapses, it should be noted that irregular share trades happen - even to Google - but the prices were re-adjusted and trades made at erroneous prices were then canceled.

Opportunities

Barclays graduate program: The Barclays Graduate Emerging Managers (GEM) is open

US Visa The DV 2010 diversity visa (US green card) lottery kicks off today and runs till December 1

TED Global 2009: Registration for TED Global 2009 at Oxford is open.

Friday, September 19, 2008

Kutwa Friday: Everything Must Go

It’s been a while since the last Kutwa post. Here’s a rundown of things, most from the daily papers and various sites that have piled up

Banking: Co-Operative bank are deep into the marketing program for their October 20 listing at the Nairobi Stock Exchange. They may also venture into mortgage finance
- Barclays and Standard Chartered will both offer mobile messaging services to their customers
- Rand Merchant Bank (SA) plans to expand to Kenya
- Salary cards are coming to Kenya as FNDS3000 Corp which launched its payroll card program in South Africa and will follow into Nigeria, Kenya, Tanzania, United Arab Emirates and Qatar

What's in a Name?
a step forward: Telkom Kenya is now Orange: more on their new site and products

will they have orange phone booths?

- Nyanza petroleum dealers is now called Auto Xpress
- Chloride exide is now Chloride Solar
- The naming rights for Nyayo national stadium are up for sale to a corporate bidder (will it be Safaricom or Zain Stadium?)
a step back
- A new name is recommended for the discredited electoral commission of Kenya
- Grand Regency is now Grand Laicos Hotel?!

Developments: A new 21 storey 5-star hotel in Nairobi to be situated next to Barclays plaza (and is a stones throw away from the former Grand Regency)
- Kenya anti corruption to build a new headquarters
- Two battery recycling factories will be set-up; one in Changamwe and one in Konza
- Ethacom international will set up an ethanol production plant in in Bungoma
- Nairobi City council is seeking 50 acres for a new cemetery

Airlines: There’s little reporting about a pending strike of Kenya Airways engineers; however K24 TV reported that this may affect plans of President Kibaki to fly to London next week as engineers were going slow on maintenance of his planned aircraft and also other repairs after another little reported aircraft incident.
[image: KQ 777]

Energy: Following last months electric shock it was pleasant to see my electricity bill drop from 2,600 to 1,800 shillings ($26). No thanks to KPLC though, as the savings came largely from taking cold showers that reduced consumption from 161 to 115 units . Meanwhile there was another increase in KPLC fuel cost from 769c/kwh to 778c/kwh this month.

popular item in supermarkets

- Why doesn’t the government owned National Oil Corp (NOCK) who are supposed to check against check the high petrol prices charged by oil marketers sell petrol at the Kshs. 100 per litre (~$6.4/gallon) price that Energy Ministry says is correct?

- An S-class with the fuel economy of a Toyota? Pity Merc drivers are not concerned about fuel economy

ICT: The Kenya government plans to set up an official blog by September this year to facilitate better communication between the government and the public. "The blog will allow the government to respond to everyday issues being raised by the citizens," PS Bitange Ndemo told journalists in Nairobi. "More and more people are turning to the internet to read, write or say whatever they want to say and if such forums were properly utilized, especially during the election period, we would not have experienced the kind of problems we had in the country at the beginning of the year." hat tip Xinhua News - China
- Also the Kenya Government will set up a $39 million venture capital fund
- Telkom /Orange makes peace with Safaricom
- Controversy about an outsourcing scholarship
- Outsourcing #1: Pioneer BPO Kencall will manage call center for Telkom/Orange
- Outsourcing #2: site stats here show that Mauritius (9%) has overtaken the UK (8%) to be the third highest source of traffic to bankelele – after Kenya (45%) and the US (17%) - but, upon closer scrutiny for true fans there, it turns out the readers actually Kenyan-based - but routed through Mauritius.

Opportunities: The Skunk Awards 2008 is your chance to recognize and reward the leaders in the various ICT fields in Kenya. Chosen by YOU, the real stakeholders in the Industry. Vote for ICT Company of The Year, Best ISP, Most Innovative ICT product, Best Local Website, Best Local eCommerce Website, Worst Local Website, Best Local WebHost, Most Open Sourced (is that a verb) Organization, Best Customer/User Support, Worst Customer/User Support, Best Training Institute, Most Promising ICT Startup, Best Paying Company, ICT Entrepreneur of the Year, Best Local Application, Most Transparent ICT Tendering Govt Branch, Most Successful Government ICT project, and Worst Government ICT project. Send in your nominations to skunkawards@gmail.com before Friday October 10th.
- Apply online to be an Acumen Fund Fellow 2009-2010. D/L is 20 October
- Take part in the Wildman Triathlon in Watamu on October 18.
- Zebrajobs is a cool new job site that has some interesting opportunities in this past of the world

Other jobs: You can’t compete with Kenya’s largest employer, the Government of Kenya. Soon available at the Governments Public Service site will be jobs including at the Ministry of finance principal accountants - 26 posts, chief accountants - 64 posts accountant II - 320 posts!; at the ministry of energy (director of renewable energy, senior deputy director of renewable energy (engineering) , senior deputy director of renewable energy (biomass) ) ; at the Ministry of immigration - immigration officer II - 200 posts; at the ministry of fisheries, chief fisheries officers – 142 posts, fisheries officers – 78 posts; and at the Ministry of medical services - Nursing officers III - 686 posts, clinical officers III – 548 posts, medical lab technologists – 124 posts and Pharmaceutical technologists III – 100 posts. The application process involves a mix of new and old technology – you can download the forms online but applications must be sent in by snail mail (post office) to the to the secretary PSC p o box 30095-00100 Nairobi by 13th October. Thereafter applicants can check the status of application by sending an SMS!

- Dyer & Blair: Database administrator, network specialist systems administrator. Apply through Manpower Associates by 26/9
- Econet wireless rolling out in Nairobi Mombasa Kisumu Eldoret (when?) is hiring head of field operations, field operations engineers, manager – RF optimization, RF Planning & optimization engineers, Manager base station sub systems, BSS engineers Regional managers – passive infrastructure . Apply to techrecruit@econet.co.ke by 29/9
- Equity Bank is hiring credit officers, and debt recovery officers
- Genghis capital: head of stockbroking, head or research securities dealers. Apply by 10/10 to the head of HR at 9959-00100 Nairobi
- Gulf African bank: Area sales manager, manager product development (housing) credit administration manager, head of audit - apply to recruitment@gulfafricanbank.com by 22/9
- HLB ashvir: audit seniors audit manager – apply to audit@hlbashvir.com by 20/9
- KCB branch managers, Business bankers- apply to recruitment@kcbco.ke by 28/9

Tuesday, July 29, 2008

Kutwa Tuesday: Equity Bank & Tiomin

recently in the media

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

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

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

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

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

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

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

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

Tuesday, July 22, 2008

Kutwa Tuesday: Reverse Safaricom IPO and other such tales

Safaricom needs a reverse stock split to get rid of their unhappy shareholders.
- Anyone who has less than 10,000 shares by December should be paid off by the Government or Vodafone at the IPO price of 5 shillings or market price, whichever is lower at the end of the year. Investors will not sell their shares at a loss and the least they can do is recoup their money from this mess (excluding their loans)

Kenol tweak: 36.67 million shares change hands worth 3.3 billion shillings on Friday. Meanwhile kenol/kobil stations have the most expensive fuel in Nairobi. Diesel has hit 101 shilling per litre ($1.55), while petrol is at 108, that’s about 6 shillings more than my station of choice.

Cola tweak: After enduring a difficult first quarter, coca cola is having a bit of a tumble in the second quarter due to to EABL’s Alvaro – at least in urban areas where it has become the non-alcoholic drink of choice for many previous soda (and juice) sippers. Coke has unleashed another multi-million shilling giveaway promotion to win back customers


alvaro cases at Nakumatt


Celtel tweak - More celtel confusion; The ink is not dry on posters for their newest promotion and already the terms have changed (for the better) [for customers to get free calls will now cost 65/= ($1) a day down from 99/=].

August will be a significant month for the mobile sector as Celtel switches to the Zain brand, Safaricom release their first quarterly results after the IPO, and Econet should finaly/hopefuly roll out operations.

Media tweaks: All journalists and correspondents practicing in Kenya must be registered with the Media Council of Kenya – and to do so they must each pay Kshs. 2,000, while foreign journalists will have to pay 10,000 ($154) per year [those on short term assignment of up to 3 months pay 5,000]. Amounts due by 30/9. Television radio and newspaper organizations also have to pay a quarterly fee depending on the number of media outlets

- Standard tweaks Two weeks after the launch of the new Standard, their strap line of the standard has changed;


new standard at launch



standard yesterday


Sunday Nation tweaks now has the best of best of Whispers - favorite columns of the late humorist Wahome Mutahi and some articles of the New York Times

From the blogs
- Pointer for Access Kenya shareholders to read
- There are only 60 lions (adult) in the Mara – but that's an improvement by 50% from year 2001
- How bad are things for those who took IPO loans for Safaricom? Ssembonge shows that small investors are hurting more than bigger borrowers.
- Cautionary tales on life insurance from Tujuane
- Peer pressure: tales of GDP growth of rates of 8% in Ghana and
21% in Angola
- Link to a puff piece in memory of the former finance minister
-US Airways to remove all in-seat movies from their planes, while Emirates is targeting to remove all paper (in-flight magazines and publications) to save a ton of weight on the new A380 (to compensate for a ton of water for showers in first class (from airliners.net)

Opportunities

African Banker Awards. deadline for nominations if 31 July in the following categories: African Banker of the Year, African Bank of the Year, African Investment Bank, Best Development Bank in Africa, African Microfinance Bank, Best Issuing House, Most Innovative Bank, Deal of the Year, Socially Responsible Bank of the Year, Best Global Bank in Africa, Award for Gender Sensitivity

Jobs
from the daily papers last week
- Aircraft Leasing Services: captains, first officers for Embarer 135. als@als.co.ke
- HR director at Housing Finance. Apply through deloitte esd@deloitte.co.ke by 1/8
- MD of KCB Rwanda. Apply to recruitement@kcb.co.ke by 8/8
- KPMG Uganda: Internal Audit Services manager, Senior Internal Auditor, Internal auditor, forensic auditors. Apply to talentrecruit@kpmg.co.ke by 1/8
- Corporate affairs manager of Nation media group.
- Independent sales agents at Standard Chartered Bank. Apply to Susan.Ombati@ke.standardchartered.com by 31/7

Others vacancies at Kencall, Kenya Airways, and Family Bank [Credit officer, Procurement Officer, Works Officer, Accountant, Accounts Assistant, Administrative Assistant, Assistant Manager, Audit Manager, Branch Accountant]

Beach plots too good to be true? Lots of land available in Mombasa for real estate investment from Datkit agents including 3 acres creek in new Nyali with 120m sea frontage, 1.3 acres over looking Nyali golf club, 5 acre lots in kikambala, 14 acre beach plot next to Neptune beach, 25 acre beach plot next to kaskazi hotel with 168m beach front, 1/3 acre residential plots in shanzu (2nd row from beach)

Thursday, July 10, 2008

Safaricom 7s

Safaricom IPO Day 24: Commentary - Strong market rebound. Someone is buying everything up below 7.00. We have based out. Deals 3,070 Turnover 305.67 million [$4.63 m] Average 6.94 High 7.00 Low 6.80 Last7.00 Volume 44 million shares Commentary and data from Rich.co.ke - NSE data vendor [with Free real time prices between 0930 -1500]

End of day : 64.65 million Shares, closing at 6.95 (up 2.2%)

Celtel Kenya gets a new CEO (7th?) [Rene Meza from Paraguay] as Celtel wins an award for best telecoms operator in Africa at the 2008 Business in Africa Awards held in London.

Rift Valley Railways gets two new shareholders [Prime Fuels and Mirambo Holdings]. Meanwhile both Kenya and Uganda governments are getting impatient and workers went on strike [they have now just got their June salaries]

The Vision 2030 Delivery Secretariat is seeking - director general, directors [social & political pillars, enablers & macro, economic pillar, and Strategy, marketing, empowerment and communication] chief officer [monitoring and evaluation] officer [project finance] project accountant, executive secretary. apply to psplanning@planning.go.ke by 31/7

Wednesday, July 09, 2008

Unilever Bails

Redux: Things I missed on Kutwa Tuesday

Business Daily: My favorite newspaper is cutting back on online content to charge subscribers $ 132 per year?

Unilever (UK) have applied to buy the under-valued shares from minority shareholders – and if they succeed they will de-list from the NSE. They are offering to buy shares at 62 shillings ($0.95) when they had previously traded at 45/=. Unilever owns 88.23% of the Kenyan subsidiary and need less than 2% to reach their target of 90% and are already within reach [shares from the NSSF or Jubilee and KCB pensions’ will tip them over]

Other exchange changeovers’ have taken places [Serena and CFC] but they companies have continued to trade at the NSE. The NSE / CMA are loath to lose companies, and with (now) 6 suspended companies, this will be interesting. Both Carbacid and BOC were knee-capped by the CMA and their shareholders missed out on the NSE bull run over the last three years [both shares have been suspended since December 2005!]

Streak over briefly: Safaricom has dominated the market since the day it was listed, but yesterday was the first day that another company’s’ shares were traded more than Safaricom since June 9th [KCB had 45.7 million rights traded at ~Kshs. 5 as the Government’s 51 million rights which it forfeited were snapped up by other investors]

Results of the Housing Finance rights issue were released showing that it was fully subscribed [raising Kshs. 2.37 billion], though not wildly over-subscribed (3%?). Either the offer, was not enticing, or people have gotten smart enough not to pay for more than they know they will get (80% of those who applied paid for only what they were allocated, 23% applied for more), those who over will get 74% of extras shares, while Equity and Britak will gets 100% of what they applied for [as the Government and NSSF did not take part]). The big winner are transaction advisers First Africa Capital who are set to bag about Kshs. 31 million [$476,000] from the rights issue

Interest rates have quietly crept up in 2008. The Barclays Bond which closed today had rates of 11.5% for investors as do standard chartered fixed deposits as new loans from Barclays and Equity have crossed upwards of the 20%.

Jobs
most from the daily papers this week

Akili Africa: entry level programmers, ERP implementation consultants, customer relationship manager. d/l is 21/7

Capital Markets Authority: ICT manager, assistant managers [research & product development, policy analysis & planning, procurement & logistics, finance, investigations, ICT, human resources] officers [senior compliance, investigations, senior investigations, customer service, senior policy analysis & planning, legal enforcement, legal framework, policy analysis & planning] analysts [senior financial, financial, stores] d/l is 25/7 by snail mail 74800-00200 to the Acting CEO

CEO of the Constituencies development fund : apply by 31/7 using snail mail

EABL: sales director apply to hr.recruitment@eabl.com

Pilots at Kenya Airways

Management trainees at KCB. D/l is 16/7

Nairobi Stock Exchange: surveillance officer (detect illegal behavior/trades) . apply to recruitment@nse.co.ke by 18/7

Sameer Africa: head of procurement, planning, logistics, ERP administrator, network & systems administrator hr@sameerafrica.com by 21/7

MY gOVErNment
a bit of wishful political - mini-reshuffle
Ministry of Roads: John Michuki
Ministry of Finance: Peter Kenneth
Ministry of Environment: Amos Kimunya
Assistant Minister Home Affairs: Chirau Mwakwere
Minister for Transport: Franklin Bett

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