Redux: Things I missed on Kutwa TuesdayBusiness 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%.
Jobsmost from the daily papers this weekAkili 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 AirwaysManagement 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 gOVErNmenta bit of wishful political - mini-reshuffleMinistry 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
