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 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.