Blog Archive

Monday, August 14, 2006

Private Firms going Public ? - The Contenders

Thanks to Gathinga for the idea behind this entry...

Let's put aside the goverment divestitures & move to the real driver behind the economy, the Private Sector. As seen with the recent ultra-successful ScanGroup IPO that the principals behind many Private Firms see the NSE as a way to "exit" or "cash in" their success.

The rumour mill has been active over the past 2 years about new listings from the Private Sector since the Bull Run started.

Let's examine some of these - Please send me more info to expand on the different firms.

CAUTION: These are NOT all facts but rumours.... nevertheless, where there is smoke, there may be fire!

Orion EA
  • Chemicals especially active in the agricultural sector
Triple A Capital
  • The firm has been adversely mentioned in the Kenya Ports Authority saga where it acted as the middleman for a loan.
Adopt-A-Light
  • Esther Passaris owned/controlled.
  • It is the largest outdoor advertising firm in Kenya & is instrumental in placing road name signs all over Nairobi.
  • Rumoured to be in a deal that would make it a subsidiary of ScanGroup.
Sadolin Paints
  • Owned by the Alibhai Shariff group
Co-operative Bank
  • Currently owned by co-operatives
  • Profitable
  • Has a wide reach & good name amongst the rural folk
  • Non-performing loans could be a major problem
Eveready
  • Merali controlled
  • Perrenial contender but facing declining sales & profits due to competition
Chandaria Firms (Comcraft Group - over 200 firms across the globe)
  • Family controlled with various members in key management positions across the globe. A true Kenyan multinational.
  • Kenya - includes Mabati Rolling Mills Ltd, Galsheet Kenya Ltd, Booth ManufactAfrica Ltd, and Kaluworks Ltd.
  • Uganda - Uganda Baati Ltd
  • Tanzania - Aluminium Africa Ltd, Metal Products Ltd and Tanzania Chesemen Ltd
  • Other firms include Galsheet, InSteel, Signode, etc
  • It has subsidiaries in Jamaica, Canada & UK.
  • Unlikely to go public unless they need to coz its easier for them to run a closely held empire. In addition, funds are easy to come by with the Bonds on the NSE & a close relationship with international financiers.
Commercial Bank of Africa
  • Supposedly controlled by the Kenyatta & Merali families
  • A strong performer in the sector that caters to mid-sized businesses
  • High profile CEO - Isaac Awuondo
Bidco
  • It wants to become a pan-african player in the cooking oils & fats industry
  • Does it need cash from a IPO? I doubt since they have international sources for the funds e.g. IFC, World Bank, etc
  • Facing trouble in Tanzania since it is viewed as a "Kenyan" firm rather than an E.African firm
Sarova
  • It has an impressive portfolio of hotels
  • The recent unfortunate death of the CEO on an Ethiopian trip to look for potential investments will slow the process.
  • Perhaps Sarova can draw on the success of TPSEA as a public company to list

30 comments:

Anonymous said...

they better make it quick b4 kenyans rub out of cash

Anonymous said...

why do you and bankelele think that you can figure out what companies are doing and how this will or will not affect the share price?

it's a losing battle.

bankelele said...

Banks
- CBA
- Co-op

Industires
- Bidco (who would benefit by beign a public compoany in their tariff wars around Africa)
- Kaluworks

Comms
- Safaricom
- Celtel

Anonymous: am happy to win a little in the this "losing battle".

pesa tu said...

Am sure Coop bank will do an IPO soon.
BIDCO -nope they dont need the cash.

Anonymous: u probably have enough experience in the mkt. to know prices only go up. you have never seen them go down.

Anonymous said...

whatabout sarova and suntra

coldtusker said...

I will update the list based on the suggestions/comments. Thank you. Please send me blurbs of what should be included.

@anon - I do not understand your question BUT the more I know the better to make an INFORMED decision.

I believe fundamentals outweigh speculation in the LONG RUN.

I didn't advise buying Equity coz the intial trading price of 160/- was too high. I expect it to drop towards 100/- during the Xmas season.

Anonymous said...

i thonk listing is going top become a type of plotical insurance - like the way KA is listed in east africa. i see bidco going the same way.

gathinga said...

anon: your comments are a little harsh. this is a discussion forum where all share views. no one drives views doen throats!!

back to the issues
coop
must be coming soon. already a broker has been advising them on the ipo. see the website of dyer blair.

everready
am told its next immediately after scangroup. apparently, cma has approved and is just a metter of nse logistics

sarova
am sure they would have submited their aplication to cma had it not been for the untimely death of sandy vohra, which has led them to 'rethink'

sadolin
looks like they though otherwise

rest
no idea

mwasjd said...

how come you haven't mentioned nse, they want to list. Returns of 20%+ a year, plus current boom, could be quite profitable.

Safcom won't list, Vodafone doesn't like joint ventures anyway so any opp to buy shares will be taken up by them. Trust me on this (insider)

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