Blog Archive

Friday, September 14, 2007

Olympia Holdings (almost) home & dry...

(Updated blog post with the latest trade information)

Olympia Holdings Capital Limited's CEO, Michael Matu, indicated in an interview that he is confident the Rights Offer will be fully (100%) subscribed. There have been substantial trades of OCHL Rights on the NSE over the past week accounting for almost 30% of the total available Rights.

10 Sep - 272,200
11 Sep - 5,170,200
12 Sep - 329,000
13 Sep - 3,035,694
14 Sep - 3,655,040

The above totals 12.5mn Rights which equals 42% of the total Rights made available to the market. Add the sales in the first week & it exceeds 45% of the Rights available. The assumption is that the buyers of Rights will exercise them since they would not buy them otherwise! There may be a few "traders" but I do not believe the numbers are insignificant.

The price of OCHL shares has stabilised at 16/- but the immediate future depends on the 1H 2007 results. The price could rise IF the results are better than expected. OCHL had made a small loss through 30 April 2007 (4 months of trading) since there were costs related to the acquisition of Plush-Yokota. Details of the additional expenses/losses were not provided in the Information Memorandum.

Olympia rights issue to be fully subscribed


Story by WACHIRA KANG’ARU
Publication Date: 9/14/2007

Olympia Capital, a Nairobi Stock Exchange listed company, says it expects a full uptake of the additional shares it is selling in the market by the close of today.

It is seeking to raise Sh420 million through a sale of rights to its shareholders at a price of Sh14 for 30 million shares.

The news came with an announcement that the holding company has increased its investment in the Botswana subsidiary by a further Sh82 million, as it seek to take full control.

“We have just purchased seven million shares in Olympia Botswana, which makes us now a 49.5 per cent shareholder,” Olympia Capital chief executive officer, Michael Matu revealed in an online interview. “We will buy another one per cent in the market to give us control.”

Olympia recently acquired a South African firm, Plush (Property) Limited through its Botswana subsidiary. It also owns Dunlop Industries a manufacturer of plastic tiles in Nairobi, and Kalahari Floor Tiles and Gaborone Enterprise in Botswana. The seven million shares were brought at 1.10 pula (Botswana’s currency) per share, which translates to around Sh11.70 per share.

Acquisition of full control in the Botswana subsidiary is one of the reasons the company is seeking funds through the rights issue.

Olympia is confident that all the 30 million rights will be taken up by close of their last day of trading today.

High demand

“I am confident that it will be 100 per cent taken up,” said Mr Matu, citing indications from the major shareholders was that they would take up their rights in full.

He also noted that demand for the rights is high among other investors, creating a market for those not taken up by their owners.

“We have a situation where there are not enough rights in the market, I have been receiving calls for up to six million rights, but we have no sellers,” he added.

Apart from raising the additional capital, the issue is expected to expand the company’s shareholder base from the current 1,200 members.

37 comments:

Ssembonge said...

CT, I have to give it up to you for trumpeting OH. Watu Wamae & Co should cut you a check. That said, I'm still in the dark about what the company does, not that I want to know.

coldtusker said...

*wink* It was in cash *wink*
LOL...

When DTBK comes on the market I shall see what they have to offer!

There are some firms I feel can do better... I have my eyes on another firm... whose AGM I might attend to ask interesting questions! *grin* and get myself another cheque *grin*

coldtusker said...

ssembonge: Nice post on the chappatis/parathas... Made me HUNGRY!

Considering the ease with which these can be "cooked" they are great! Especially when you have guests & need to prepare something in a jiffy.

BTW, when you (re)visit Kenya there is a Tanzanian brand called "Azam" whose products include frozen "parathas". A pack of 5 costs 60/-.

Dexter said...

CT, if you had DTBK shares, would u sell now and buy again during the Rights issue? Say you bought them at ksh76 a while back and they have been trading lately between ksh98-ksh105. Your take pls.

coldtusker said...

Dexter - If you sell them you will sell them cr (cum rights). I would hold on the shares wll they go xr(ex-rights).

You may get a lower price than 100/- but you can exercise the Rights as well.

Dexter said...

Thanks CT.

Dexter said...

Sorry CT for being a pain. One more question, there's somewhere on OCHL website which says that, the 28th of Sept. '07 at 3.00pm is the last day and time for acceptance and payment of new shares. What does this mean?

coldtusker said...

Dexter: Ask away!

I will post it as a blog entry coz it may be useful to others as well.

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