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Sunday, April 20, 2008

Safaricom IPO(OFS) gets murky.

It seems there are 2 sets of rules in Kenya. One for the politically connected & then the other...

I am pissed that 35% of shares were 'reserved' for foreigners. This has denied "Wanjiku" who contributed mightily to SafCon's huge profits shares while giving them to foreigners - chosen by morgan stanley - who may have vested interests with the government folks. The foreigners get MORE shares than "Wanjiku". The Retail Pool includes ALL East Africans.

Here is another stinker. dyer & blair which does NOT fully comply with the CMA rules is allowed to buy as a QII but other investment banks are not. Of course, we know jimnah mbaru is close to the government.

Is the CMA merely incompetent or is it playing favourites by issuing a 'clarification' 3 days prior to the close of the Safacon IPO?

Yes, Kenya is back to normal.

3 comments:

Odegle said...

you sound surprised on the d&B issue ...

coldtusker said...

Not surprised that it happened but not in the brazen manner all this is happening...

bankelele said...

D&B bid 0.05 shillings to win the Safaricom job - they have to make their money back somehow.

I-banks have been offering high net worth clients preferential allocations