GoK is a 23% shareholder in KQ & has a board seat (according to the Information Memorandum)
This begs the question... Why would GoK use Standard Investment Bank to apply for the Rights (for which KQ has to pay 1.5% approx KES 70mn) when it is allowed to directly submit its application to KQ?
http://www.businessdailyafrica.com/Brokers+protest+over+Sh70m+KQ+rights+contract/-/539552/1393156/-/tnhkfyz/-/index.html
Click the link above for the Business Daily Africa story.
Stockbrokers have protested over the award of a Sh70 million deal to buy Kenya Airways (KQ) rights shares on behalf of the Treasury to a single investment bank, arguing that the contract should have been tendered through competitive bidding.
The Kenya Association of Stockbrokers and Investment Banks (Kasib) has written to the investment secretary Esther Koimett, complaining that the picking of an intermediary to buy the national carrier’s rights on behalf of the Treasury was shrouded in secrecy.
The Treasury owns 23 per cent of KQ shares, and the uptake of its full rights is expected to cost Sh70 million in brokerage commissions.
The KES 70mn saved could have been used to buy equipment, hire new staff as well as put a down-payment for an Embraer.
Furthermore, what about KLM's shares? [Also on the Board] = KES 75mn in commissions
What about IFC's shares? [The deal was negotiated by KQ's senior management] KES 30mn in commissions
KQ's shareholders should be outraged! Adding salt to the wound when the Rights Shares are being sold to IFC among other non-Shareholders at a 72% discount to NAV/Share (KES 50 per the last audited results)
13 comments:
Wonder who advised IFC that they needed to buy only 2.5 mn rights in order to apply for 143 mn shares? If it was KQ management, then they have really shafted shareholders who were trying to sell the rights!!!
Seems that IFC, KQ management and advisors have full confidence that the Rights issue will be massively under-subscribed. Thst will enable IFC to get 143 million shares by buying only 2.5 million rights!
This is absurd!! GoK needs to get serious..
True! Those who will suffer will the existing shareholders.
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