COLDTUSKER needs a break. A long break. On 23 Sep 2007, coldtusker shall hibernate for a few weeks.
Please feel free to post questions/comments since there may be periods where coldtusker needs a cold one & shall break his (temporary) vow of silence.
Coldtusker has played with the idea of entering politics because he is tired of most Kenyan politicians who tend to be greedy, silly, thieving, conniving, sniveling, etc.
He thought he would be a breath of fresh air but like many of this ilk, he is pragmatic, & feels better suited to work behind the scenes. Since politics in Kenya is based on tribal lines & Kenyan voters have not matured enough to place "Nation" & "Merit" over tribe, Kenyans will continue getting the get the government we deserve.
I hope my vote counts toward the good guys.
Cheers!
Sunday, September 23, 2007
Tuesday, September 18, 2007
More Corruption?
Sometimes the unlikeliest sources uncover corruption!
Business Daily ran a story about the GOK moving towards issuing new driving licenses. I always wondered why GOK sticks with the old "booklet" system!
Now I know why!
The new cards are expected to save the State at least Sh100 per driver that is spent on printing of paper renewals every year. Philip Langat, a deputy secretary in the Ministry of Transport, says it costs Sh500 to produce one of the red booklets.
Yikes! We have thick textbooks that cost less to produce! We have micro-processors that cost less! We can buy SIM cards for less! We can buy 256 KB flash disks for less!
Or is someone skimming off the top?
Rights Issues - For Non-Shareholders
OCHL RIGHTS ISSUE: PURCHASE OF RENOUNCED RIGHTS BY NON-SHAREHOLDERS
The potential investors who are currently not shareholders will have to buy the renounced Rights from the Secondary Market. Please note this ended on 14 Sep 2007.
The following sums up the general process flow:
1. Non-shareholders should approach their Agents and, if they are first time investors, they will be requested to open CDS Accounts as per normal procedures; Completed
2. The investors may then order and buy the Rights from the secondary market; Completed
3. The new investors will then raise payment for the Rights through their Agents; Payments due by 28 Sep 2007.
4. The Agents will deliver full details of the sellers and buyers as well as the payment for the Rights to KCB. The details so submitted should be in the form of schedules disclosing the following;
a. Full Names;
b. National ID or Passport Number;
c. Full Contact Details;
d. Number of Rights transacted;
e. Payment made/due; and (in respect to the seller);
f. The shareholder’s member number;
5. KCB will observe all the banking and batching procedures before delivery to CRS;
6. CRS will debit the seller’s (existing shareholder’s) account as well as create and credit the new investor’s account with the transacted Rights.
If you are still unsure, please contact Rina Karina of Faida Securities.
The potential investors who are currently not shareholders will have to buy the renounced Rights from the Secondary Market. Please note this ended on 14 Sep 2007.
The following sums up the general process flow:
1. Non-shareholders should approach their Agents and, if they are first time investors, they will be requested to open CDS Accounts as per normal procedures; Completed
2. The investors may then order and buy the Rights from the secondary market; Completed
3. The new investors will then raise payment for the Rights through their Agents; Payments due by 28 Sep 2007.
4. The Agents will deliver full details of the sellers and buyers as well as the payment for the Rights to KCB. The details so submitted should be in the form of schedules disclosing the following;
a. Full Names;
b. National ID or Passport Number;
c. Full Contact Details;
d. Number of Rights transacted;
e. Payment made/due; and (in respect to the seller);
f. The shareholder’s member number;
5. KCB will observe all the banking and batching procedures before delivery to CRS;
6. CRS will debit the seller’s (existing shareholder’s) account as well as create and credit the new investor’s account with the transacted Rights.
If you are still unsure, please contact Rina Karina of Faida Securities.
Monday, September 17, 2007
Rights Offers - How they work
What the Rights process involves for investors
1 - Board decides/agrees the Firm wants to raise cash. They could take on debt but that might not be possible or desirable so they choose to issue Rights which allows existing shareholders to apply for additional shares at a (normally) discount to the market price. Most Rights are exercised for cash or cash equivalents.
Uchumi suppliers could apply their outstanding invoices to exercise the Rights instead of cash. This is a "cash equivalent".
2 - An announcement that the Firm plans to issue Rights is made but details are not always released. Some firms may indicate how many Rights they plan to offer at this stage.
3 - An application is made to the CMA. The application also includes a pro-forma Information Memorandum. Many firms announce the number of shares they plan to issue/offer. Some may announce/set the price at this stage as well.
4 - Firms announce the price for the Rights. This information is also submitted to the CMA. The price is often based on past trading of the shares. It may be 3-6 months' average price. The process is dynamic i.e. steps 2 & 3 may run concurrently. NIC has announced the price of 70/- but have not issued a timetable.
5- If the CMA approves the Rights Offer, a timetable is published that informs the investing public of the crtitical dates.
6 - An Information Memorandum is produced which has to be approved by the CMA. This is distributed to the shareholders who also receive their Provisional Letter of Allotment (PAL). The CMA does not "guarantee" the Rights Offer nor do they perform an in-depth due diligence.
The CMA was unfairly blamed for Uchumi being allowed to raise cash from the public but unless there was fraud - the bulk of which happened before the Rights - it is the Buyers who need to be aware of what they are/were buying.
7 - The shares officially trade Cum Rights. Buyers of these shares are entitled to the Rights issued through a PAL. DTBK & NIC are in this stage of the process.
8 - The Rights start trading on the NSE for a pre-determined period. The shares trade Ex-Rights. The OCHL Rights traded for 2 weeks from 3-14 Sep 2007.
9 - After the Rights cease trading there is a "break" to allow reconciliation of the Rights so the buyers are assigned the Rights from the sellers.
10 - The Rights need to be exercised i.e. payment for the shares needs to be made. The Rights lose all value if not exercised. OCHL's rights "expire" at 3 PM on 28 Sep 2007 .
11 - The payments are made through a broker or directly to the Receiving Bank using a Banker's cheque. The cheque should be for the exact amount (Rights' Exercise Price x Number of Rights) and the PALs usually have the amount payable filled in. Because of the time limit, do not delay & since most Offers close on Fridays, play safe and do it early.
I prefer submitting the form directly to the Registrar or Receiving Bank who will check for errors on the form. They will only accept a Banker's cheque.
An additional benefit accrues, there is no commission payable to the broker by the Firm. The Firm is YOUR Firm so any expenses paid by the Firm are paid by you, the investor.
Always insist on a receipt from the Registrar, Bank or Broker. OCHL's Registrar is CRS located in Bruce House. KCB's shares office is located in Kencom House.
If your broker does not know what they are doing, go see Faida, Standard or Tsavo who were involved in the Offer as advisers.
12 - The Rights + Payments are "converted" into shares. The shares are credited to those who exercise the Rights. An announcement is made regarding the level of subscription. If over-subscribed then the allocation methodology is announced. Unlike an IPO or OFS, buyers are guaranteed as many shares as the Rights they exercised.
13 - Refunds, if any, are dispatched. The CDS accounts are updated while others may receive certificates.
14 - There is a pre-determined date when the "new" shares can begin trading. The original shares can continue trading throughout this process.
1 - Board decides/agrees the Firm wants to raise cash. They could take on debt but that might not be possible or desirable so they choose to issue Rights which allows existing shareholders to apply for additional shares at a (normally) discount to the market price. Most Rights are exercised for cash or cash equivalents.
Uchumi suppliers could apply their outstanding invoices to exercise the Rights instead of cash. This is a "cash equivalent".
2 - An announcement that the Firm plans to issue Rights is made but details are not always released. Some firms may indicate how many Rights they plan to offer at this stage.
3 - An application is made to the CMA. The application also includes a pro-forma Information Memorandum. Many firms announce the number of shares they plan to issue/offer. Some may announce/set the price at this stage as well.
4 - Firms announce the price for the Rights. This information is also submitted to the CMA. The price is often based on past trading of the shares. It may be 3-6 months' average price. The process is dynamic i.e. steps 2 & 3 may run concurrently. NIC has announced the price of 70/- but have not issued a timetable.
5- If the CMA approves the Rights Offer, a timetable is published that informs the investing public of the crtitical dates.
6 - An Information Memorandum is produced which has to be approved by the CMA. This is distributed to the shareholders who also receive their Provisional Letter of Allotment (PAL). The CMA does not "guarantee" the Rights Offer nor do they perform an in-depth due diligence.
The CMA was unfairly blamed for Uchumi being allowed to raise cash from the public but unless there was fraud - the bulk of which happened before the Rights - it is the Buyers who need to be aware of what they are/were buying.
7 - The shares officially trade Cum Rights. Buyers of these shares are entitled to the Rights issued through a PAL. DTBK & NIC are in this stage of the process.
8 - The Rights start trading on the NSE for a pre-determined period. The shares trade Ex-Rights. The OCHL Rights traded for 2 weeks from 3-14 Sep 2007.
9 - After the Rights cease trading there is a "break" to allow reconciliation of the Rights so the buyers are assigned the Rights from the sellers.
10 - The Rights need to be exercised i.e. payment for the shares needs to be made. The Rights lose all value if not exercised. OCHL's rights "expire" at 3 PM on 28 Sep 2007 .
11 - The payments are made through a broker or directly to the Receiving Bank using a Banker's cheque. The cheque should be for the exact amount (Rights' Exercise Price x Number of Rights) and the PALs usually have the amount payable filled in. Because of the time limit, do not delay & since most Offers close on Fridays, play safe and do it early.
I prefer submitting the form directly to the Registrar or Receiving Bank who will check for errors on the form. They will only accept a Banker's cheque.
An additional benefit accrues, there is no commission payable to the broker by the Firm. The Firm is YOUR Firm so any expenses paid by the Firm are paid by you, the investor.
Always insist on a receipt from the Registrar, Bank or Broker. OCHL's Registrar is CRS located in Bruce House. KCB's shares office is located in Kencom House.
If your broker does not know what they are doing, go see Faida, Standard or Tsavo who were involved in the Offer as advisers.
12 - The Rights + Payments are "converted" into shares. The shares are credited to those who exercise the Rights. An announcement is made regarding the level of subscription. If over-subscribed then the allocation methodology is announced. Unlike an IPO or OFS, buyers are guaranteed as many shares as the Rights they exercised.
13 - Refunds, if any, are dispatched. The CDS accounts are updated while others may receive certificates.
14 - There is a pre-determined date when the "new" shares can begin trading. The original shares can continue trading throughout this process.
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 | ||
| ||
Wednesday, September 12, 2007
The Nairobi Stock ATM... Olympia, Diamond Trust & NIC
The Olympia Capital Holdings Rights Offer comes to a "close" on Friday (14 Sep 2007). The Rights will stop trading on Friday but the exercise date is 28 Sep 2007 giving buyers 2 weeks to get their finances in order. They will raise KShs 420mn.
Barely after the close of the Olympia Rights Offer then Diamond Trust Rights Offer will start soon after the EGM on 1 Oct 2007. They will sell 23,291,015 shares at a yet undetermined price. As happened with the earlier Rights Offer in 2007, it is expected the Offer will be oversubscribed as well.
Then there is NIC Bank which plans to sell 16.5 million shares at KShs 70 = KShs 1,155mn. From the excitement shown for the shares on the market (selling at 175/-) it is likely the Offer will be heavily oversubscribed.
Barclays Bank announced a KShs 3bn bond offer today.
So all in all... the NSE cash ATM continues unabated whether it is an election year or not!
Barely after the close of the Olympia Rights Offer then Diamond Trust Rights Offer will start soon after the EGM on 1 Oct 2007. They will sell 23,291,015 shares at a yet undetermined price. As happened with the earlier Rights Offer in 2007, it is expected the Offer will be oversubscribed as well.
Then there is NIC Bank which plans to sell 16.5 million shares at KShs 70 = KShs 1,155mn. From the excitement shown for the shares on the market (selling at 175/-) it is likely the Offer will be heavily oversubscribed.
Barclays Bank announced a KShs 3bn bond offer today.
So all in all... the NSE cash ATM continues unabated whether it is an election year or not!
Tuesday, September 11, 2007
Olympia Rights in major trade
Olympia Capital Holdings has a Rights Offer pending. The final date for trading the Rights is 14 Sep 2007. The final payment date is 28 Sep 2007.
The current outstanding shares are 10,000,000 with 30,000,000 Rights on offer.
The regular shares trade volume is relatively low (see MyStocks for graphing) and if they trade 5,000 shares, it is considered a huge deal!
Therefore the total Rights traded today were 5,170,200 (yes, over 5mn)... Wow! That is 17% of all outstanding Rights on offer.
Generally when someone buys Rights, it means that they will be exercised. In comparison only 3,300 shares were traded at 16/- so there seems to be a bottom reached.
There are 3 more trading days for the Rights so let's see how this develops.
The current outstanding shares are 10,000,000 with 30,000,000 Rights on offer.
The regular shares trade volume is relatively low (see MyStocks for graphing) and if they trade 5,000 shares, it is considered a huge deal!
Therefore the total Rights traded today were 5,170,200 (yes, over 5mn)... Wow! That is 17% of all outstanding Rights on offer.
Generally when someone buys Rights, it means that they will be exercised. In comparison only 3,300 shares were traded at 16/- so there seems to be a bottom reached.
There are 3 more trading days for the Rights so let's see how this develops.
My Stocks
The tools offered by mystocks keep on improving. I am surprised the site is still free for users. I would recommend using it while it is free!
The tools include:
- Portfolio Tracker
- Stocks Drill (basic for now)
- Graphing & comparison capabilities (including accounting for bonuses & splits)
I have some issue with the way the details on the live feed are displayed but I understand they are working on it. I like seeing "depth" on the trades.
There is a "mystocks+" that is geared towards corporate users.
Kudos to the enterprising Kenyan(s).
The tools include:
- Portfolio Tracker
- Stocks Drill (basic for now)
- Graphing & comparison capabilities (including accounting for bonuses & splits)
I have some issue with the way the details on the live feed are displayed but I understand they are working on it. I like seeing "depth" on the trades.
There is a "mystocks+" that is geared towards corporate users.
Kudos to the enterprising Kenyan(s).
Monday, September 10, 2007
Rwanda - The Switzerland of Africa?
| The Rwandese take development seriously. They have made substantial progress in the past 13 years after the country's economy was almost decimated by the carnage/genocide perpetrated by the the likes of felicien kabuga (apparently hiding in Kenya under the protection of some folks in the Kenyan government) and his ilk. Kigali city goes into modern housing bid |  |  |
| Monday, 10 September 2007 | |
| By Bosco Hitimana KIGALI, RWANDA – The Kigali City Council is seeking investors to change the face of the city through modern housing schemes. If achieved, this is hoped to melt away slums and associated problems. About 75% of households in Kigali city live in unplanned plots, according to the Mayor of Kigali city Ms. Aisa Kirabo Kacyira. Addressing journalists at a press conference recently, Kacyira said due to a poor and disorganized housing system in the city, last year 31 people perished in incidents related to poorly built structures. Kigali city covers 730 square kilometres and accommodates 900,000 people. She said that some of the households in slums will be expropriated in favour of modern constructed houses, which will be developed according to the master plan of the city. “The slums will be developed into a modern housing system as proposed by the Kigali city master plan,” the mayor told the media. Kirabo, who is optimistic of transforming the nation's capital into an organized and healthy place to live, said Kigali city has partnered with the Social Security Fund of Rwanda (SSFR) and Rwanda Housing Bank (RHB) to construct 250 medium houses at Batsinda site in Kigali where some of the 250 selected and expropriated households will be re-located.
According to the Kigali City master plan, Batsinda houses will be given to 250 homes that have been part of the slums of Ubumwe cell in Muhima sector, Nyarugenge district in Kigali city. The remaining will be sold to other households with similar slum related housing problems. Ubumwe cell and the area around it in lower Kiyovu will be given to SSFR to develop into a modern residential area. It is expected that biogas plants will be established for the households and four house units will share one plant. Each plant is expected to yield 1,500 cubic litres of a gas per day. |
Friday, September 07, 2007
VWAP (on the NSE pricelist) - Please help me!
I had posted this earlier... I have not received a satisfactory answer, yet.
Please help!
VWAP (Click on the link)
Please help!
VWAP (Click on the link)
Thursday, September 06, 2007
Olympia Capital Holdings Rights Offer - Queries Part 1
Since I posted the earlier blog entry, I have been approached by various readers to explain more about OCHL & its Rights Offer. Due to time constraints, I will address 1-2 issues/topics/questions at a time. Leave the questions in the comments section rather than e-mailing them to me so others may answer/comment on your queries.
The information below is derived from the Information Memorandum. Please download the IM & read it for additional details/information. This is a document the CMA requires firms to produce & should be read by any investor who wants to participate in OCHL's Rights Offer. My comments are in RED.
PURPOSE OF THE RIGHTS ISSUE
The purpose of the Rights Issue is to raise long term funds totaling to an amount of Kshs. 420,000,000 for the following:-
1.To increase OCHL shareholding in OCCL, an associate company listed on the Botswana Stock Exchange.
OCHL used to own 53% of OCCL(Botswana) until April 2007 when OCHL did not participate in OCCL(B)'s Rights Offer. This reduced the ownership to 26%. The reason for the non-participation was the unavailability of funds to buy OCC(B) Rights. OCHL wants to buy 27% of OCCL(B) to equal a shareholding of 50%+ of OCC(B) in order to consolidate the financials.
ii. To fund potential business acquisitions in Kenya. OCHL is already in preliminary discussions with two Kenyan manufacturing companies. This is a strategic move that is going to bring a strong presence of the company in the local manufacturing market to compliment that of local subsidiary.
It should be complement (not compliment) but that aside, OCHL is looking at expanding its footprint in Kenya but acquiring firms in the building industry. Most Kenyan firms in this sector are importers not manufacturers.
OCHL will also undertake marketing of 'Window Accessories" (products of Plush-Yokota) in Kenya through Dunlop Industries Limited.
iii. To fund acquisitions and mergers in South Africa, where the current value chain in the retail housing sector is not complete and the company is forced to partner with others in order to market and sell its products. Therefore to reduce the cost of business and increase trading margins, the company is looking to acquire/merge with companies that can complement the current businesses in both Botswana and South Africa.
OCHL's management has consistently declared their preference for the S.African market which is much larger than Kenya's market. S.Africa & Botswana are part of SADDC that allows for preferential treatment of goods & services within SADDC.
OCC(B)'s involvement is through a PVC tile manufacturing plant (Kalahari Floor Tiles) & window accessories manufacturing & sales (Plush-Yokota). These firms also have "side" businesses including chemicals, uPVC windows & shower doors.
Expansion is likely to be in similar industries i.e home improvement & building materials.
The information below is derived from the Information Memorandum. Please download the IM & read it for additional details/information. This is a document the CMA requires firms to produce & should be read by any investor who wants to participate in OCHL's Rights Offer. My comments are in RED.
PURPOSE OF THE RIGHTS ISSUE
The purpose of the Rights Issue is to raise long term funds totaling to an amount of Kshs. 420,000,000 for the following:-
1.To increase OCHL shareholding in OCCL, an associate company listed on the Botswana Stock Exchange.
OCHL used to own 53% of OCCL(Botswana) until April 2007 when OCHL did not participate in OCCL(B)'s Rights Offer. This reduced the ownership to 26%. The reason for the non-participation was the unavailability of funds to buy OCC(B) Rights. OCHL wants to buy 27% of OCCL(B) to equal a shareholding of 50%+ of OCC(B) in order to consolidate the financials.
ii. To fund potential business acquisitions in Kenya. OCHL is already in preliminary discussions with two Kenyan manufacturing companies. This is a strategic move that is going to bring a strong presence of the company in the local manufacturing market to compliment that of local subsidiary.
It should be complement (not compliment) but that aside, OCHL is looking at expanding its footprint in Kenya but acquiring firms in the building industry. Most Kenyan firms in this sector are importers not manufacturers.
OCHL will also undertake marketing of 'Window Accessories" (products of Plush-Yokota) in Kenya through Dunlop Industries Limited.
iii. To fund acquisitions and mergers in South Africa, where the current value chain in the retail housing sector is not complete and the company is forced to partner with others in order to market and sell its products. Therefore to reduce the cost of business and increase trading margins, the company is looking to acquire/merge with companies that can complement the current businesses in both Botswana and South Africa.
OCHL's management has consistently declared their preference for the S.African market which is much larger than Kenya's market. S.Africa & Botswana are part of SADDC that allows for preferential treatment of goods & services within SADDC.
OCC(B)'s involvement is through a PVC tile manufacturing plant (Kalahari Floor Tiles) & window accessories manufacturing & sales (Plush-Yokota). These firms also have "side" businesses including chemicals, uPVC windows & shower doors.
Expansion is likely to be in similar industries i.e home improvement & building materials.
Tuesday, September 04, 2007
Olympia Capital Holdings - Rights Offer
Olympia Capital Holdings Ltd launched their Rights Offer on 3 September 2007. The following link is courtesy of www.mystocks.co.ke
First a plug for MyStocks (no, they do not pay me...)
www.mystocks.co.ke
They have the BEST site out there if you are looking for information & tools on Kenyan stocks. I have used stockskenya, hisanet, etc but mystocks has information & tools I have not found elsewhere.
Mystocks has a relationship with mediacorp who supplied free access to the live stream. I think the "free" days are coming to an end soon. Apparently, the NSE charges the data vendors $2,500/month & it will rise to $5,000/month from 1 Jan 2008.
Anyway, try out the graphing tools which also account for splits & bonuses.
Olympia Capital Holdings Ltd website
Olympia Capital Holdings Limited Memorandum of Information for the Rights Offer in 2007
Basic Info on OCHL:
Actually their website and memorandum has far more details than what I can reproduce here.
First a plug for MyStocks (no, they do not pay me...)
www.mystocks.co.ke
They have the BEST site out there if you are looking for information & tools on Kenyan stocks. I have used stockskenya, hisanet, etc but mystocks has information & tools I have not found elsewhere.
Mystocks has a relationship with mediacorp who supplied free access to the live stream. I think the "free" days are coming to an end soon. Apparently, the NSE charges the data vendors $2,500/month & it will rise to $5,000/month from 1 Jan 2008.
Anyway, try out the graphing tools which also account for splits & bonuses.
Olympia Capital Holdings Ltd website
Olympia Capital Holdings Limited Memorandum of Information for the Rights Offer in 2007
Basic Info on OCHL:
- Rights Offer of 30mn shares at 14/- each = KShs 420mn
- Owns 26% of Olympia Capital (Botswana)
- OCC(B) owns 76% of Plush-Yokota (S.Africa)
- Year-end is 28 Feb 2008
Actually their website and memorandum has far more details than what I can reproduce here.
Monday, September 03, 2007
Why are we afraid of Egypt?
Egypt has denied us (E.Africans) the use of water from Lake Victoria for decades.
Egypt builds a huge dam (which allows for loss of water by evaporation) but denies dams around rivers feeding Lake Victoria.
Egypt - mainly a desert country - has a jungle infantry battalion.
Egypt has "cheap" electricity & water by denying us the right to build hydroelectric dams & power plants. Uganda is allowed a dam because the water feeds the Nile.
Using COMESA, Egypt imports then re-exports sugar to Kenya at preferential tariffs.
Using COMESA, Egypt uses subsidies to export to E.African countries.
Screw the Egyptians. Let us do what is best for us.
What's the worst?
Comesa warns Egypt on subsidies
Egypt builds a huge dam (which allows for loss of water by evaporation) but denies dams around rivers feeding Lake Victoria.
Egypt - mainly a desert country - has a jungle infantry battalion.
Egypt has "cheap" electricity & water by denying us the right to build hydroelectric dams & power plants. Uganda is allowed a dam because the water feeds the Nile.
Using COMESA, Egypt imports then re-exports sugar to Kenya at preferential tariffs.
Using COMESA, Egypt uses subsidies to export to E.African countries.
Screw the Egyptians. Let us do what is best for us.
What's the worst?
- They stop buying Kenyan tea. There are other markets besides Egypt. As is, Kenyan tea is used for blending by India & Sri Lanka thus the Egyptians will still buy it!
- Stop KQ flying to Cairo. Well, more Kenyans visit Egypt as tourists than the other way round.
- They invade Kenya. Let them try! I have faith that Kenyans, Tanzanians & Ugandans will kick their arses back to the Red Sea.
Comesa warns Egypt on subsidies
By Brian Adero The Common Market for Eastern and Southern Africa (Comesa) secretariat has threatened legal action against Egypt over claims that it was unfairly subsidising its industries. Secretary General, Mr Erastus Mwencha, says if accusations made by Kenyan industries are true, his office would take stern measures. "We will act on the evidence brought," he said. "The issue of Egypt and the subsidy in today’s global talk are the core issues which need to be talked about. Comesa will take action against any member state found to be going against laid down rules. Under the World Trade Organisation, Kenya is at liberty to institute legal action in the event that there is proper evidence on the subsidies," he said. He was responding to allegations by a director of Synresins Limited, Mr David Hutchison that Egypt was giving subsidies to a tune of $6 million a year to the energy sector to keep down costs of doing business. Hutchison called upon the Comesa secretariat to put a tax on goods originating from Egypt. "This issue of Egypt must be tackled by the Kenyan Government. The effect is gradually being felt by all industries in Kenya," he said. "We have evidence to show that the Egyptian Government is subsidizing its energy and fuel sector by a factor of seven. Whilst kerosene is Sh55 per a litre in Nairobi, it is only the equivalent of Sh7 in Egypt."
Healthcare (or lack thereof) in Kenya!
A regular mwananchi dies due to the lack of basic drugs.
MPs & ministers in Kenya go abroad (& I am not talking of India) for taxpayer-funded treatment!
Nyachae in London for check-up
MPs & ministers in Kenya go abroad (& I am not talking of India) for taxpayer-funded treatment!
Nyachae in London for check-up
By Beauttah Omanga Cabinet minister Mr Simeon Nyachae has flown to London for medical check-up. A family member said the Roads minister left at the weekend, accompanied by close family members, for a routine check-up for injuries he sustained three years ago while exercising at his Nairobi home. When reached for comments by The Standard, the minister’s personal assistant, Mr Charles Birundu, confirmed the reports but did not divulge further information. Nyachae was early this year quoted as saying that his doctors would determine his life in active politics. "I will go back to London in September for a final health checkup. On whether I will be seeking to defend my Nyaribari Chache seat this year, depends on my doctors’ advice," he told a rally in Kisii last month. One of the leading politicians in Nyanza Province, Nyachae is touted as a key player in President’s Kibaki re-election bid. Already, there is anxiety among his supporters over his medical status. "It is our prayer that Mzee is given a clean bill of health," said Kitutu Chache MP, Mr Jimmy Angwenyi.
Olympia Capital Holdings Rights Offer
Hey! Olympia Capital has a website! This is a recent but welcome development. Better late then never. I hope they keep it up-to-date.
All listed companies should have at least a basic website where we can get information on them.
Olympia Capital Holdings (Kenya) Website
Plush-Yokota Website
(Plush-Yokota is the S.African firm Olympia Capital Corp (Botswana) acquired in November 2006).
Since the Olympia shares are trading Ex-Rights which means buying the shares does not entitle you to receiving Rights. Nevertheless, you do own part of the company. And one can sell these shares at any time during the Rights Offer as well as before the "new" shares are issued.
More details later!
All listed companies should have at least a basic website where we can get information on them.
Olympia Capital Holdings (Kenya) Website
Plush-Yokota Website
(Plush-Yokota is the S.African firm Olympia Capital Corp (Botswana) acquired in November 2006).
Since the Olympia shares are trading Ex-Rights which means buying the shares does not entitle you to receiving Rights. Nevertheless, you do own part of the company. And one can sell these shares at any time during the Rights Offer as well as before the "new" shares are issued.
More details later!
Sunday, September 02, 2007
Kenya's triumphs at the IAAF World Athletics Championship
Spectacular!
Kenya placed 2nd in the recently concluded 2007 IAAF World Championship in Osaka.
Kudos to our athletes! Kenya could have bagged more medals if you count the guys & gals we "lost" to other countries. Kenya ended up with 13 medals (5G, 3S, 5B). Russia had 4G medals. Kenya could have had 16 medals if you include Kenyans running for other countries.
GOLD
Yego - 800m (M)
Jepkosgei - 800 m (W)
Luke Kibet - Marathon (W)
Catherine Ndereba - Marathon (W)
SILVER
Vivian Cheruiyot - 5000m (W)
Eliud Kipchoge - 5000m (M)
BRONZE
Priscah Cherono - 5000m (W)
Eunice Jepkorir - 3000m Steeplechase (W)
Bernard Lagat won a gold in the 1500m & 5000m for the USA (at least the USA doesn't force you to change your name & religion like the Qataris & Bahrainis!). Those were 2 Golds "lost" for Kenya!
Kenya placed 2nd in the recently concluded 2007 IAAF World Championship in Osaka.
Kudos to our athletes! Kenya could have bagged more medals if you count the guys & gals we "lost" to other countries. Kenya ended up with 13 medals (5G, 3S, 5B). Russia had 4G medals. Kenya could have had 16 medals if you include Kenyans running for other countries.
GOLD
Yego - 800m (M)
Jepkosgei - 800 m (W)
Luke Kibet - Marathon (W)
Catherine Ndereba - Marathon (W)
SILVER
Vivian Cheruiyot - 5000m (W)
Eliud Kipchoge - 5000m (M)
BRONZE
Priscah Cherono - 5000m (W)
Eunice Jepkorir - 3000m Steeplechase (W)
Bernard Lagat won a gold in the 1500m & 5000m for the USA (at least the USA doesn't force you to change your name & religion like the Qataris & Bahrainis!). Those were 2 Golds "lost" for Kenya!
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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? Dexter - not at all. I am happy to help. Others are asking similar questions since many brokers are clueless esp regarding Rights that were purchased. #s 10 & 11 are relevant to you.