Monthly Archives: June 2005

KCC changes hands (once again)

In a political changeover long expected, KCC (Kenya Co-operative Creameries) and KCC 2000 have been taken over by New Kenya Co-operative Creameries. – and a notice to that effect was posted in the daily papers this week. This raises a lot of focus as it legitimised the KANU deal that controversially converted KCC into KCC 2000 and this new deal will provide quite a windfall for whoever has just sold KCC 2000. However, the sale is likely to be challenged in court as it does not transfer any liabilities from the original collapsed (and debt-ridden) KCC.

Investors hot for tourism

The number of tourists in Kenya has been increasing over the last two years. In addition to these foreign visitors, hotels have seen increased local business owing to parliamentary retreats, political parties strategising on elections & the constitution, cultural nights, corporate events and various international conferences.

This has manifested itself in a lot of investor activity. This week the Sarova Group [Stanley, Panafric Whitesands Hotel (an MP’s favourite), Sarova Mara)] declared their intention to list on the Nairobi Stock Exchange. Earlier, TPS Serena, announced a plan at their AGM to consolidate their Kenyan and Tanzanian operations later this year. T.P.S. Serena traded at 53 shillings per share during the May 2005 AGM and now trades at 86 shillings (up 62% in a 2 months)

Saudi billionaire Prince Alwaleed bought all Lonrho hotel properties in Kenya, and the Nairobi Intercontinental is ‘getting a facelift’ as part of an expansion program to increase revenue.

End of month psychology – part 2

After fifth call to your contact at the Bank SMS’s you back to announce that your salary has been posted to your account. You leap up, hi-five everyone, then dash down to make the first of what will be many withdrawals. You don’t mind the queues for once, and even say hi to the branch manager to bankers. Suddenly you are eager to renew acquaintances and buy a 500-shilling scratch card. “Hi Faith, let’s do lunch,” “Chris let’s catch one on Friday”, “Paul see you at GP Karting on Sunday.” You call home, and say “don’t cook, because we are eating out tonight.” Also make plans to watch Batman on weekend (why is it only at far flung theatres like Sarit Center and Village Market?) followed by a visit to a new joint in the suburbs. Then suddenly you cross over to the other side and you visit Nakumatt, buy everything you need for a month, even ice cream for everyone. You full up the car with petrol and call the mechanic to discuss the various knocking sounds coming from under the car. Unfortunately impulse plans and impulse spending will lead back to psychology state I in about 15 days at this rate.

End of the month psychology – part I

Your Bank account is empty; you stay home more and eat ugali and greens. Soccer/sports are not that important anymore, and you’d rather stay home and watch whatever is on TV. You discover how boring daytime TV is, even if you have DSTV.
Bills are piling up, and you’re outraged at the rising cost of electricity, water, and petrol. You snarled at two up-country relatives, who visited your office today – they came to the city to beg for money because they believe anyone earning a living in an office, is not really working and therefore doesn’t deserve the money – and should instead give it to his struggling relatives up-country (it costs just as much to get to Nairobi and return). They leave your office, to go and hit up other working relatives, not knowing that we are mostly paid at about the same time.

You discover what your bank account minimum balance is. And when you have 1,300 in the bank and can’t make a withdrawal (the minimum is 1,000), you’re tempted to deposit 201 and withdraw 500 shillings. You skip Batman, and run your car till the empty fuel light shows, then buy 200 shillings worth of fuel and move on. You don’t call anyone, and you don’t SMS either – but since you have too much dignity to flash people, you only use your phone as an alarm clock, organizer, calculator and camera. Meanwhile you make 101 resolutions, to ensure you’re not broke by this time next month.