Serena shareholders are being encouraged to accept the offered new shares in a special mailed prospectus. The deal has been endorsed by the board as well as financial advisors of the company and is being promoted as a unique opportunity that takes advantage of a number of factors including one-off tax credits amounting to 504 million shillings from Tanzania & 96 m from Zanzibar, and the higher revenue and margins that Serena enjoys from operating hotels in Tanzania and Zanzibar. The company also plans to acquire hotel properties in Nakuru and Western Kenya in 2006. I have no doubt, the takeover will be successful and I look forward to owning new shares in Serena after March 2006
The Standard Group’s year ended in September and revenue increased from 1.76 billion to 1.99 billion. However, increased administrative and distribution costs meant that profit for the year reduced from 78m to 66m and the company will not pay a dividend in 2005.
Another politically-correct deal was concluded last week and while this is not the first time that conflict of interest issues are being raised in the energy sector, it does raise questions about the outcome of the upcoming Kengen IPO.
New blood at NSE
2006 looks to be a bright year at the Nairobi Stock Exchange, with several companies expected to list some shares at the NSE for the first time since Mumias did in 2001. Kengen leads the pack with 30% available to the public while other companies who have expressed interest include the Scanad Group, Suntra Investment Bank, Sopa Lodges, Wananchi online, Adopt-a-light, belated Equity Bank ( who were expected to float some shares by October ’05), Sarova Hotels (target is June 2006), and Nakumatt (target 2007)
Already investors are setting aside cash by liquidating other investments. NSSF which has already sold shares in KPLC also plans to sell other shares in Housing Finance, National Bank of Kenya and Sameer Investments. Top investors have also sold shares in Barclays, Uchumi and CMC.
The Communications Commission of Kenya has extended the deadline by one month for licenced ISP’s to apply for mandatory modified ISP licences. Companies will have to provide details of their current shareholding and tax compliance status – otherwise they will be de-registered in 2006.
– Co-operative Bank of Kenya has applied to the CCK for a value added service PRS license, which will become effective around January 15.
– Can giving micro-finance loans to men reduce the level of violence against women?
– Post Bank has officially ended its once popular premium bonds savings scheme and tomorrow (31/12) will be the deadline for bondholders to encash their bonds which will not be worthless thereafter.
– World Bank vs. Western Union: The amount of wire transfer remittances to Africa is greater than the amount of official direct aid.
Nairobi City Council
The NCC had quite an interesting week as;
– The Kenya Revenue Authority walked away from a deal it had struck with the NCC to collect land rates on behalf of the council.
– Members of the United Business Association and WeCanDoIt advised their members to renew their single business permits with the council to avoid harassment and arrest. The two groups which are challenging the council, claim that their members are being targeted for harassment.
– This week, NCC staff pulled down fences that surround private parking compounds in the city, insisting that owners put up modern fences that beautify the city.
At the Kenya Revenue Authority
– Commissioner of domestic taxes CDT/05: Applicants expected to have MBA with at least 5 years senior management experience at audit or accounts in large organizations as well as good knowledge of revenue acts in Kenya.
Commissioner of customs services CCS/05: Applicants should have a business degree – preferably MBA, 5 years experience in senior management of large organizations and good knowledge or revenue acts in Kenya with emphasis on the East African Community Customs Management Act
Apply through KPMG’s executive selection at email@example.com by 16 January.
Nation Media Group
– Television: Swahili reporter/anchor, sports editor, cameraman
– Radio: news presenter
– True Love magazine: senior fashion editor, fashion editor, and staff writer.
Apply to the group human resource director, Nation Media Group P O Box 49010-00200 Nairobi by January 4.
Senior reporter broadcast division. Apply to the group human resource director at firstname.lastname@example.org
– circulation sales executives: Nairobi (2) Eldoret Mombasa Kisumu Machakos Nakuru and Mt. Kenya
– advertising sales executives: Eldoret Mombasa
– advertising manager
– chief accountant
– managing director
apply to email@example.com by January 6.
New Year’s resolution
Doubling church attendance can raise income by almost 10% recent research indicates. But is money a good reason to go to church? linked from www.aldaily.com.