Monthly Archives: January 2006

January 27

bank jobs

KCB
– IT security manager: applicants should have university degree with 5 years banking experience, 2 in IT. Also possess CCNA and some security certification (CISSP, CISM, or Comptia+) in addition to good knowledge of Oracle and Swift systems. App to the divisional director, HR, P O Box 48400-00100 Nairobi by February 10
– Director – Marketing: Applicants should have MBA, a professional marketing qualification and 10 years marketing experience – 5 of which should be at banking, finance, FMGC or services-related organization. Apply through Hawkins associates at hawkins.associates@khigroup.com by 13 February

HFCK
Apply for the vacant position of Managing Director at Housing Finance Company of Kenya (HFCK). Applicants should have MBA, 10 years banking experience, 5 leading a bank or major department of one. Apply through (ref MD/01.01) esd@deloitte.co.ke by February 10.

IFC
At the Growth Oriented Women Entrepreneurs (GOWE Kenya) program of the Private Enterprise Partnership for Africa (PEP Africa) at the International Finance Corporation (IFC)
– Program manager
– Business development officer
– Financial analyst
Details at their site and apply be February 7.

World Bank
The application window for summer internships closes on January 31.

financial jobs
Oserain Development Company
– Accountant: must have business degree and be fully qualified accountant with 3 years experience.
– Assistant accountant; must have business degree, at least CPA 2 and a years experience.
Apply to jobs@oserian.com by February 10.

Vegpro
Financial Controller – farming division. Applicants should have CPA (K) and good knowledge of pastel & tally accounting systems. Apply to group human resource manager, P O Box Kenya 32931-00600 by February 15.

Kenya Orient Insurance
– Branch Managers: Applicants should be aged 30 – 35, have business degree and 3 years marking experience, preferably with insurance company. Apply to info@korient.co.ke.

Coca-Cola
sales & marketing (40 opportunities) at Nairobi Bottlers. Apply to vkimeria@ccsabco.co.za by February 2.

Opportunities

Airports
Firms are invited to set up restaurants, fast food outlets, ATM facilities Forex bureau, cold storage, curios, petrol stations shopping malls or other businesses at Moi International Airport – Mombasa. Apply to the Airport Manager, MIA, P O Box 93904 Mombasa.

Petrol/Oil sector

– Somken: Somken are selling 45 petrol stations located in prime urban areas such as Nairobi and Mombasa. Send bids to somken@dyerandblair.com by February 18.
– Kenol: Results are now out for the financial year ended in September 2005. Turnover was up from 34.5 to 41.7 billion shillings and after-tax profit rose from 839m (8.20 EPS) to 916 million shillings (8.92 EPS). The company will pay a first and final dividend of 2.25 shillings per share after their AGM on March 28.
– Shell/BP
Over a year ago I complained to Shell Kenya about the diesel fuel sold at one of their stations that is now closed.

Other News
– Western Union is for sale: it is being spun off by the parent company.
– Newspaper inflation On the same Saturday early this month, both the Standard and the Nation raised the price of their Saturday editions from 35 to 40 shillings.
– Kenyan Pundit suggests that someone should investigate the procurement/source of Alco-blow gadgets
– Things fall apart. The managing director of the booming Panari Hotel has resigned
– The Economist writes aboutcorruption in Kenya
– After a year’s silence John Githongo has returned.
– Richard Leakey argues that for wildlife (and the Kenya tourism sector) to survive the current drought, national park boundaries should be flexible to enable animals to migrate out of parks in search of water and food.

Where to buy shares Redux

Following last year’s post on where to buy shares, an update is now necessary.

I have dealt with and experienced a variety of difficulties at some of the better stockbrokers and investment banks. Ultimately, it is inevitable that other shareholders will also encounter problems with their brokers.

And if their frustration reaches a point of no-return than they may choose to change their stockbroker or investment bank – aka central depository agent (CDA) – by taking these steps to transfer their CDS account to a different broker.

1. Complete and sign CDS 4A and 4B and submit both to current and new CDA (all stockbrokers have these forms).
2. Sign account opening forms with new CDA.
3. Keep a signed copy of security transfer forms for own records.

It can take one day for the new arrangement to be effective – if processed before 12 PM. Shareholders can also contact the NSE’s business development department (info@nse.co.ke) or send complaints (compliance@nse.co.ke).

Information from a paid advertisement of the Nairobi Stock Exchange

In defence of Mahindra

Several years ago, the Government of Kenya was swindled when a politically connected group procured substandard Mahindra jeeps for the police force which did not run for very long.

Since then, Kenyans have had an unfavourable view about vehicles from India (Tata’s, tuk-tuks, scooters) and other third world countries such as Korea & China (which the government is reported to soon approach for army lorries).

This is unfortunate because Mahindra, Maruti, Tata, and other vehicles produced in these countries are more affordable and probably better suited for our harsh roads than the 8 years old used-Japanese cars that thousands of Kenyans buy every year (I am guilty).

We need to get beyond the stereotype that if a vehicle is not European (or now Japanese) in origin, then it must be substandard. The police jeeps were part of a rip-off deal, but India has a wide variety of other vehicles, that if sourced legitimately – such as from local dealers of Tata and Maruti here in Nairobi – can be of great use to the country, and especially to Government departments who continue to waste their scarce resources on expensive fleets of European limousines.

Anglo Currency

One year ago today, The Sunday Standard reported on an attempt to swing the contract to print Kenya’s currency towards French firm, Francois-Charles Oberthur Fiduciaire, which had previously been sub-contracted by Anglo Leasing to print “new generation passports” for the Kenya government. Eventually, De La Rue retained the contract, which they have held since independence.

Airbus to Kenya Airways?

Airbus have set their sights on re-capturing some aircraft orders from Kenya Airways.

The Boeing – Kenya Airways (KQ) partnership has been very successful especially with Boeing’s highly-rated 777 and it looks unlikely that Airbus will break the Boeing strange-hold on KQ’s fleet. Still, the airline industry is a continuously evolving one and airline order decisions can be determined by whoever can come up with the most creative financing offer.

Boeing has already selected KQ’s main rival – Ethiopian Airlines to be the launch African airline for its new 787 aircraft. Airbus can counter that move by buying up KQ’s older Boeing 767 aircraft from the airline and selling Kenya Airways their new all-new A350 instead at heavily discounted prices – as their African launch customer.

Other news
CMC: (distributors of new Volkswagen, ford, land rover, others) The company’s turnover increased from 6 to 6.81 billion shillings and after tax profit increased from 263m to 340 million shillings (7.0 EPS). The company will pay a dividend of 1.5 shillings after the AGM to be held Connaught House in industrial area on February 24 at 11 a.m. (Shareholders register closes on Jan 31)

A Baumann: AGM will be held at the Bomas of Kenya on Saturday, February 11.

Serena: Kenya Commercial Bank will set up help desks at its branches to assist Serena shareholders in regard to the share swap offer.

Foreign Aid to Africa
– The European Union will set up its own trust fund to disburse aid to Africa without reference to the World Bank which is currently led by U.S. neo-conservative Paul Wolfowitz.
– The US plans to re-deploy diplomats from Europe and send them to developing countries.

Opportunities

Scholarships
Ford foundation international fellowship program will be giving out 16 fellowships to Kenyans (among 47 to East Africans) for studies in any part of the world. Ford will finance tuition, health insurance, subsistence, travel and other costs towards up to 3 years of formal post graduate study. Forms and details can be obtained from this site and the deadline for applications is March 1.

Agriculture
For ranchers: To combat the loss of livestock from the ongoing drought, the Ministry of Agriculture and the Agricultural Finance Corporation have launched a livestock- off-take program which targets private ranch owners with surplus land capacity to purchase animals from drought-hit areas. Apply through info@agrifinance.org.

For mid-size farms: A horticultural exporter is seeking farmers in Rift Valley and Central provinces with at least 40 acres of land, year round supply of water, adequate labour, and who are willing to implement EUREPGAP requirements – who will then grow French beans or snow peas for exports . Apply to DNA/615 P O Box 49010-00100 Nairobi by 28 February.

Beer distribution
East African Breweries is seeking distributors of its senator keg brand. Applicants must have a pick-up, retail outlet, PIN & VAT registration and be prepared to invest 600,000 shillings in the business. Apply to the head of group procurement EABL P O Box 30161 Nairobi by January 30.

Jobs
Accountant at the Kenya Horticultural Development Program/USAID Applicants should be fully qualified accountants with 5 years experience in budget preparation and financial management, preferably having prior accounts experience with USAID-funded projects. Apply to angela@fintrac.com by February 24.

British American Asset Managers
– Portfolio Manager: applicants must have business degree, professional qualification e.g. CFA and have worked in investment management for 3 years.
– Manager – Intermediary Development: applicants must have business degree with a marketing qualification and 3 years experience in financial services.
– Financial Planning Manager (7 positions): applicants should have business degree, 3 years experience in financial industry e. g banking, insurance, stock broking or fund management.
Apply to baam@baam.co.ke by February 3.

KLSA – Pannell Kerr Forster
– Audit managers: applicants should have a degree with accounting qualification (e.g. CPA, ACCA, ACA) and five years experience at audit firm, providing audit services to different companies as well as posses good knowledge of ISA and IFRS
– Tax Manager: applicant should have degree with accounting qualification (e.g. CPA, ACCA, ACA) and five years experience at a tax consulting firm.
Apply to pkfnbi@klsa.net by 15 February.

KADET Microfinance (a World Vision subsidiary)
– Head of Operations: applicants should have advanced business degree, 10 years experience in banking or micro finance, – at least 5 of which at senior level and be aged 30 – 45 years.
– Human Resource & Administration Manager: applicant should have a business degree with HR specialization and 4 years HR and admin experience at large corporation (age 28 – 45)
– Executive Assistant to CEO: applicants should have university degree, 3 years PA experience and be aged 28 – 35 years.
Apply to kadetrecruit@wvi.org by January 27.

Procurement Specialist to the Government of Kenya micro, small and medium enterprises competitiveness project. Applicants should have 8 years relevant experience, a commerce or business degree with good knowledge of GoK and World Bank procurement procedures and be members of the chartered institute of purchases and supplies (MCIPS). Apply to info@msmekenya.org by 10 February.

Airline: Precision Air (Tanzania) is hiring 10 flight attendants. Apply to pwrecruit@precisionairtz.com.

Gambling: The Panari Center is seeking dealers, inspectors and pit bosses to work at its casino.