Monthly Archives: November 2004

Kenya Airways Cacophonic AGM

The writer is quite generous in his assessment of the meeting which was well-organized by the Airline. To quote Kiraitu, “the level of dialogue was very low”.

80% of the questions I saw were personal and nonsensical, with shareholders asking for among other things bonus shares, extra dividends, jobs for their kids, hotel accommodation, free flights and bus fare to go home after the meeting. One shareholder advised management to stop buying big expensive planes and give more dividends instead. ha?! Intelligent answers by management sailed over the heads of most of the crowd.

Meanwhile, there was a mini-stampede outside as shareholders who came late queued to receive gift bags that had got finished earlier in the morning. What was inside? a t-shirt and a key ring.

I predict that next year, KQ will hold the meeting as far away as it can from Nairobi – possibly in Tanzania or Uganda, where Kenya Airways shares are listed.

Closing the stable door long after the Horse (Power) has gone

But since the Office of the President is exempt from buying limousines, nothing will change

Banned: Large luxury vehicles for ministers.

  • Cabinet ministers will be barred from buying and using fuel-guzzling vehicles at the expense of taxpayers. The ministers will be restricted to saloon cars not exceeding 2,600 c.c. and four-wheel-drive cars with a capacity of 3,000 c.c., as per a bill passed in Parliament yesterday.
  • But an exception will be made for vehicles bought for official use by the President and the Vice-President.

NSE Golden Jubilee

The Nairobi Stock Exchange celebrates its Golden Jubilee (50th anniversary) at Kenyatta International Conference Center (KICC) Nairobi from November 23 – 26 2004.

Entry is Kshs 100/= and you can meet stockbrokers, investment bankers and money managers and learn about investment options since deposit rates at banks are still very low.

On a related matter, KICC has become a beehive of activity since the former ruling party was evicted from the premises last year. There are exhibitions and conferences every other week and the place has been spruced up. With with the Goldenberg inquiry meeting in the basement, KICC should have a very profitable year (if only they would publish their annual results). KICC’s low point this year was in October, when the Kenyan government spokesman kicked out a clinic that had been there for 20 years, because he needed “more office space, and patients were a threat to his security.”