Monthly Archives: July 2007

Safaricom IPO and other opportunities

Safaricom IPO: The calendar is on for the sale of 25% of Safaricom shares to the public and the government of Kenya (who are yielding part of their 60% ownership) have advertised for a lead transaction advisor, lead sponsoring broker, (4) co-sponsoring brokers, legal advisor, reporting accountant, PR firm, advertising consultant, receiving bank, and a share registrar for the IPO. Details at investmentsecretary@treasury.co.ke D/L is 16 July. There have been complaints about firms offering such work for free to gain prestige

Safaricom call center. The company is also seeking to outsource customer service for prepaid subscribers to an external firm (Current traffic ranges from 10,000 – 20,000 calls per day). Details from dngobia@safaricom.co.ke and D/L is 11/7

other happenings
Pipeline finance: The Kenya Pipeline Company seeking financing for the Nairobi-Mombasa and Nairobi-Western Kenya (Nakuru, Kisumu, Eldoret) segments amounting to Kshs. 7.5 billion ($107) million over the next 2 years. D/L is 31/7

Housing: The National Housing Corporation offering 890 3-bedroom flats in Langata phase II ranging from 3.9 to 4.1 million each ($55,000 – $58,000). The corporation is also selling 38 maisonettes in Kiambu phase ii at between 3.2 and 3.4 million shillings.

Barclays
– Good : The bank has hired external debt collection agents – outsourcing a time consuming tedious function.
– Not good : The only thing worse then taking a personal loan to buy shares is using a credit card to buy shares. An investor is already in the hole, and needs his shares return 30% a year, just to break even. Using a debit card may be ok though, but factor in the card fees.

Education
– New Aga Khan University campus to be set up in Nairobi
– Moi University to soon offer a masters degree in banking & finance

Media
– Desperate Housewives start next month on KTN. Hope they don’t butcher the show like they did with the Soprano’s (heavily edited, shown at 11 PM on Sunday night and often out of sequence)
– The Naiorbi Nairobi Star (new daily newspaper from KISS FM team ) hit the streets today with a lot of fanfare, but does it have legs?

Nairobi WiFi

I am an Internet addict and if you put up a WiFi zone/Hotspot, I’d like to check it out.

I checked into Tamasha (pub in Hurlingam, Nairobi) on Saturday afternoon during qualifying for the French Grand Prix where I hoped to do a live blog of the qualifying hour like ESPN’s Bill Simmons who has lived blogged dozens of events like the super bowl, boxing matches and most recently the NBA draft.

I arrived at Tamasha at 3 pm. Ordered a beer and a goulash soup, had them change the TV channel to Supersport 5 and also got the network key for the hotspot from the barman.

The connection was very good and I was able to check my mail, check google reader (which is a test of Internet speed, in itself) and even update my anti-virus (took 2 minutes). I did not stay online for the hour (watching the race, typing the happenings, fear of viruses) but was impressed by the connection.

I did a live post of the qualifying hour, but I was unable to edit it within the hour and decided not to finish the post. I also wonder how Ethan was able to live blog every session for four straight days.

Other Nairobi hotspots

After our few days at Ngurdoto Lodge (for TED), I can’t imagine checking into another hotel that does not offer Wifi. The days of hotels offering expensive unreliable internet access should come to an end and wifi should become a regular feature for guests. Already Country lodge and Fairview have made it a point to promote their wifi as an attraction. Other hotels may have it but they don’t advertise it as the main attraction – and of course they would be for guests only.

What other hotspots are there? JKIA wifi is a bust, there’s the elusive butterfly, Java (at Junction, ABC, Adams, Village Market – but only in early in the morning and late at night, except Adams which I am told is all day). I hope to check out Telkom hot spot at Nandos/ Pizza Inn and a Skunkworks session and welcome more businesses to set up hotspots.

Plane spotter

Emirates Cargo 747 at Eldoret airport