Category Archives: corporate blogging

Mostly Centum

Last week the company CEO departed and the Centum (formerly ICDCI) directors postponed the annual general meeting (AGM) and payment of the year end dividend.

Today’s newspaper has a statement from the Centum Board asserting that:
– The management is firm, the company is on sound financial footing, and the departure of CEO Peter Mwangi had no relation to the delayed dividend and meeting. However, while Tony Wainaina (Mwangi’s predecessor) and Mugo Kibati (EA Cables) may have set a precedent for young CEO’s to enhance corporate performance and value and leave at the top, the timing & coincidence is not good.
– Statement does not address delay of the dividend which would amount to about Kshs. 248 million ($3.3 million). Without doubt, the conpany’s investment portfolio is down this year (quoted investments – which should be easily disposable include about Kshs. 1.5 billion of KCB (but down from 2 billion ), Kshs. 422 m of EABL and probably a healthy slice of Safaricom) – but it’s scary that three months after a company declared a dividend, it would find itself unable to fund it.

Toxic broker:
– Centum’s statement adds that its listed holdings are not accessible to any (rogue) stockbroker, and the company had no dealings with Discount Stockbrokers
– A separate from the CMA statement today effectively states that the company is under receivership by KPMG – owing to corporate governance including poor strategies manifested by an unsustainable expansion plan (branches all over the country)
– A bigger scandal than Discount appears to be at the national Social Security Fund (NSSF) whose dealings with Discount are a lesson for fraudsters.

Best Kenyan corporate site
In the wake of hiding from questions on Discount, the Centum statements along with financial results from listed companies (Kengen, EA Cables and KPLC) have appeared in the newspapers before they were posted on the NSE site. And though the NSE won an African Investor award (for 2nd runner up – most innovative African stock exchange) website updates should be a priority matter

Probably the best bank, and perhaps corporate site in Kenya, with the most relevant, timely, updates has to be the Central Bank of Kenya website with their controversial/pro-active governor Professor Njuguna Ndung’u (and his media team) who post several statements, speeches, policy matters a week (read it and judge)

Co-Op IPO: After a stop-go debate the Co-op Bank IPO has been green-lit and will begin in about a week’s time with investors still digesting refunds and possible losses from the previous IPO – Safaricom.
Dates: October 30 – November 13
Share price Kshs. 9.50 ($0.13) each (for 701 million shares)

Related Posts
– Reasons to invest in Co-op IPO (or not)
– The last Centum AGM (February 2008)
– Saying farewell at AGM’s: in style (Barclays) or in shame (Kenya Airways)

World Bank Africa Blog

The World Bank has a new blog from its Chief Economist for the Africa Region – Shanta Devarajan.

Bloggers and forums

tribes & stocks: The recent closure of the popular mashada forums could easily have spilt over to the popular shares forum Stocks Kenya had the administrators not put out an appeal for Peace and Reconciliation in Kenya;

We have reduced focus on politics in the discussion forum as the forum it has been abused.

Thankfully it has maintained its tone for corporate and investment issues where the hot discussion topic is now East African Cables, not politics

And Mashada regulars are invited to visit ihavenotribe instead.

Media blogs: The Standard quietly added a blog page with star commentators late last year but without much fanfare and they are not given any prominence on the front page of the newspapers’ website. At least hen the Nation launched their blog page they ran a few columns in the paper itself to promote the feature.

Salute: To Afromusing for a small mention in the Economist on twittering.

Anniversary Redux

Thanks for all the great comments on the 3rd anniversary post.

I’d also like to salute Kenyan Pundit, an inspiration to taking blogging mainstream, on her 4th anniversary (also the first blogger I met).

I’d also like to salute site sponsor Mama Mikes on their
new blog – hopefully that will spur more local companies to take up corporate blogging.

I’d also like to thank other financial bloggers who help share the burden of disseminating and discussing financial information as it occurs here – and these include Cold tusker, Fintrade Capital, Kenya Capital Investment Group, Nairobist, Odegle Nyang (who’s able to mix in political angles), Pesa Tu, Riba Capital, Aly Khan, Ka-Investor and Tanzania Common Cents to name a few.

Thank you for all the people who ay that they have been inspired to start blogging

You said, you said
– More AGM’s: absolutely! In fact, anyone who goes to an AGM is welcome to submit a report here
– Monetization; absolutely, always on the lookout for more sponsors. But this site will remain free. Even the WSJ and New York Times have realized that free content is the way to go
– Background: white/ black does not matter. But I’ m shocked that there are people having trouble reading the white screen.
– Job postings: will continue. They have been useful to some, but not to others
– M I hear you on your points.
– More writing on economics and inflation local development, other African countries, entrepreneurship – Yes
– Politics? No, I’d rather not, there’s enough elsewhere
– Partnerships with other bloggers? Women perspectives? I’d appreciate AGM reports, and any other posts of note for republishing. It’s amazing who know more about economics than you do and where you can learn more from unexpected sources. E.g. talking to Binyavanga Wainaina in Arusha I was amazed by his views on the work ethic and entrepreneurial potential of the Chinese companies and Eritrean nationals. He should write more on economic issues along with literature!

Any other suggestions, e-mail is on the about page

Corporate Blog?

This afternoon I had an interview with a company about a website – and my concept was for the company to incorporate a blog to generate interest in the website and market the company better to its diverse customers, many of who accesses its products over the internet.

I mentioned that other corporations were doing this now and it gave a human face to their communications from CEO’s to customer service people.

I don’t know if my idea went over well, and I hope that I was wrong in my feeling afterwards that some of the panel appeared to have that we already have a website, blogu kitu gani? face.

After such a session, you are always very critical of yourself. During question time, I wanted to instead rush back to one or two points I had just remembered. And even taking the stairs down afterwards, I wanted to go back to the conference room and give them another 3 or 4 points that I had forgotten to mention that would strengthen my case.

Oh well, see how it goes. It was a very nice company, good to work with, and appears to have a nice work culture, and a very laid back (low bureaucracy) atmosphere.

Opportunities

from the daily papers this week

Manager at the Carnivore restaurant Nairobi. Apply to carnivore@carnivore.co.ke

Classic Camps: chief accountant, senior accountant(s), sales & marketing manager sales executive(s), executive assistant. Apply to classiccamps@accesskenya.com by 15/11

Commercial Bank of Africa: (i) internal audit manager [Ref: AM-BR] (ii) internal auditor [IA-BR] (iii) account relationship manager, corporate banking [ARM-CB] (iv) account relationship manager, business banking unit [ARM-BBU]. Apply to jobs@cba.co.ke by 21/11

Communications commission of Kenya: Supply, deliver, install and maintain solar energy solutions st CCK sites in Taiita Taveta, Isilolo, Suba and Thika districts. Submissions to solar@cck.go.ke by 13/12

Communications professional at DFID. Request an application form from dfid@adeptsystems.co.ke and reply to recruit@adeptsystems.co.ke by 1/12

Property valuer at Housing Finance. Apply to human.resources@housing.co.ke by 20/11

ILRI aka international livestock research institute. (i) Internal audit manager (ii) resource mobilization officer (iii) help desk administrator. Apply to recruit-ilri@cgiar.org by 24/11

Law Society of Kenya: advocates to consult on current professional development of lawyers, review the conduct process (standards & ethics) in place and make proposals on the same. Apply to lsk@lsk.or.ke by 24/11

McCann Erickson: (i) general manager (ii) account director. Apply to Emily.Mutua@scangroup.biz

National Museums of Kenya: (i) director, development & corporate affairs (ii) director, institute of primate research (iii) director, administration & HR (iv) director(s) (3) museum sites & monuments – for central, western and coast regions of Kenya. Apply to dgnmk@museums.or.ke by 30/11

Internal audit manager at Oserian.a apply to jobs@oserian.com by 22/11

Logistics manager at Oxfam. Apply to kenyajobs@oxfam.org.uk by 22/11

Practical Action aka intermediate technology development group: (i) program officer [technical support] (ii) program officer [financial support]. Apply to recruitment@practicalaction.or.ke by 24/11

Royal Media Services (i) ICT assistant (ii) ICT technician. Apply to hr@royalmedia.co.ke by 24/11

Sotik Tea (i) engineering manager (ii) field assistants/management trainees. Apply to info@sotikteas.co.ke by 24/11