Diamond Trust Bank held their AGM at the Serena Hotel this morning. The uneventful meeting was held in a very cold room, which may have contributed to the short meeting time of 30 minutes excluding shareholder questions.
Shareholder questions
- Pay more dividends: Join other companies in the Aga Khan Portfolio (Jubilee, Nation Media, Serena) and pay a more liberal dividend somehow.
- Increase share capital: Bank said they have increased Tier II capital to support expansion and the board is also looking for more avenues of capital.
- Not enough Nairobi branches to serve customers: The Bank plans to open another city branch as well as one in Zanzibar to go with recent ones in Dar es Salaam and Arusha. Also, they have partnered with pesa point who have put up almost 120 ATM’s.
- Few tellers at Nation Centre Branch. Bank has plans to refurbish that Branch, and also Kengen IPO was blamed for the recent congestion there.
Goodies – Bila’s Having no bags or gifts is one way to cut down on attendance, Snacks were offered after the meeting, but patience is not a virtue among shareholders – those at the back of the line found all the samosas and snacks in the hands of those who were first to get served – kind of like the 2005 Total AGM. They probably added more food later but I had to bounce – don’t think I’ll be back next year cheap mo fo’s. At least the press got a one-page handout from a PR firm explaining the bank’s profitability and regional expansion plans.
i dont understand kwa nini DTB opted to raise capital by issuing tie II capital instead of doing a rights issue at the NSE…. sometimes i dont see why thesde copmanies act this way….ama the main shareholder THE Agakhan dint have chums?
Hi there. Been lurking around and like what I see. Came back today hoping to see something about Nation Media…
I take that back… just seen it. Stupid n00b mistake.
Bankelele: Hmmm… I don’t where you stand on this issue…
U were disgusted by the 2005 Total AGM where there was a rush for the “free” food but you don’t like how DTBK operates/handles the core business of an AGM i.e. approve Annual Report & other stuff on the agenda & let the interested shareholders come. No goodies & limited food! Better still per your Total suggestion… NO FOOD!
I SUPPORT the way DTBK does it… keep it simple & concentrate on the business at hand… not food!
You should go to a Eagaads or City Trust AGM. That is an in & out situation – no food, no gifts, nothing! – but such a small group that its very cosy/interactive! Eagaads AGM in Ruiru (your own transport) so it can be a pain to get to but not much going on there anyway!
Gathinga: The problem with a Rights is COST. By the time the NSE, CMA, Brokers & “advisers” take their chunk/fees/pound of flesh it gets too costly unless you are raising a HUGE sum. Tier 2 capital is cheaper to raise & probably raised thru the Aga Khan network.
The Aga Khan companies make shareholders money unlike Merali.
http://www.coldtusker.blogspot.com
not related – but did you read this
india is going after our markets
http://iht.com/articles/2006/05/26/business/wbfood.php
Anon: Thank God the Indian infrastructure is still pathetic (but better than Kenya) & the government officials still corrupt (SIMILAR TO KENYA) coz toherwise they would rip us to shreds!
Nevertheless, India’s infrastructure is improving faster than Kenya’s & they have the economies of scale. It is 8 hours to UK while there are increasingly better connections provided by private operators like Jet Airways (service is comparable to Singapore Air).
Add the cheaper labour, better telecommunications & software developers equal or better than any in the world AND you can have a machine that will compete against China. Slowly but surely… so where does that leave Kenya with its INEPT politicians who care more about their pockets than their constituents?
vitu vingi: Come to think of it…merali will have a problem pushing the expected Eveready IPO
we normally receive a daily pricelist from the nse. this did not come yesterday and has not come till now….is anyone in the know?
VItuVingiSana: I stand humbled, my greed got into the way for a minute – but no googies is a tough call. many shareholders are unemployed or idle people, who take pleasure in these events – and corporations know this and try and appease them by gift items & food, otherwise the questions will be tough and hostile. I am for managed goodies, e.g. individual lunch boxes, or tokens for company products, that can even be collected after the meeting. (also goodies cost much less than extra dividend that we all ask for)
Gathinga: Karibu, Mwananchi has answered most of your questions. The NSE price list has arrived rather late this month.
this are the people that run our economy
http://www.centralbank.go.ke/about/profiles.html
not exactly intellectual heavyweights in my opinion glorified clerks. thats why 5% growth is exciting to them