Venture Capital & Asset Backed Securities

The Capital Markets Authority has published new regulations for venture capital companies and asset-backed securities for public discussion up to March 3.

Monkey Business?
After East African Cables announced it’s 2005 results, the company’s shares jumped by 17 shillings or 11% on a volume of only 1,000 shares traded on February 14 (opened at 158 and closed at 175). The next day they dropped by 4 shillings on a volume of 25,627 shares and today they lost another 2 shillings on a volume of 1,560 shares traded.

Un-Absa

A South African banking regulator believes that absorbing Barclays Africa operations in nine countries (including Barclays Kenya) would be “too much to chew” for Absa. This is part of the second phase of the Barclays Absa merger.

Also at the NSE

Consolidation at REA Vipingo
The Robinow family (UK) has applied to the Capital Markets Authority (CMA) to increase its stake in Rea Vipingo plantations from 21% to 57% by acquiring shares from REA Holdings (for Kshs. 94 million) and Unitbuckle Holding through a private transfer. They are appealing that the effective takeover be classified as a consolidation and not as a takeover and intend for the company to continue trading at the NSE.

East African Cables group turnover increased from 825m to 1,162 million shillings and profit almost doubled from 124m in 2004 to 213m in 2005. The company will pay a 2nd and final dividend of 3.5 sh per share (1st interim dividend was 1.5) after the AGM in March.

Pan Africa Insurance ended 2005 with net premium income increasing from 790m to 1,031 million and total income from 1,105m to 1,569m. Profit for the year increased from 94m to 177m and the company will pay a dividend of 1.2 sh per share (up from 1) after May 11.

Serena: Wednesday, February 15, is the deadline for Serena shareholders to participate in the company’s consolidation.

Banks

EABS Bank intends to reduce its share capital from 1,662.5 million to 1,112.5 m shillings and a court hearing will be held on February 28 in this regard.

Dubai Bank has advertised to sell the road construction assets of the late Sunil Behal – including graders, caterpillars, lorries, tippers, fuel & water tankers, trailers and bulldozers – by public auction on February 21.

Scholarship opportunity

The Les Aspin Center for Government is inviting a select few Kenyan to a 6-week training program on anti-corruption and good governance to be conducted in Washington DC in August and September 2006.

Candidates: Must be Kenya so over 25 years (if university students over 21 years) with not less than 2 years relevant work experience e.g. at government agencies, civil society, human rights, women development, education, print & electronic media, or to do with public or private accountability.

Applications: Deadline is March 17, and send pack (application letter, 2 letters of recommendations, p.copy of passport, current org. info, CV and 200 – 250 word statement of purpose on how training will benefit the candidate & society) to the Les Aspin Center for Government P O Box 50309 city square Nairobi. (apply only to Nairobi & by snail mail)

Cheap Advertising
The Nairobi City Council has slashed advertising rates by 50%.

Missing Links

There are about 20 roads envisioned for Nairobi, known as Nairobi missing links that had been planned as far back as independence and in subsequent development plans for the City. These were designed to open up neighborhoods to development and ease transportations problems – but were never built.

These plans have remained on city maps and while land developers have generally avoided constructing on these set-aside areas, there has probably been encroachment on in the more densely populated areas, as indicated by the recent failure of fire-fighting efforts. In some cases the city council has licensed businesses to operate there but only as temporary occupants.

The Japanese International Cooperation Agency (JICA) is undertaking a study on the development of missing links “3 6 & 7” which are located on the western side of Nairobi to be an experiment for the rest of the City’s roads – and they will the projects for financing by the Government of Japan.

If approved, construction of the following roads (with bridges, pedestrian & cycle lanes) should begin in 2007:

  • a short road from the Westlands roundabout to Riverside drive
  • a road from Kileleshwa police station/Kasuku center to Methodist university
  • a road from Yaya center to Lavington area.

February 10 – Hemi

Cool Wheels

Today I saw a Chrysler 300 on the streets of Nairobi for the first time. (Billionaire Businessman had spotted one last year) It’s a sleek, fast machine and is used by the South Korean Ambassador. I wish DT Dobie (who have the Jeep franchise) would ship more Chrysler 300’s to Nairobi. It would be the perfect car for government executives to use, is more affordable that the popular GK (and getting far too common) E-class, and would fall within most government procurement limits (except engine size).

Bbank Jobs
Equity Bank
– Corporate communications manager. Applicants should be age 35 – 45, have communications, business or journalism degree and 6 years PR experience. Apply to communications@ebsafrica.co.ke by February 22.

Commercial Bank of Africa
– Senior manager , business banking unit corporate banking (Ref SM/BBU/CB)
– Assistant general manager corporate banking (AGM/CB)
– Business development manager corporate banking (BDM/CB)
– Senior manager human resource development (SM/HRM)
– Assistant general manager – liability management & institutional banking (AGM/LMIB)
Apply to jobs@cba.co.ke by February 24.

Kenya Commercial Bank
– Business development manager (focusing on western union)
– Field services manager
Apply to the divisional director HR – P O Box 48400-00100 Nairobi by February 22

World Bank
– Principal Regional Team Leader (Africa) based in Nairobi. Applicants should have an advanced degree in a relevant field, such as Sanitary or Environmental Engineering, Social Science, Economics, Finance or Business Administration. They must also have a minimum of 12 years of professional experience in relevant sectors plus a PhD degree, or 15 years of relevant experience plus a master’s degree. Closing date for applications is February 9. and more details can be found more can be found here.

Financial Jobs

HLB Ashvir & HLB Zainash Consulting
– Audit supervisors
– Audit seniors
– Tax supervisor
– Consulting senior
– IT consultant
Apply to consult@ashvir.com by 15 February.

International Centre of Insect Physiology and Ecology (ICIPE) is seeking a Director of Finance and Administration based at its HQ in Nairobi, Kenya. Applicants should have a business degree, an FCA/ACCA/CPA and at least 10 years of relevant management experience at a senior level. Apply to icipehr@icipe.org by February 28.

Nation Media Group is hiring accounts assistants. Apply to hrrecruit@nation.co.ke by February 13.

Oxfam is hiring a program finance support officer. Apply to kenyajobs@oxfam.org.uk by February 24.

Other

Kenya Institute of Public Policy Research & Analysis (KIPPRA) is hiring an executive director. Apply at admin@kippra.or.ke by March 15.

Kenya Wildlife Services is hiring a head of information & communication technology. Deadline is February 24.

UUNET
– Customer support engineer
– Marketing manager
– Account manager
Apply to recruitment@ke.uu.net.

Consultancies/Tenders
– Kengeles is inviting investors to take over the running of Kengeles restaurants in Lavington, Yaya, Nairobi West, Koinange street and Kula Korner or other restaurant owners to convert their premises and become Kengeles franchisees. Apply at kmg@kengeles.com
– The Kenya Anti-Corruption Commission wants to buy closed-circuit TV’s and statistical software.
– The Communications Commission of Kenya is inviting consultancies to research and analyse the internet market in Kenya including the penetration rate and factors affecting internet development. Apply by March 6.
– The Kenya Airports Authority is invited companies to install outdoor and indoor advertising billboard at JKIA.
– The Ministry of Finance is inviting consultancy services to (i) review the banking act & building societies act and (ii) establish a debt management department. (All part of the FLSTAP project and deadline is February 13)
– The Ministry of Finance is also tendering for a pensions information management system. Deadline is February 28.
– New regulations on venture capital and asset backed securities should be available at the Capital Markets Authority web site from February 14 for pubic discussion.

Housing
The Kengen staff retirements benefit scheme will construct 84 executive apartments in parklands area with pool, clubhouse, sauna, squash court and jogging track.

Retirement
A Retirement Benefits open day is being at the Sarit expo centre on February 10 and 11.

Feeling like retiring, and also slumping at the worst time is (my) Liverpool who face Wigan on Saturday (Prem), Arsenal on Tuesday (Prem), Man U on Sunday Feb 19 (FA Cup) the Benfica on Tuesday Feb 22 (Champions League).

Safaricom vs. Celtel

Safaricom Success.

Safaricom vs. Celtel
Am contemplating making my Celtel number my main line and downgrading Safaricom to secondary status, after switching to the new Celtel 24 S plan.

Celtel have, clearer calls, good products and service but their marketing has never been as good as Safaricom’s. Safaricom has often released products that are clone’s of Celtel with more fanfare and blitz, and capturing the consumer’s mind sense – such that everyone believes that Safaricom pioneered such products as sambaza (celtel had me2u first) and instant loading of airtime and checking of balances (also a celtel first). Safaricom has the right marketing mix, using colours, sheng, branding – e.g. bamba50, sambaza, as well as popular campaigns such as matatu poa. But one gripe I continue to have with Safaricom is the inability for international callers to get through to me.

Safaricom are quiet right now, but I would not be surprised if they are crunching their numbers, reverse engineering Celtel’s 24 S plan and will come up with their own plan that will offer the same service, but at a slightly cheaper rate.

Telkom modernizes
Starting today, anyone with a Telkom Kenya line in Nairobi or Mombasa will be able to
check their bill online.

The Road to Diani
Tourism Minister, and aspiring Coast king-pin, Morris Dzoro has announced that a new road will be built from
Mombasa airport to Diani Beach – bypassing the Island and Likoni ferry crossing.

EA Breweries
Turnover increased slightly from 18.4 to 19.7 billion shillings in the half year ended in December 2005. After tax profit increased from 3.08b to 3.32 billion and company will pay an interim dividend of Kshs. 1.75 per shares (‘04 was 1.5) to shareholders on 15th March. The company also earned 8.6 billion shillings in indirect tax for the government in the half-year (up from 8b).

US & Anglo Leasing
The day after Finance Minister David Mwiraria resigned, the People newspaper reported that one of the triggers of his departure was that the US Embassy in Nairobi has signalled that it would not grant him a visa to head a Kenyan delegation travelling to Washington DC to attend World Bank talks in February.

Broadband Kenya
Japan’s Kyocera has announced the commercial introduction iBurst wireless broadband services to Kenya.