Insider trading

I came out the Nation Centre building at lunchtime today and almost bumped into Mr. Okomo Okello, the Chairman of Serena Hotels (and Barclays Bank). I was tempted to ask him when the proposed restructuring of Serena that the Board had told us about at the April AGM would ever take place (they had said in a few months) – but divulging such information to me would be insider trading, and would he even talk to a stranger?

Still, I was reminded that I wish had bought more Serena shares after that AGM instead of East African Breweries. Serena shares have gone from 52 shillings to a high of 90, and today closed up 4.5 shillings at 85.5 (almost 6% in one day).

End for Loki?

The Financial Times newspaper notes that peace in Sudan could mean that the massive humanitarian operations that have sustained Lokichoggio for almost 20 years will move on to Rumbek, Sudan.

Compe for KQ
From November, KLM Royal Dutch Airline will start direct flights from Entebbe to Amsterdam – a decision that was prompted by Uganda’s booming economy, stability, and growing demand for passenger services.

Debt relief
The municipal council of Nakuru has announced a debt waiver of all interest and penalties for a period of one month ending November 25th for defaulters to pay their outstanding rates. Also, the Nairobi city council has extended a similar waiver on its controversial land rates provided that those who have taken the council to court, also settle court charges incurred by the council.

Uchumi Loss
Uchumi announced a 1.22 billion shilling loss for the year (ended June 30 2005) which was almost twice as bad as the 699 million loss in 2004. Net sales reduced from 9 billion to 5.2b, but the company was able to reduce both its cost of sales, from 6.8b to 4.4b and operating costs from 2 to 1.8b. The company will use the 1.2 billion shillings raised from the recent rights issue to improve stocks, refurbish stores and carry out marketing activities.

New cement factory
East African Portland Cement Company has announced plans to build an $11 million factory without raising money from the capital markets. This same strategy of expanding while using financing from business proceeds is one of the factors that contributed to the problems at Uchumi.

Jobs

Audit & risk advisory services manager: At KPMG International who will provide corporate finance and transaction advisory services to corporate clients in the Eastern Africa region and will administer and manage a diverse portfolio of clients, billing and collecting from them for assignments and projects undertaken. – The actual position will be consumer & industrial markets manager within the audit and risk advisory service department. Applicants should be college graduates (w/honours) with an accepted professional qualification (CPA, ACCA, CPA), 4 years audit or related experience, knowledge of accounting standards, IFRS, business factors and sector development, and who have excellent communication, team and IT skills. Apply by Nov 8 to the human resource manager at esd@kpmg.co.ke

Chief internal auditor Ref .CIA 10/05: At the New Kenya Co-operative Creameries – who will ensure that organizations operations are in compliance with company rules and regulations, produce timely internal audit reports, liaise with external auditors and review bus process to ensure efficiency and effectiveness. Applicants should be university graduates who are also fully qualified accountants – CPA (K) or equivalent, and have held similar positions for 3 years, preferably in a manufacturing organization. They should also have excellent IT, operational, people communication, audit and planning skills. Apply to the human resource manger, New KCC, P O Box 30131-00100 Nairobi by November 10.

Commercial project manager: finance & business administration: At Siemens ltd who will be in charge of project administration (defining processes, local & foreign purchasing and supervision of suppliers & subcontractors), accounting, reporting (deal with banking, accounting & taxation) as well as controlling and logistics management matters. Applicants should have an MBA, business administration experience, an entrepreneurial flair and 3 – 5 years experience in project management with an international company. Apply to the human resource manager, Siemens Ltd, P O Box 50861-00200 Nairobi by November 9.

Accountants: At the KEMRI/CGMRC Welcome Trust research programme who will prepare accounting and financial management information to control programme expenditure at Kilifi, Mombasa. Applicants should have a business degree, at least CPA part II, preferably with some experience in government or NGO accounting and familiarity with PASTEL software. Email applications by November 10 to ssolomon@kilifi.mimicom.net for interviews in late November.

Audit managers: Chege Muchunguzi Mwangi & Company, Certified Public Accountants are seeking to hire an (i) audit manager and (ii) assistant audit manager. Applicants must be university graduates (accounts/finance) with CPA or ACCA and at least 5 years hands on experience. They must also be proficient in IAS and IFRS and be over 30 years old. E-mail applications to cezam@czmkenya.com by November 7.

Training opportunity

A three-month course in investment banking will be offered by Dyer & Blair Investment Bank – beginning on November 7th at their offices with classes running from 5:30 to 8:30 PM. Students will learn investment banking, securities valuation, macroeconomic analysis, financial accounting, marketing, sales & customer care in securities industry, and forecasting of interest rates.

Those wishing to enroll should have bachelor’s degrees or professional qualifications (e.g. CFA/ CPA/CPS/AKIB/ACIB), and have a keen interest in financial markets. They should send in their application letters, with CV’s, to training@dyerandblair.com by October 29th – and only those shortlisted via a first come, first served and merit basis will be contacted. Costs are Kshs. 100,000 ($1,370) per trainee and successful students may be considered for employment by Dyer & Blair after the course.

Marathon watch

I spent part of Sunday watching the half-marathon runners pass through the neighbourhood. Like last year, I stood among motorists who felt that they had been inconvenienced by the marathon and who had tried to drive somewhere – church, shopping, office – on Sunday morning only to find the roads closed by the Police. Many of them turned round and went back home, while others switched off and got out of their cards to watch, and alternately scowled, complained that runners were walking not running (this was at about the 15 km mark of the 21km route), looked at their watches, bought & read newspapers, argued with the Police crew at the corner, or complained that they would boycott Standard Chartered Bank, who sponsored the event.

The fact that notices were placed by Standard Chartered, Police, and other companies like Kenya Airways (advising passengers to check in early) meant that not as many people were disrupted by the events, as was the case last year. I stood there and clapped for everyone who passed, then only clapped for those who ran (not walked by) as a a mixture of people old, young, in & out of shape, a team from Korea, of various professions (I saw a banker, lawyer and restaurant owner I knew), some with inappropriate shoes like sandals, or tracksuits (in case it rained like last year – which it didn’t) them . Didn’t rain like last year, but the runners were a smaller field, with lots of tourists it seemed.

new contract
On the company’s fifth anniversary, Safaricom CEO Michael Joseph had his contract extended for another (and final) two-year contract by the firm.

IPO delay?
The Institute of Surveyors of Kenya (ISK) has asked that the asset valuations of the Kenya Railways and Kengen be re-done since they were previously carried out by companies who were not registered valuers. ISK also asked the Capital Markets Authority to delay the Kengen IPO until this is done.

Equipment contracts
– Kenya Data Networks has signed a contract with Siemens to supply fibre optic equipment for KDN’s 1140 km long network.
– Celtel is expected to sign a $53m (4 billion) shilling network upgrade contract with Ericsson.

America Calling

MBA to Kenya: Wharton, the University of Pennsylvania business school, will hold a Nairobi reception on its MBA programs on November 2, at the Grand Regency Hotel from 7:00 – 9:00 pm. Register here.

DV 2007: The 2007 United States diversity visa (DV) lottery registration began on October 5th. Persons seeking to enter the lottery program must register online through the designated website by December 4, 2005. Kenyans are still eligible.

More Debates: Medeva TV will resume, Agenda Kenya, their popular debate show, with debates shown on KBC on each of the last four days leading up to the November 21 referendum. If you’d like to be part of the audience in the show, call 557569/70/71 or visit their offices at The GoDown for details.

Also, Strathmore University will hold another debate on the Constitution this coming Saturday.

More Standard Jobs: The Standard is looking to hire business executives for both its print and electronic departments. The job entails sourcing clients, making presentations, meeting targets, and coming up with strategies that will ensure good customer care. Applicants should have business degrees, be less than 30 years old, and have 1- 3 years sales experience. They should apply by October 25th to the Human Resource Manager at P. O. Box 30080 Nairobi (perhaps e-mail would be faster).

Friday, News, Jobs, Part II

Mad house: The referendum period swung into full force with an absolute change in government priorities. Nation TV reported that the 10th anniversary celebration of the Kenya Revenue Authority which was supposed to be officiated by President Kibaki at KICC today was cancelled at the last-minute because he decided to host delegation of several Maasai leaders at a State House parley – where the usual exchange would be “we pledge our vote on the new constitution to you in exchange for the following …..”

Jobs

Standard Chartered Bank 3 postings

Relationship manager:Work on customer products, new services, also managing risk and reviewing corporate client accounts. Applicants must have a finance degree, and 5 years work experience with a minimum 3 as a relationship manager.

Corporate finance manager: Work with relationship management teams to build relationships with senior management of key clients, structure deals, and come up with plans for their transactions. Applicants must have knowledge of oil, gas, telecom, and energy industries in Africa, project finance/corporate advisory experience, excellent understanding of capital products and a university degree with 7 years experience in corporate finance.

Tax manager East Africa: Who will Develop and implement tax strategies in East Africa. Applicants must be qualified accountants CPA/CA or equivalents) with at least 3 years exp. at a major accounting firm or international group, have good research, project, and analytical skills as well as knowledge of Kenya tax law & practices.

Apply to Jacqueline.wanyama@ke.standardchartered.com by October 31.

Internal auditor Ref no: ESS 395: For a dairy sector company who will review risk management systems and make recommendations, ensure audit compliance and provide value adding reports to the company. Applicants must have accounts or finance degree as well as a CPA (K) or ACCA qualification. Apply via pricewaterhousecoopers executive selection at ess.ke@ke.pwc.com by November 4.

Branch manager (insurance company):  Must have three years experience with well-known insurance firm, and a commerce degree (insurance option) or ACII. E-mail insurance@aboogroup.com by October 28.

Others

Reporters The Standard Group, publishers of the Standard and Sunday Standard are looking to hire the following

Job: Minimum requirements

  • News reporters (6 posts): post-grad degree in journalism/mass communications, aged 24 – 28, willing to work anywhere in Kenya at short notice.
  • Sports reporter: post-grad degree in journalism/mass comm., aged 25 – 30, good knowledge of sports
  • Sports correspondent: degree/diploma in journalism/mass comm., aged 25 – 30.
  • News correspondent (5 posts): university degree, good writer, aged 23 – 28, willing to work anywhere in Kenya.
  • Sub-editor (6 posts): degree in journalism/mass comm., aged 25 – 30,
  • Chief sub-editor: degree in journalism/mass comm., aged 28 – 26, experience working in a busy newsroom and as a subscription editor for 5 years.
  • Creative designer (2 posts); degree in fine arts/design, aged 25 – 30.
  • Editors (3 posts) post-grad degree in journalism/mass comm., with 4 years experience, aged 28 – 33, willing to work anywhere in Kenya
  • In addition to usual application stuff (CV, contact, references), include a recent pp size photo and e-mail to hrd@eastandard.net before October 29.

Cabin crew: (at) Qatar Airways … Love the requirements to join the “Best Cabin Crew” in the Middle East. Applicants should meet: Minimum age – 20 years, minimum height 157.5 cm, (minimum arm reach of 212 cm on tip toes) , minimum secondary education with good English skills and previous work experience in customer service, hospitality, nursing or the airline industry. Apply at their website

Friday Mix

Keep Smiling
One of the best mug shots I have seen – former Texas Republican leader Tom Delay was advised by his lawyer to look cheerful when he was arrested

Roar of the Dragon
This week Kenya Airways added flights to Guangzhou, another destination in China, just as the NY Times warned countries to beware of the stereotypical loud, rude and culturally naïve Chinese tourist

‘I Will Eat Your Dollars
The LA Times looks at Nigerians who write from cybercafes
promising you millions of dollars

Friday, news, jobs

Pesa Point ATM’s
Pesa Point, an independent network of automated teller machines (ATM’s) will officially launch on Friday October 21st. In a Sunday Nation feature on the launch (PDF) , Paynet MD Bernard Mathewman said eight partners are expected to be part of the initial launch. One Bank likely to be among the first partners is Equity Bank. Also NIC, whose major shareholders own Paynet could also link up their 17 MOVE Zone ATM’s to Pesa Point.

The company says 30 are ready now and they hope to have 120 independent pesa point ATM’s by year end in hotel lobbies, supermarkets, petrol stations, and other retail outlets (Caltex has already signed on). For comparison, Co-operative Bank has 58 ATM’s (31 in Nairobi) and KCB has 86, with plans to have 115 by the end of the year while another network of shared ATM’s, Kenswitch, was launch in 2003 and now has about a dozen banks whose customers use each others 30 ATM’s.

New Bond available
The Athi River Mining bond is now available to investors. The Issue is for Kshs 800 million, offered on a floating rate basis with a final maturity in 2010 and is priced at a margin of 175 basis points (1.75%) above the 91 day T-Bill.

Applications and payments must be delivered to to either Barclays Financial Services, Stanbic Bank Kenya, Dyer & Blair Investment Bank, Ashbhu Securities Limited, or Dry Associates Limited by 3.00 p.m. on Monday, 24 October 2005 with payment made out by banker’s Cheque or by bank transfer/remittance to the Athi River Mining Ltd Bond Receiving Payments Account, in the books of Cooperative Bank, Account Number 011 2030 2835 00, Branch Code 11002, Nairobi. If the offer is over-subscribed, preference will be given to investors in notes greater than 5 million shillings. The bond will then be listed on the sting on the NSE, availing a secondary trading market

KRA anniversary
Also on Friday, President Kibaki will mark the 10th anniversary of the Kenya Revenue Authority at KICC.

Nairobi marathon
The registration deadline for the Standard Chartered Nairobi Marathon has been extended to Saturday. Many City roads will be closed on Sunday morning to facilitate the marathon.

Low cost housing scheme
Superior Homes will put up 400 3- bedroom apartments bungalows (phase 1) to be known as Green Park Housing Development at Stoney Athi, along Mombasa road.

Jobs
several accounting positions: at Safaricom Details will soon be posted at their website and the deadline for applications to hr@safaricom.co.ke is 25th October. Positions are:

– senior accountant – reporting
– senior accountant – financial systems & analysis
– senior accountant – accounts receivables
– senior accountant – payables (2 positions: local and foreign)
– senior accountant – general ledger
– senior accountant – cash book
– accountant – accounts payable (2 positions: local and foreign)
– accountant – accounts receivables
– cashier

chief accountant: at Oserian Development Company (one of Kenya’s largest flower grower based in Naivasha). Job entails supervising all accounts and payroll staff, data input for preparation of monthly financial statements and audits, financial and system controls, treasury management and compliance with legislative and accounting standard. Applicants must have bachelor’s degrees (accounts or finance option) and at least 3 years work experience at senior management level preferably as chief financial accountant. Must also be a fully qualified accountant with 5 years work experience. Apply to the human resource manager, jobs@oserian.com by November 4.

loans manager: at the Kenya Tourism Development Corporation. Job entails drawing and implementing lending policies to facilitate processing award and recovery process. Also maintain records of loan applications, set performance objectives, coordinate staff and educate the public on the corporations lending policies and requirements. Applicants should have an economics degree with a bias towards development finance, postgraduate finance qualification and at least 10 years relevant working experience at a senior level. Apply to the managing director, ktdc@wananchi.co.ke by October 26