[kictanet] [DN] Listing Safaricom IPO abroad would be totally myopic

[Alex Gakuru]

[This writer...writes]

Listing Safaricom IPO abroad would be totally myopic
Story by JAINDI KISERO
Publication Date: 2007/11/07

--Excerpts--
I GATHER THE GOVERNMENT IS being lobbied to allow an
offshore listing of part of the Safaricom IPO. It must
firmly reject this proposal.

Why should we allow foreign investors a discounted
price of Safaricom shares at the expense of Kenyans?

If any foreign investors want to buy into the
Safaricom IPO, let them come here and purchase the
shares from the Nairobi Stock Exchange. 

With the efficient trading and settlement system which
the NSE has, there is really nothing to dissuade a
foreign investor purchasing the shares through the
bourse...

THIS TIME, MOST OF THE BIG BOYS his time, most of
these big boys will want to carry a lot of Safaricom
in their portfolios. Applications are likely to be
much higher than those for KenGen.

Does it surprise anyone that more than 30 per cent of
those who own shares today are people who opened their
first CDS accounts during the KenGen IPO?

These people who are talking about offshore listing
have completely missed the point.

Today, the most common complaint from wananchi who
participated in the recent IPOs – KenGen, Mumias and
Kenya-Re – is the small number of shares they were
allocated and the length of time it took to be
refunded the money the had put in. How can one think
of an offshore listing when our people can’t get
enough? 

http://www.nationmedia.com/dailynation/nmgcontententry.asp?category_id=25&newsid=110032



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