[kictanet] Discipline & Ethics - Re: Legislation and Regulationfore-Commerce in Ken

Tue Jul 15 22:38:01 EAT 2008

 Policy would be a starting point in helping remove or reduce the hurdles
that numerous Kenyan investors and entreprenuers appear to be facing, I'm
not sure the below response made it to the list but what Frank mentions
below is worth addressing and it is a good thing that it will be:

---------- Forwarded message ----------
From: <FMwan at aol.com>
Date: Tue, Jul 15, 2008 at 10:11 AM

 [...]

The buying of assets in Kenya is good. We were proposing that we remove the
asset out of the discussion but if politics will not allow us to do that, we
may want to concentrate on more stable investments.

I made a proposal regarding the issue surrounding current legislation on ICT
as the chair of KAIF. I even pulled in the concerned authorities. Maybe you
can help send the message that we are more than ready for participation in
not only ICT, but also in real investment. We were rebuffed since we did not
fit into the slot we were supposed to fit into.

I believe the key thing is changing the mind set/approach. Kenyans abroad
are repelled by institutions that tell them what to do, i.e. the seller
telling the customer what they need. If the mindset could be changed where
Kenyans overseas can determine what they need (basic economics where the
demands determines the supply), then we would see a very healthy and
consistent flow of ideas and remittances. I have been involved in leadership
abroad and have a clue what people want.

[...]

Frank Mwaniki

On Tue, Jul 15, 2008 at 7:49 AM, Brian Longwe <blongwe at gmail.com> wrote:

> Hi Joe,
>
> Take a look at this:
> http://mashilingi.blogspot.com/2008/06/tbl-mirror-fund-acumen-fund-in.html
>
> Yes, both funds are resident in Kenya and even have Kenyan employees, but
> 100% of the money is from outside (Netherlands for TBL and USA for Acumen).
>
> I was involved in setting up TBL -
> http://www.tblmirrorfund.com/Background.htm - so I know, and right now
> several other deals are close to signing.
>
> Most of the portfolio copmanies or those that are in the dealflow pipelines
> of these funds have been running around trying to get other Kenyans to
> *believe* in them and then invest and have sighed with relief when these
> "foreign" funds come knocking.
>
> When these guys are making big news with their IPO and incredible exits in
> another 5-6 years time will Kenyans complain? Yes!
>
> Let's face it - deep down we don't have faith in our own
> products/content/fellow-citizens - will policy fix that?
>
> Brian
>
>
> On Tue, Jul 15, 2008 at 3:33 PM, Joseph Manthi <jmanthi at gmail.com> wrote:
>
>> Brian
>> Now you are spreading rumours, innuendos, and xenophobia. This is an old
>> story and I think things have either changed or are going to change soon.
>>
>> Every time an African raises these things about ownership of African
>> resources the old donkey is trotted out - see Zimbabwe, Libya, Somalia etc
>> etc etc
>>
>> When is this going to change? Only when our best and brightest start
>> behaving like they would like our scant resources to be owned by us.
>>
>> Joe
>>
>>   On Mon, Jul 14, 2008 at 2:13 PM, Brian Munyao Longwe <blongwe at gmail.com>
>> wrote:
>>
>>>   Bill,
>>>
>>> V good points.let me ask you how much of the 280 billion that was
>>> oversubscribed for Safaricom was local, Kenyan money? Can Kenyans afford to
>>> invest (and therefore control) businesses both in and out of Kenya? Yes! But
>>> do they? No!
>>>
>>> Everybody goes running after the Safaricoms when the "outsiders" are
>>> investing (and taking bigger risk) in tomorrows Unilever.
>>>
>>> I know of deals that are being closed right now worth several million
>>> dollars with "foreign" investors for businesss that have been round the
>>> block locally several times and couldn't even get the time of day from some
>>> of our local financiers.
>>>
>>> I say its time for us to put *our* money where our mouth is.
>>>
>>> Al's point is unshakeable, if you own it you control it. Let us find out
>>> ways in which we can own without undermining or destroying our markets (e.g
>>> Mugabe)
>>>
>>> Brian
>>>
>>> Sent from my iPhone
>>>
>>> On 14 Jul 2008, at 8:36 PM, "Bill Kagai" <billkagai at gmail.com> wrote:
>>>
>>>  On Mon, Jul 14, 2008 at 7:57 PM, < <alkags at alkags.com>alkags at alkags.com>
>>> wrote:
>>>
>>>> I wonder if protectionist policies would enhance our global
>>>> competitiveness as a country in the larger scheme of things?
>>>
>>>
>>> Alkags,
>>> I have written too much (today), but kindly indulge me with this one last
>>> post I could not resist because it harbours on what I do for a living -
>>> information vending ;-)
>>>
>>> You know about Unilver Tea. Basic stats look like this...and another
>>> reason why you should subscribe to MediaCorp services
>>>
>>>   NSE Sector
>>>
>>> Agricultural
>>>
>>>
>>>
>>>
>>>
>>> Company
>>>
>>> Unilever Tea
>>>
>>>
>>>
>>>
>>>
>>> Code
>>>
>>> UNLV
>>>
>>>
>>>
>>>
>>>
>>> Year Of
>>>
>>> 1925
>>>
>>>
>>>
>>>
>>>
>>> Year of Listing
>>>
>>> 1972
>>>
>>>
>>>
>>>
>>>
>>> Issued Shares
>>>
>>> 48,875,000.00
>>>
>>>
>>>
>>>
>>>
>>> Share Float
>>>
>>> 11
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>> All Time Low
>>>
>>> 36.00
>>>
>>>
>>>
>>>
>>>
>>> All Time High
>>>
>>> 130.00
>>>
>>>
>>>
>>>
>>>
>>> Market Capitalisation (Million)
>>>
>>> 2.26B
>>>
>>>
>>>
>>>
>>>
>>> Par Value
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>> *Top 10 Shareholders*
>>>
>>> *Name*
>>>
>>> *%*
>>>
>>>  Shareholder1
>>>
>>> Brooke Bond Group Ltd. -
>>>
>>> 88.23
>>>
>>>  Shareholder2
>>>
>>> Board of Trustees Of NSSF
>>>
>>> 2.94
>>>
>>>
>>>
>>> Shareholder3
>>>
>>> KCB Staff Pension
>>>
>>> 0.52
>>>
>>>
>>>
>>> Shareholder4
>>>
>>> UAP Provincial Insurance
>>>
>>> 0.33
>>>
>>>
>>>
>>> Shareholder5
>>>
>>> Old mutual life Ass
>>>
>>> 0.29
>>>
>>>
>>>
>>> Shareholder6
>>>
>>> BBK Nominees
>>>
>>> 0.27
>>>
>>>
>>>
>>> Shareholder7
>>>
>>> Co-op Bank Kenya
>>>
>>> 0.22
>>>
>>>
>>>
>>> Shareholder8
>>>
>>> BBK Nominees
>>>
>>> 0.22
>>>
>>>
>>>
>>> Shareholder9
>>>
>>> xxxx
>>>
>>>
>>>
>>>
>>>
>>> Shareholder10
>>>
>>> Ins Co. of East Africa
>>>
>>> 0.17
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>> *Top10Total Shares *
>>>
>>> * *
>>>
>>> *93.37*
>>>
>>> * *
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>> *Profit Before Tax (Year)*
>>>
>>> *[Million]*
>>>
>>> *Profit After Tax (Year)*
>>>
>>> *[Million]*
>>>
>>> 2000
>>>
>>> 410.00
>>>
>>> 2000
>>>
>>> 450.00
>>>
>>> 2001
>>>
>>> 420.00
>>>
>>> 2001
>>>
>>> 220.00
>>>
>>> 2002
>>>
>>> 415.00
>>>
>>> 2002
>>>
>>> 130.00
>>>
>>> 2003
>>>
>>> 400.00
>>>
>>> 2003
>>>
>>> 60.00
>>>
>>> 2004
>>>
>>> 450.00
>>>
>>> 2004
>>>
>>> 370.00
>>>
>>> 2005
>>>
>>> 100.00
>>>
>>> 2005
>>>
>>> 70.00
>>>
>>> 2006
>>>
>>> 100.00
>>>
>>> 2006
>>>
>>> 60.00
>>>
>>> 2007
>>>
>>>
>>>
>>> 2007
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>> *Earning Per Share *
>>>
>>> *Kshs*
>>>
>>> *Dividend PayOut*
>>>
>>> *Kshs*
>>>
>>> 2000
>>>
>>> 9.20
>>>
>>> 2000
>>>
>>> 6.00
>>>
>>> 2001
>>>
>>> 4.60
>>>
>>> 2001
>>>
>>> 2.00
>>>
>>> 2002
>>>
>>> 2.50
>>>
>>> 2002
>>>
>>> 2.50
>>>
>>> 2003
>>>
>>> 1.30
>>>
>>> 2003
>>>
>>> 6.00
>>>
>>> 2004
>>>
>>> 7.40
>>>
>>> 2004
>>>
>>> 8.00
>>>
>>> 2005
>>>
>>> 1.40
>>>
>>> 2005
>>>
>>> 2.00
>>>
>>> 2006
>>>
>>> 1.10
>>>
>>> 2006
>>>
>>> 2.00
>>>
>>> 2007
>>>
>>>
>>>
>>> 2007
>>>
>>>
>>>
>>> P/E Ratio
>>>
>>>
>>>
>>>
>>>
>>>
>>>
>>> Bankers
>>>
>>> Barclay bank of Kenya,Citibank NA,Cooperative Bank
>>>
>>> Registrars
>>>
>>> Cooperative Bank Registrars
>>>
>>>
>>>
>>>
>>>
>>> My point
>>> Foreigners hold 88% of the company and thus in a position to make board
>>> decisions regardless of the African investors thinking after all..they
>>> holding only 12%. Some investors bought into this company at more than kshs
>>> 100 and when it ceased trading, shares were moving in the 40-45 range. The
>>> shares will be called back because the foreigners agenda is different and
>>> there intention is not to make money for the local investors. [Country of
>>> origin and Fair trade issues]. The local investors including NSSF, KCB
>>> pensioners and many more Wanjikus have been screwed.
>>>
>>> RVR is coming next.
>>>
>>> Joe is therefore really not far from the point...if Unilever lesson is
>>> anything to go by. We need a unified approach ...If you want to do business
>>> in Kenya...get Kenyan partner...is simply not enough...
>>>
>>> We need to get Kenyans in decision making positions also.
>>>
>>> PS. Regarding Flo's kind request to facilitate...
>>> Ownership of the process is what is critical. Locals should not only
>>> drive but own and ultimately be responsible for the direction they take. You
>>> have done well...but maybe...as Frank Sinatra would sing...its time for MY
>>> WAY.
>>>
>>> Ciao,
>>> Bill
>>>
>>>  _______________________________________________
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>>>
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>>>
>>
>>
>> --
>> Joseph Manthi
>> CEO
>> MEO Ltd
>> http://www.meoltd.com
>>
>
>
>
> --
> Brian Munyao Longwe
> e-mail: blongwe at gmail.com
> cell: + 254 722 518 744
> blog : http://zinjlog.blogspot.com
> meta-blog: http://mashilingi.blogspot.com
>
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