[kictanet] Safaricom IPO & Telecom France

[David Makali]

Nick, Odindo, Jaindi, Mutuma: 

Guys, this is staggering. The press must save Kenya
from this disgraceful pass. Over to you. 
David



> Wananchi,
> 
> 
> 
> I do not see how the Safaricom IPO can be stopped
> now without the GoK
> incurring hefty penalties. So many institutions
> engaged have spend huge sums
> 
> of money they just can't fold their papers and
> accept to walk away 'hand
> nothing'.
> 
> The reality is that *Continuous Disclosure* of info
> by companies trading at
> the NSE
> isn't enforced at all. In fact, a govt that thrives
> on opaqueness cannot be
> expected
> to legislate against opaqueness much less enforce
> such legislation if it
> existed.
> 
> When the UK Serious Fraud Office started
> investigating Vodafone UK, that
> company's
> subsidiary (Vodafone Kenya) is said to have quickly
> swallowed Mobitelea's 5%
> shareholding in Safaricom reverting back to owning
> 40%of Safaricom while
> giving
> Mobitelea 12.7% of Vodafone (K) itself. And, info
> from the grapevine has it
> that
> Mobitelea and Vodafone (K) are presently arguing
> over shareholding. So
> Vodafone
> is lying in the bed it made. Who knows! Mobitelea
> might have been
> deregistered
> already and another company assigned Mobitelea's
> interest  in Vodafone
> Kenya.
> 
> There was fraud and govt covered up. Now they must
> keep covering up for as
> long
> as they can. But this is not all. There is a bigger
> problem that people are
> forgetting.
> Namely, that a big junk of proceeds from the
> Safaricom IPO will go to
> Telecom
> France (and the shadowy figures who facilitated
> their recent susipicious
> takeover of
> Telecom Kenya).
> 
> *Telecom France got 51% of Telecom Kenya at
> Sh23billion*! The takeover was
> suspicious indeed.  The GoK thro' Telecom Kenya owns
> 60% of Safaricom (i.e.
> 60% of Sh200billion) which equals to Sh120billion.
> The French now own 51% of
> 
> Telecom Kenya which means they also own 51% of
> Telecom's holding in
> Safaricom
> (i.e. 51% of 120billion = *Sh61billion*) and this is
> in addition to 51% of
> other Telecom
> Kenya assets. What is depressing is the fact that
> the French who paid
> Sh23billion for
> 51% of Telecom Kenya will walk away with 51% of  the
> proceeds of the IPO (
> i.e.
> 51% of Sh50billion =Sh25.3billion).  They will still
> own 51% of what remains
> of Telecom
> Kenya and its stake in Safaricom.  This is daylight
> robbery. And the French
> are very
> notorious for such fraudulent activities outside of
> France.
> 
> *Scenario*
> Telecom Kenya is valued at about *Sh54billion* 
> (although it owns *
> Sh120billion* worth
>              of Safaricom shares in addition to
> numerous other assets)
> Telecom France pays *Sh23billion* for 51% of Telecom
> Kenya
> Safaricom IPO Telecom Kenya sells percentage of its
> holding to get approx *
> Sh50billion
> *Telecom France to get 51% of* Sh50billion *(IPO
> proceeds)* = approx
> Sh25.5billion*
> You buy a company at Sh23billion and get your money
> back immediately and
> continue to own
> the company!  *
> 
> *I cannot understand how the French crooks could
> have been given 51% of our
> Telco for free.
> Someone tell me, please.
> 
> I'm surprised no one is talking about this.
> 
> Kanaka__,_._,___
> 
>
> 
> 


_______________

"If my doctor told me I had only six minutes to live, 
I wouldn't brood. I'd type a little faster."
-- Isaac Asimo, Columbian Author and Scientist
_______________

PO Box 3234
00200 Nairobi, Kenya 
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