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@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@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@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@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@gmail.com> wrote:
On Mon, Jul 14, 2008 at 7:57 PM, < <alkags@alkags.com>alkags@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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-- Brian Munyao Longwe e-mail: blongwe@gmail.com cell: + 254 722 518 744 blog : http://zinjlog.blogspot.com meta-blog: http://mashilingi.blogspot.com
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