Hi Eric
The Kenya money market is on a bull run and the tragedy of African lakes is long forgotten in the rush make money in the NSE. The government has advertised for a lead financial arranger and the EOI was closing on Nov 8 to package local funding for TEAMs. To raise the USD80 M is a done deal. Note also that the three East African stock markets have now partnered to cross list shares – thus it will be easy to raise cash for Teams across the region
The sweeter part is that the government is tendering for close to 4300 Km of fibre to go deep into the villages. EOI closes on Dec 15th
With 2+1 submarine fibres, 3000 km national backbone fibre , 4300 km rural fibre , 500 km metropolitan rings in under 20 months – Kenya will be the most lighted country in SSA outside South Africa!! A leap of faith after the dark days of monopoly
Cheers
Muriuki Mureithi
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Summit Strategies Ltd -
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ICT Consultancy & Research in Eastern & Central African markets
Contacts : Tel +254 (20) 3875824 , Cell + 254 (722) 520090, email: mureithi@summitstrategies.co.ke
Bill, thanks for the information and links - much appreciated.
It means that either TEAMS or EASSy has a big opportunity to change the story and status of technology stocks - another hsitoric dimension to the whole excercise.
May be Safaricom or TK or Wananchi would do it first but the important principle is not who makes it first but we must be sure it is DONE WELL and sets a precedent for others to follow.
On 28 Nov 2006, at 16:13, Bill Kagai wrote:
On 11/28/06, Eric Osiakwan <eric@afrispa.org> wrote:
Was African Lakes on NSE as well or only on LSE?
Yeah.
African Lakes was cross-listed at the NSE in March 2000 and was branded as the first Kenyan IPO but did not live to expectations.
The company issued 4 million shares at Kshs 94.50 each and as a result secured a secondary listing in the NSE. See http://www.nse.co.ke/History.htm
The company then tried raising extra equity but that did not stop its demise leaving the 'technology companies' seriously contemplating the next direction to take in the stock market. See Issue No. 157 on balancing act. http://www.balancingact-africa.com/news/back/balancing-act_157.html
We now have Safaricom, Telkom (K) and Wananchi having indicated to test the waters soon.
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With Kind Regards,
Bildad Kagai
MD - Circuits & Packets Communications Ltd
Content & Training Partner - JKUAT E-Government Academy
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