Wednesday, July 18, 2007

Kenya Re cautious sale

The govt seems rather careful about kenya RE. is it a question of concealing stuff or what. first, it took forever to get the ball rolling. then when it did , there was no funfair like in other cases and the prospectus is as scarce as truth in a kenyan parliament. but what caught my eye most was the minimal amount of shares on offer. only 240 million which compares badly with the 2billion of kengen. it means the govt isn't bullish on Kenya Re. it looks like someone trying to sell a rotten egg, you only show a bit of the shell. in fact due to the minimal number of shares on offer, Kenya Re may be a good bet especially for the speculators given that the pyramid has collapsed.

but yesterday i saw mirage on TV or was it? was that Michael Joseph of safaricom signing an agreement on mpesa with posta (postbank is offered at the posta tills in the rural areas) Has anyone ever seen anything like that? posta have their own postapay. how on earth did Michael Joseph convince them to carry the rival mpesa product?

at the end of the news i just saw a genius in the man cause posta have probably the widest coverage in terms of outlets and having the convenience of safaricom mpesa where you do not have to fill in any papers nor line up to send money will simply spell death to postapay


  1. I beg to differ, take a look at my site and Kainvestor for other facts

  2. i have checked your site but cannot tell we differ on what

  3. I agree with you Odengle, Kenya Re is just another fraud. Check this out:
    1. The forensic audit was never availed even to the advisors(Kimunya actually lied when he said that the advisors had access to it).
    2. There is no discount here, Kenya Re's P/E is 15, the insurance average P/E for listed companies is 13.( Of course they will quote a lower offer price so that idiotic wananchi would think its 'cheap')
    3. Why didnt the audit go back at least 5 years, since the NSE listing requires at least 5 years of profitability(Maybe they did not do that because they are hiding losses that would have disqualified it from listing this year).
    4. The employees have managed to blackmail the management into retaining them even though retrenchment is overdue.(They must have something on them to warant such drastic change of tact)
    5. Just look at the prospectus. Everyone involved is trying to cover their asses in case Kenya Re pulls a ka Uchumi. D&B does advisiong and then comes out with a scathing anaylsis. Ditto Pricewaterhouse.

    And I cannot believe that you guys are falling for this fraud.


Note: Only a member of this blog may post a comment.