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Saturday, March 29, 2008

Hearty Laughs All Round As Ordinary Kenyans Bleed

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The story of Kenya is really sad. Even as hundreds of ordinary folks lined up to start purchasing Safaricom shares yesterday, hoping to make a quick killing, details emerged that may not be such good news for them.

The privileged in Kenyan society are also not aware or have chosen to completely ignore the great suffering going on amongst many ordinary Kenyans that has been directly caused by insensitivity from the government. I have in mind the IDP camps where since the long rains started pounding down last week, life is rapidly becoming unbearable. It is obvious that we will soon hear of deaths in these camps as a result of young children being exposed to the cold and rain. But alas the government’s energies are at the moment fully concentrated on IPOs and ensuring that the Safaricom one is a huge success at all costs, ordinary mwananchi kitu gani?.

Secondly the campaign by Local government minister Uhuru Kenyatta (who has never used public transport in his life) to keep Matatus out of the CBD has caused a lot of suffering amongst ordinary Kenyans, more so as the city is experiencing a lot of rain these days. A clear illustration of the fact that the government has no idea what it is doing, is the introduction of special shuttle buses to get passengers into the CBD from Muthurwa and other far off pints where they are dropped by matatus from the residential estates. These shuttles are charging Kshs 20/- while the old fares from the estates remain the same. Forcing ordinary folks to pay more at a time when they are desperately trying to recover from the effects of the post-election skirmishes. So if somebody was paying Kshs 40/- to get to town, they now need to pay Kshs 60/-. All in all the return trip now costs Kshs 120/- up from Kshs 80/-.

This past week there was a case of a man’s leg being cut off when he fell from a moving train in Nairobi. The man also sustained injuries to the neck and was lucky to be alive. It is said that the man jumped on the train as it passed through the city’s Dandora estate in a desperate attempt to get to work on time. However eyewitnesses say that the man slipped and his leg was caught between the rail and the wheels of the train. He was taken to Kenyatta National Hospital by the police who arrived at the scene more than an hour after the 7:30 am incident. If he was conscious, you can imagine the agony the man went through all that time.

The bottom line is that the government does not care for ordinary Kenyans. Period. And this lack of caring includes ODM which is yet to release a single statement about the IDPs or the suffering Nairobi commuters.

But let us go back to the Safricom IPO, shall we.

You know how the rich and powerful laugh?

It is usually a hearty, forced laughter that has a lot of throat activity in it. Usually it will be accompanied by a sneer and a patting of the huge pot belly. It is the kind of laughter that is unmistakable and tells you that somebody has enough zeroes next to their bank balance to make you dizzy.


Read more

P.S. A serious food shortage is looming in Kenya. My sources tell me that the price of maize flour has climbed steeply and this is a telling warning sign. The government should take some time off their busy schedule on the IPO to look into this issue before it is too late.

Other interesting stories Kumekucha came across today

Jobless man finds $10,000 in his mailbox

Make money fast online without a website

31 comments:

Anonymous said...

Although I agree with your judgement, I dare to ask you to challenge our 'leaders' and not just 'our Government'. 'Government' is a quite obscure body always hiding behind regulations, laws and some other lame excuses.
'Leaders' is what Kenya needs right now. But I have my doubts since I see nobody - and I mean nobody - out there to take over responsibility. All of them are only interested to catch a deal and to continue looting and cheating. Otherwise this whole Safaricom deal would not have emerged right now when Kenya and Kanyans are still suffering and bleeding from the aftermaths of having had the dream to fight for a better future. How wrong we all have been to trust these crooks - Kikuyus, Luos, Luhyas, Kalenjin and the rest who try to tell us that they have the interest of Kenyans at heart. I suggest they change the word heart to 'pockets' or better 'bank accounts' because that's the only thing they are interested in, including Raila. He has already a long time ago gone this road of no return: how to exploit the (stupid) mind of us Kenyans trusting that we would fall into his trap (and I have to admit, also I did), but no more and never again.

Anonymous said...

Chris, sorry to say this, but it too easy to say 'the Government is responsible - the Government should look after these people in the camps - the Government. Allow me the question: Which Government? I thought there has been signed an Agreement between PNU and ODM to form a joint Government? I thought that those having signed this Agreement had the fate of Kenyan People in mind? Am I wrong in all this - again? Don't tell me that once again - like so many times in the past - this is cheating is happening again? Don't - please - because people have died, people are suffering and starving and may even die. Again. And don't try to tell me: only the Government is responsible - not ODM - not Raila Odinga. Because that's not true (and we all know it). Raila has is in his hands to change all this, to mend all what has gone wrong in the past, to make Kenya a better country. But the question is: does he really want this to happen? I doubt - and not only that. Because I am sure that he has already a long time ago sold his soul to the devil (which at that time had the name of Daniel arap Moi, but now it is caring the name of 'money..... lot's of it .... stepping into the footsteps of others before him (Kenyatta, Moi, Biwott, Kibaki and the rest of all the Kenyan crooks).
I am sorry, but I think that Kenya has to open its eyes: Raila Odinga has sold his soul to the mammon (dollars and lots of it). That's the truth - like or not - but the coming days (and weeks) will prove me right

Anonymous said...

Goings-on in Parliament are no reflection of a modern Kenya


Publication Date: 3/29/2008
As an Irishman volunteer in Kenya, I have recently watched with mixed feelings the shenanigans taking place at Parliament Buildings.

On one hand, I was very happy, as most Kenyans must be, to see the hope of lasting peace and all the politicians smiling and joking together again.

On the other, I was saddened to see that all the paraphernalia and trappings of the “House of Kenyan Elders”, were those of the former brutal oppressors of this country and its people — the language (hardly one word of Kiswahili did I hear), the robes, the mace and, most foolish and inappropriate of all, that ridiculous medieval wig worn by the Speaker.

It is not only totally out of place in the 21st Century, but also absurd in the extreme, when worn on an African head that could never ever have grown such atrocious and outlandish strands naturally.

And in case any of your readers sees me as just another European criticising Africans, I come from a country which itself is only emerging from centuries of brutal oppression by our closest neighbour, England.

The country is only now beginning to gain liberation from poverty and unemployment, and our Third world status as the poorest nation in Europe (See Donald B. Kipkorir’s article in the last Saturday Nation).

And I speak from the perspective of watching politicians in my own country similarly eulogising and shamelessly mimicking the archaic customs of our former masters.

What message does this carnival of subservience to the former “bossman” give to our children and the youth of our countries?

If the leaders of this potentially great and proud nation of Kenya bow and scrape, and mimic people who so brutally ravaged all of Africa for centuries, and then branded heroic freedom fighters and liberators terrorists and criminals, then perhaps after all, we (both Kenyan and Irish and all oppressed peoples) are inferior, and not quite as civilised as the English, the French, the Belgians and the rest of those rich nations that gained their wealth and opulence only by stealing from other nations.

I was disturbed and saddened, watching and listening to the many debates and contributions from the floor that none of the leaders stood out as a true, self-sacrificing “champion of the people” willing to cast tribal and class differences (and personal interest and gain, too) to one side for the sake of the people of this country.

It was sad to notice all the poverty — not only the suffering of people displaced by recent violence (which seems to be the fashionable “charity of the moment”) — but all of those who have been marginalised and oppressed for many years, living in such dreadful conditions in slums or subsistence farmers eking out a living on tiny smallholdings.

What about families forgotten and destitute watching helplessly and hopelessly as their children grow into a world where they are virtually guaranteed to die before they reach their 40th birthday through disease or hunger or as victims of crime?

Nobody stood up for the poor of Kenya to say that what these people are suffering from is not necessarily lack of fertile land and natural resources.

Nobody stood up to say that this waste of human lives and the theft of dignity and human rights is an obscene crime against humanity, and against the memory of people who gave their lives for the freedom of Kenya.

Hopefully, the politicians will truly put aside their differences and personal ambitions.

JOHN McDUFF,
Nairobi.

Mrembo said...

i totally agree with everything you have said anonymous 3.22 right to the full stop.

we were taken in.....by ODM manenos and all that 'with the people talk' but i guess now that push has come to shove we know the truth on which side they are leaning. like i said before, we were just vehicles to ferry them to parliament, wamefika sasa and they do not need any of you foolish guys anymore. it was all about them and their limos, state security and positions-nothing more.

IDPs can die in the camps for all anyone cares, let their children get sick who cares?! after all 'wata-do'? the safaricom ipo is what this country needs right now-and that is our top most priority!! annan's airfare and accomodation costs is the second order of business coz he really needs to come back to share out the cabinet cake since we cannot do it ourselves. God only gave annan and bush brains to think on our behalf-us we cant think for ourselves-its too taxing!!

i hope this is a wakeup call to all kenyans of goodwill out there (if u have bought or are planning to buy the safcom shares you are not included here)-that we can definitely, definitely do better than this!! we need good leadership in this country so badly-it hurts.....

chris, i read here this past week someone asking for threads to do with nurturing new leadership or something of the sort, please can we get on with that? this current lot cannot do anything to save kenya...


bitter girl today.

deroo said...

Jamaa, that the the latest from London. So, just buy the IPOs. In the meantime, ATHURI/MT KENYA MAFIA/PNU/ODM-K/KANU are all buying the IPOs like there is no tomorrow.

The Serious Fraud Office (SFO) last night ruled out any further investigation into allegations of corruption involving a Kenyan mobile phone company of which Vodafone holds a 40 per cent stake.


The decision came as thousands of Kenyans lined up to buy shares in the public flotation of the company, Safaricom, after opposition calls to delay the biggest ever state selling of its sort in east Africa were defied.

The Kenyan government owns 60 per cent of Safaricom, the most profitable firm in the region. The other 40 per cent is owned by Vodafone Kenya – which itself is 87.5 per cent owned by the British-based mobile giant, with the remaining 12.5 per cent owned by a mysterious Guernsey-registered firm called Mobitelea.

The owners of Mobitelea remain unknown despite enquiries by Kenya's investment watchdog and the SFO, which said it had sent representatives to Kenya last year to meet with the country's own watchdog, and "examine the matter".

Last night however, the SFO said that it was refusing to investigate the company for reasons of "resources". "[The SFO director Robert Wardle] has the task of allocating resources, taking into account the prospects of success against the demands on resources. It is with some difficulty that he has decided that the SFO will not adopt this enquiry for investigation."

The decision comes despite a number of reports relating to the anonymity of Mobitelea, including claims of a "secret stake" in Safaricom allegedly linked to the family of the reviled former president of Kenya, Daniel arap Moi.

Vodafone has remained tight-lipped about the identity of those behind the off-shore firm. A spokesman said last March: "Mobitelea has never had representation on the board of Vodafone Kenya or the board of Safaricom. We have received guarantees from Mobitelea that no prohibited parties have benefited from this transaction".

Last night, Bobby Leach, the media director of Vodafone UK, emphatically denied any direct link between Mobitelea and Safaricom. "Mobitelea does not own shares in Safaricom," he told The Independent. Asked specifically about the arap Moi family, Mr Leach said he was obliged under confidentiality agreements not to comment on the ownership of Mobitelea.

The state is selling off 10 billion shares, which represents a quarter of the company's equity, and expects to raise 50bn shillings (£390m).

The Kenyan President, Mwai Kibaki, launched the sale yesterday, saying: "I ... wish to take this opportunity to invite all Kenyans ... to take advantage of this investment opportunity and take part in the success story we have created together."

Earlier, the opposition party, the Orange Democratic Movement, had called for a delay in the sale until Mobitelea's ownership was disclosed.


-Derek-

Anonymous said...

The rumours here in Europe are that the sale of these shares have something to do with some Mafia links in Malindi connected to Moi and Biwott having granted them the gambling (and prostitution) licence in the late 90's. The outcome of the General Elections and its blocking tourists from flocking to Malindi, have had a negative impact and therefore endangered this flourishing business. Certain people in the Kibaki-circle are also involved in this - and not only that:

A certain Raila Odinga sought to buy the Scorpio-Village (owned by some dubious Italians - Elsa and Romolo Lenzini connected to the notorious Flavio Briatore and some other Italians involved in drug smuggling) already a few years ago, but refrained from doing so because of the 'bad image' this could cause.

But Raila Odinga signed a preliminary contract that was ensuring him to sign the final deal after the General Elections.

All co-incident? Just make up your mind - but please without the 'Raila-cloud' keeping you from thinking.

Anonymous said...

John McCuff - Anon:35 - my heart goes out to you. It's exactly how I felt and always feel. You could not have put it better.

I thank you from the bottom of my heart.

Let me only make one objection: it is really sad that is only us 'the foreigners' in this country who seem to feel like this, to realize who the ordinary Kenyans suffer.

Is this not the real tragedy we are all witnessing?

I hope you read this and maybe reply? I am on your side and would like to get more feed-back.

Anonymous said...

UHURU IS AN ALCOHOLIC who doesnt understand transport and communication in urban areas.

His interest is to promote the business of Thuo and Michuki.

Why cant Kenyans demontrate against this idea to bar Matatus from CBD?

Anonymous said...

Com'on Chris!

Yaani you jumped out of bed and started attacking, screaming, yellling and cursing the rich? Your vilification is quite biased since you seem to tar all the wealthy people with the same brush.

The truth is many are also job creators and I know so many who had to blow up various obstacles on their way to achieve their dreams. A good example is a former carpenter now a chicken billionaire called Mr Muguku who supplies nearly all the chickens in fast food outlets like Kenchick Inn.

Others pay huge amount to the taxpayer so we can say not all the 'upper crust' are evil! I hope will you could help unveil those in ODM who were calling for the IPO boycott while their brokers were buying millions worth of shares on their behalf. They are there!

FYI, many Kenyans would also classify you as rich! There you go, it cuts both ways!

M-Pesa.

Nairobi

Anonymous said...

@4:35 MCDUFF
You are right. But must Africans always point a finger at the Europeans?

We are 40 years independent. A short time compared to the oppression years we were under the European masters.

But our own people, the black colonialists, have killed, robbed and imprisoned many countrymen more than the Europeans did to us.

I still blame the small, tribal mind the African still has. Maybe in 100yrs we shall wake up.

Anonymous said...

I just checked on some comments around the Kenyan issue and I came across something in Mashada and this was the most shocking thing I have realized because it seems to represent the feelings of many Kenyans:

They talk about the dead and displaced people.

But then they start to 'label' them as 'Kikuyus', 'Luos' etc. -

In other words: Kenya is divided by 'tribal' boundaries - and worst:

there is a rating who is worth more: so Kikuyus are No. 1 - Kalenjins are No. 2 (because of the Moi-Biwott Connection), ..... and then at the end of the line are the Luos .........

I will never agree on this point - but it's not me to judge ..... because it's the Kenyan people who should.

I am not Kenyan - I am only an observer.

But let me tell you, it's your choice as educated Kenyans to make a difference. Not only for your own country but to give an example to the rest of your continent.

Too much to ask for? Maybe ....... but I hope that somewhere somebody is taking up the challenge.

Anonymous said...

PNU Manifesto:

1. Win (steal) elections at any cost.
2. Launch Safaricom IPO an any cost.
3. Ignore IDPs.
4. Trash transparency.
5. Make the rich richer.

Anonymous said...

UK SFO cites 'resources' as a reason for not investigating further. What a lame excuse. Strings are obviously being pulled in the UK. It stinks - someone in the British High Commission should be answerable.


Damn, I want this whole ipo business over and ODM to start influencing the agenda. They FAILED here. One more chance.

luke said...

Chris i take great personal offence to your description of how priviledged laughter sounds like in Kenya. I am not lucky enough to count myself as one of Kenya's "10 millionaires" to use JJKariuki's famous quote, but i will tell you that i am just another ordinary Kenyan who experiences the great suffering you speak about-does this mean my laughter should not be hale hearty and even forced at times?
Sometimes the joke is not funny so you have to force the laughter-for example just the other day i laughed out loud and from my throat also, in the process exposing my pre-molars for all and sundry to see. This was because i heard that Parliament was to be adjourned for 3 weeks as there was no more house business to transact at the moment
In the process of carrying out my laughter to completion my belly started to ache which lead me to scratch it-however i can assure you Chris my bank balance DOES NOT have enough zeroes on it to make even a housefly dizzy therefore
No business to transact?surely Vision2030 has come to pass earlier than i thought i must have been sleeping and Kenya is now a true middle income nation. wow-what marvellous time we are having(whats that about famine and drought in N.Eastern-SHUTUP PLEASE! we have no business to transact we have already made it to the big leagues of industrialised developed countries
So Chris please i urge you join me in laughing heartily-stop being such a spoil sport i am sure even you one day will consider naming one of your grand children "Kumekucha Junior" so whats wrong with the name "Stocks Mbaru"?I for one like it-its got a nice marketability to it

Anonymous said...

Anonymous Anonymous said..4:53 AM.

Although I agree with your judgment, I dare to ask you to challenge our 'leaders' and not just 'our Government'.

Again the shock that this individual takes to accuse Raila like they went into his head and know him personally?? shame on you!! whynot start at what happened to the peoples vote?? and why kibaki is still in government after rigging and pludging the country into cheo's?? if Raila and odm had the full control of the government today- i dare say htat we could have seen the swift changes implemented today as per their election compaign manifest-
I think you sit around try pointing fingers at the wrong group while on the other hand i didn't hear you condemning kibaki and his cronies for putting kenya where it is today- i strongly beleive as usual the is a PNU memeber on kumekucha trying to stir propaganda?? the buck falls at kibaki's door- he should start by giving way to a equal sharing of all positions 50/50 as per the real power-sharing and stop wasting kenyans peoples time by wanting a bloated govenment of 44 MP just to pay back hsi cronies with ministerial positions.

secondly Raila 's party did not sign up when they went to compaign to the people a govenment with PNU hardliners that do not beleive in change(example safaricom)
do get get your facts correct before you unleash propaganda on Raila- since you do not know him or his plans personally- us in the ODM know what voted for and indeed won the majority of the peoples vote not 4 constituencies like kibaki did!!

Anonymous said...

yes Mt. Kenya is buying the IPO's but we are told a competitor will be in and we will wait for that one! what glitters does not necessary mean it is good- they can deny and give us all the explanations in the press and encourage us to buy safaricom share- but any educated kenyans knows differently- so it is up to the kenyans individuals to read the stories with a pinch of salt and ask? why are this people so desperate to offload?? share tot he public?? what are they hiding???? and what is it that is pushing them at such a high speed to sell this share while kenya is still bleeding??? why do they need money very urgently? why is the government over selling this safaricom venture?? is there money missing from other arms of the government (looted) that they want to replace before the coalition government takes place like we are hearing whispers in the corridors??
some large sums of money apparantly is missing from some government sectors and i mean serious money!! if discovered it touches Kibaki's inner circles!! is this the money they have to put back before they are exposed??
Kumekucha please find out - i mean this is serious business
the ministries are...... I will post here next time after my source in the current government confirms but my source says it is worse than Anglo leasing- the corruption and this time it direct!!

Anonymous said...

wacha to- kenyans are in for a rough ride 5 years of looting 2002-2007 will come in check- wait till you here what went on with the top notch in the 9th parliament- i tell you it reads like a spending spree that went wild- instant millionaires were made- but wait note that they used family to hide the looting of government offices- we still have a long way to go- but i believe in our fellow kenyans - we have reached the stage now that we can face off this greedy individuals with the internet we will expose them - members of parliament better be careful from now on-
i think we must create site on double exposure for all kenyans to keep in check greedy individuals and crooks this time round - like bulls eye we will have double exposure on insiders in the government!!online

Anonymous said...

Anonymous Anonymous said...5:25 AM

The rumours here in Europe are that the sale of these shares have something to do with some Mafia links in Malindi connected to Moi and Biwott having granted them the gambling (and prostitution) licence in the late 90's.
5:25 AM

post the contract here or shut up!you are the PNU propaganda on kumekucha and i happen to be Raila's relative- i ask him and he was shocked on how low people can stoop to tarnish his name-
I ask you to post your evidence here and it better be solid not like the Ruto letter that the martha karua's of kenya paid a kalejin to write and translate in English in order to attach Ruto to the Eldoret unrest- we all know about that!!!!!!
if you do not have that proof on Raila on that then shame on you and take your Propaganda on Raila else where maybe keep it at the PNU meetings we know you still have them strategising on how to throw dirt on Raila's name it will not work!!

kumekucha please post my comments here - i have had enough of this PNU propaganda trying to Tarnish RAILA'S NAME ON YOUR BLOG!! LET THEM POST HERE THE PROOF AND GIVE THE ORIGINAL TO AN EXPERT TO LOOK AT THAT SIGNATURE AND POST THAT TOO HERE?? REMEMBER A FORGED LETTER CIRCULATING THAT THEY CLAIM RUTO WROTE AND THIS WAS DONE BY PNU HARDLINERS??(CONFIRMED BY THE INDIVIDUAL THAT WAS PAID

LET ANYONE THAT HAS CONTRACT POST IT HERE PLUS THE AUTHENTICITY OF RAILA'S SIGNATURE BY A SPECIALIST!!!

Wanjiku Unlimited said...

McDuff the speaker's wig! Arrrgggg! And may I ask anyone who knows, does Kenya have many in stock or are we still ordering fresh stocks of those wigs? Where are they bought? Did Kaparo go home with his or it was passed on to Marende? It's so ridiculous it's just difficult to think about it.

Chris the other week Mwangi Kiunjuri talked at length in parliament about the IDPs and the then expected long rains. He wanted to know what becomes of them since the temporary camps obviously cannot withstand the rains? Nobody answered him and the rains are now here.

Mrembo said...

hehehehe shiko, you are a funny girl!!

we order those things my dear...talk about waste....i once had the misfortune of seeing one up close donned by someone in the legal profession. i agree the thing is so hideous and ugly!!

and by the way shiko, those things are made from some hard type of bad sisal....and they cost no less than 100,000 kenya shillings for the authentic ones!! can you imagine? of course the nigeria cheap types go for 30-35,000 can you imagine? all the income all those kiambu and kamba women lose coz we have to go importing those mathogo-thanios.....what is so hard about making sisal into a wig? aki kenya!!! am sure those donned by judges and the speaker cost more than these lawyer types i have mentioned.

you even asked where they are bought?....kwani you want one? hehehehe!! there's some fancy shop in nairobi called JR Stevens near the new stanley that sells them-that's the only place i know. lol this is funny.

Anonymous said...

wanjiku, mrembo

the wigs, are to give the law profession an aura of "holiness" to mask the plain or mystical lies lawyers and judges have to invent to convict or acquit the innocent and guilty alike depending on who has more cash or clout.

by the time, the kivuitu types wana kata kauli kwaaa .. and strike that gavel the only thing people see is the wig and robes

Anonymous said...

DEAR KENYANS?? DOESN'T THIS EXPLANATION MAKE MORE SENSE??? OR AM I THE ONLY ONE THAT SEES THIS???
I THOUGHT WE KENYANS ARE EDUCATED TO BE ABLE TO SEE A FAKE AND PROPAGANDA ON VENTURES WHEN CONFRONTED WITH ONE- MAYBE I WAS WRONG- EVEN KUMEKUCHA BLOGGERS NONE COME OUT WITH A STRAIGHT ANSWER?? CAN ANYONE REFUTE THIS EXPLANATION??




Just got a call from my friends telling me about the upcoming great Safaricom IPO.The Safaricom IPO is meant to start on March 28th to April 26th with 10 billion shares for sale.

Wow. Did someone say 10 billion shares? So if it is true that Safaricom will be selling 25% of it's shares then safaricom has in total of about 40 billion shares. I know that those figures are wrong. GM the biggest company in the USA has a market cap of 11.5 billion. Safaricom has a market cap of 40 billion. I might be seeing double. If I am wrong please correct me. That was enough to make me interested in this IPO.
1. Buy Safaricom on Monday sell it on Monday

That is the story I have been told that most Kenyans are telling me that they will do. That is not investing. That is what we call gambling. As we all know the house always wins with gamblers.

The first rule in investing in anything is.

If you won't own a business for 10 years, don't even think about owning it for 10 minutes.

So my friends and family are already disqualified from buying this stocks.They have no intention of even looking at the books of this company.More than a third of the people buying this shares have no intention of keeping it past Tuesday.So why not wait until the real investors are in the company instead of a bunch of gamblers?
2. Why is Safaricom selling?

If the company is so profitable, why have they been trying to get rid of it for so long? They say the Kenyan government is trying to offload Safaricom shares. If you believe the Kenyan government is an angel that really cares about Kenyans, then think again.

These are the questions I asked myself

1. Who exactly is the government. Is it ODM or PNU or both?
2. Is there another party in this so called government we do not know about? We all know some people will have kickbacks etc in the so called government.
3. The first time I heard about this issue, it was vodafone that was selling 6% of it's holding, what changed?
4. Why was ODM against it, before the became for it? Did they just find Jesus when Raila was made PM?

The first rule of in making money in an IPO is that if the main reason to sell is to give venture capitalists their money back, you have a 70% chance of losing. Safaricom does not want to sell shares to buy the latest technology etc, they want us to pay some other entity money. That is not very smart investing.

3. Safaricom numbers don't add up

If it don't fit ,you must acquit. So said Johnny Cochran.

In my case the numbers are just mind boggling for this IPO.

There are going to be 10 billion shares at ksh 5. So for a one month period, the Kenyan stockbrokers will have 50 billion in their coffers. At say 2% broker commission, the kenyan stockbrokers will have over 1 billion in their accounts. If there any stock brokers in the Kenyan stock exchange, buy them instead.

Here is where it becomes interesting. Some people are expecting those shares to do to 10ksh on day 2. So technically ,the Kenyan market will have 100 billion ksh in a period of 2 days to invest in Safaricom. Do you really believe that ? The Kenyan GDP in 2007 was 58 billion.

Did someone say over subscription, I will say bubble.
4. Safaricom Growth

I have been told that safaricom revenues will continue to grow. Maybe, but that is the real reason that someone somewhere is selling. Growth of over 50% in any company in consecutive years just spells bubble.

No company on this earth leave alone an economy can grow at those levels unless someone is cooking the books or it's a totally different product that no one has ever seen. It could also be a monopoly, but I heard that more cell phone providers are about to be licensed and the Internet cable is coming soon. Safaricom can not and will not be able to sustain such growth. So the next time you see their balance sheet, you will note that their level of growth has started to drop.
5. Company Management

If you want to make money in any IPO, the management team is very important. I hear that the current GM is leaving soon. Why? Who is taking his place? And who are these safaricom management team?

I called my so called kenyan broker and he could not even tell me who the directors of this company are and the top management team including their company secretary. If my own broker does not know who runs this company and how long the team will be there, why should I put my money in such.

Maybe I got the wrong broker. I might just be negative about Kenyan business in general but the numbers for this IPO, are just too hard for me to swallow that they are kosher.

I will try and get the safaricom books and comb their accounts. I haven't done P/E's, EPS, and their debt ratios. However, I am not buying it, you should do that on your own.

SOURCE:

http://masaaa.com/KenyanBlog/Safaricom-IPO-very-interesting.html

Anonymous said...

KENYANS ALL IS NOT LOST= the Mobitelea angle provides a small window of opportunity for the Kenyan public to eventually slay this gigantic fraud on the Kenyan taxpayer the Kenyan public through a legal team can sue safaricom to the tune of hundreds of billions for having fraudulently engaged in activities and mis-information since now it will be indeed a public company with share-holders- why not??
class action will be the way to go is anything goes wrong-
point number 1. they have already misinformed the public by not informating them on who is mobitelea and what it's share holding has to do with safaricom!!
so watch closely- global market and class actions have become the trend this days and kenyans are very educated and will not go down easily to lose their money to any greedy individuals- maybe they think they are winning now- but the same money they make !!they may have to pay all back and more in the class action since vodaphone-safaricom & Mobitelea is jointly involved- i'm watching closely- like some international lawyers are saying- that is a case they would definitely be interested in!! when and if it comes up!!class act

Anonymous said...

IF THIS IS TRUE THEN KENYANS AGAIN HAVE BEEN TAKEN FOR A RIDE WITH THE THIEVES AND THUGS IN THE SO CALLED KIBAKI GOVERNMENT!! I WILL USE MY PEOPLE TO CHECK IF THE GOVERNMENT HAS SET THOSE 35% ASIDE FOR ITS CRONIES AND BELIEVE ME I WILL FIND THE LINK? IF I DO THEN BACK TO SQUARE ONE- KIBAKI WILL BE FINISHED BEFORE THE INK DRIES ON THOSE SAFARICOM IPO'S - SOME OF US MADE IT BUT WITHOUT STEALING FROM KENYANS - AND FOR THOSE WHO DIED!! WE WILL USE OUR OWN MONEY TO DIG OUT THE THE TRUTH ON THIS ONE!! KIBAKI BETTER NOT HAVE SET ASIDE ANY SHARES FOR TRANSCENTURY WHO ARE HIS CRONIES- AND IF HE DID- THIS TIME WE ARE COMING OUT FIRING BE WARNED!!ENOUGH IS ENOUGH !!HOW LONG DO THIS PEOPLE THINK THAT THEY WILL BLEED KENYANS?? THEY MIGHT THINK THEY ARE GIANTS BUT WE HAVE SEEN MANY FALL EVEN IN THE STATES- KENYANS WELCOME ON THIS RIDE!! IT WILL MAKE OR BREAK MANY POLITICIANS!!!!!!.. WATCH US!!



"""""The other big deal as you have rightly pointed out is that the government has reserved a big chunk of safaricom shares to the so-called Qualified Institutional Investors (QII). That is really the whole plan behind the sale of safaricom. This is where the trans century types and other Kibaki friendly investment groups are going to make a killing. They have already been allocated specific number of shares. The same groups have probably also linked and formed international investment companies to buy the shares that are designated for the international market. So these dudes are pretty well covered. Between the QII and the International share blosk they have 35% of the shares compared to the 25% available to the public.""""""""

THIS WE WILL NOT ALLOW- THEY MAY THINK THEY HAVE MADE A KILL- 35% KIBAKI INNER CIRCLES AND ADD RAILA THERE IF HE WAS OFFERED A DEAL ON SOME OF THIS SHARES WE WILL FIND OUT!! THEN THEY BOTH DON'T DESERVE TO RUN THE GOVERNMENT OF KENYA- THEY WILL BE OUT ON THEIR BUTTS ON THE NEXT ELECTIONS IN TWO SECONDS WE HAVE ALREADY COLLECTED ENOUGH INFORMATION AND NOW WE ARE FITTING IN THE DOTS- THEY CAN RUN BUT THEY CAN'T HIDE!!

Anonymous said...

kumukucha- people are looking at the wrong people?? mobitelea is not the issue here? kenyans must demand to see that all share sold public fairly
someone at safaricom(a friend) just told me that there are shares which were already reserved for the elite group pnu friendly businesses and companies- more than what was offered to the public!!

kumekucha- you must post this or ask your insider- this is a fact and anyone with clout should check- infact this individual has photo copied the companies that have been given the 35% shares- i hope they will can pass it to me to post it on here- I'm working on convincing them to do so-
this individual says- it is not about mobitelea alone but some companies who's owners are close cronies to kibaki- they hinted that the same companies were mentioned last year- on some deals-
this is ridicules and this facts should be brought out to the poor kenyans who are fighting to buy shares when some big names or companies have shares already set aside for them- i advised this individual to send those copies to all the press plus the international press in case our local press refuses to publish-
they mentioned that they put in place a way to show that they bought the shares like everyone else but that is a lie!!

when will kenya stop this corrupt dealings??
kumekucha or how does one address you?? please do post my post on your blog it is very disturbing and i'm glad a whistleblower is ready to do it for kenyans!!

Anonymous said...

KUMEKUCHA- PLEASE CHECK THIS OUT- THE POLICE WANTED ON DURING ELECTION CRIMINAL ACTIVITIES- LOOK AT THE NAMES- ONLY ONE KIKUYU??? WHAT THE HELL?? THE COMMISSIONER SHOULD BE BROUGHT IN FOR QUESTIONING?? SO WHERE ARE ALL THOSE MUNGIKI'S THAT BEHEADED PEOPLE IN NAIVASHA AND NAKURU!! IS THIS ALI FOR REAL?? PLEASE POST SOMETHING ON THIS MADNESS- I TELL YOU IF PEOPLE THINK KENYA IS CALM THEN YOU ARE ALL VERY MISTAKEN- KENYA IS GOING TO BLOW UP AGAIN BECAUSE PEOPLE ARE ALREADY GRUMBLING ABOUT POLICE BRUTALITY IN OTHER PROVINCES- ANGER IS JUST SLIGHTLY BELOW SURFACE -THIS IS WHAT I HEAR AND IT WILL BE BEYOND ANYONE THIS TIME TO CONTROL- CENTRAL LESOTHO IS BEING CHANTED AGAIN- AND THIS MAY NOT BE KIBAKI'S FAULT!!!BUT THE POLICE ARE HIDING BEHIND HIS BACK- SOME POLICEMEN IN FACT WENT AND ABUSED AN ARMY CAPTAINS FAMILY IN RIFT VALLEY AND IT IS STARTING TO BECOME PERSONAL!!BETWEEN ARMY SOLDIERS IN THE RIFT VALLEY AND THE POLICE- THEN ORDINARY KENYANS WILL JOIN IN CHANTING PNU IS SENDING POLICE TO KILL THEM!! SO SEE WHERE THAT CAN TAKE THE WHOLE COUNTRY- WHILE PEOPLE ARE BUSY BUYING SHARE IN SAFARICOM- ANGER IS NEARLY COMING TO GUNS VS GUNS!!AND FREE FOR ALL!!

http://www.kenyapolice.go.ke/wanted%20persons.asp

Anonymous said...

The IPO has quite literally added insult to injury. If Kenyans are so smart, how come Malindi has been mortgaged off. This country needs accountability and transparency like a change of diapers. Sorry for the graphic analogy but my heart bleeds...

Anonymous said...

anon 5:12

perhaps you didnt see this posting

http://www.blogger.com/comment.g?blogID=12839785&postID=2619480996454959205&isPopup=true

which kind of touches on these mind boggling figures

Anonymous said...

Annon 8:03
Stop defending suspected criminals, they will have legal presentation in court. If proved guilty they will face the full wrath of law. Army captains in RV are not above the law, even MPs who were involved should be brought to book.

Who taught you simple arithmetic, there are 9 Kikuyus in the link you have provided, what difference doesnt it make if there 100.

Anonymous said...

Anon 5:24, I agree - what does it matter if it is 1 or 100 kyuks in the line up. But 'wrath of the law'? what law? The one that allows corruption like anglofleecing and murder(ouko) at the highest levels?

Kenya is a lawless cowboy country. Anything goes provided you know the right people. Mind you it is not the fault of Kenyans - it is what we inherited from the Brits. It is high time the constitution gets overhauled. Unless Kenya is made safe for legal minorities, it will not be safe for anyone. Look at how Asians were targeted in the '82 coup attempt. What goes around comes around.

Anonymous said...

What is wrong with the line up? It is not that there is only one "kyuk" in the line up but the fact that the police have mug-shots of individuals that they believe have committed crimes. How did the police get the mug-shots of those who, for instance, are believed to have attended "illigal" [sic] meetings? How would the police know that an individual had attended an illegal meeting (and have a mug-shot) if they had not already arrested them? Think! I despair that some individuals will overlook this glaring illogical fallacy to make a poor attempt at stirring up tribal hatred. Did it ever occur to you that this most wanted might just be set-up?

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