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Wednesday, March 26, 2008

Is PNU Way Too Desperate For The Safaricom IPO?

ODM Statement on Controversial Safaricom IPO


The reaction of government hardliners to the dust ODM has kicked up concerning the Safaricom IPO is really fascinating. As I write this, I am still gaping in wonder.

Prof Peter Anyang Nyong'o: Why he causes so much fear within PNU

I had braced myself to see the entire PNU force coming out with both guns blazing. Woi! Nothing of the sort has happened as I write this. Instead what we have seen is a very polite and humble Amos Kimunya speaking with great restraint and respect to the PM emphasizing to the press that he did speak to Raila Odinga about the IPO and Raila Odinga indeed supported it, just last week. The truth is that neither Raila Odinga nor the ODM are on record has having denied Amos Kimunya’s well publicized statement at the time to the effect that they had met and discussed the IPO with the ODM leader. In fact Kimunya added a rider, to the effect that Hon Raila wanted to purchase the shares on the spot, if it were possible. That silence to Kimunya’s significant utterances must now be interpreted as accent on the side of Raila Odinga and ODM. Let us be serious here, folks. Please.

Interestingly in reply to one question today Kimunya said that ODM should be considered separately to the Prime Minister designate. Implying that Raila Odinga still supports the controversial Safaricom IPO.

The other government bureaucrats quickly fell on this administrations favorite “whipping boy.” They say, the law gives them no power to halt an IPO in progress. That one really made me laugh. I wondered why the same law does not stop the same government from banning matatus from the Central Business district and causing so much chaos as well as suffering to ordinary Kenyans as they blunder around for a solution. Can you imagine Uhuru Kenyatta saying; “The law does not allow me to stop any vehicle from coming into the CBD”? Interestingly, the latest drama in this CBD circus is the fact that although buses are supposed to ferry people from Muthurwa to town it takes ages because Nairobi still has a serious congestion problem in the mornings even without the Matatus. Could it be those multi-vehicle families including that of the Minsiter of local governments? But I digress. Oh I forgot, all his kids go to school abroad (what happened to the Visa ban?)

PNU are saying that they have no way of stopping the IPO from happening even if they wanted to and whose fault is it? Why, the law of course!!

So why is it that that I sense desperation here? Why is it that I even sense fear? Fear that the lucrative (for a few) IPO may actually be halted. Nay I sense panic. And why, I pray to ask, has this Safaricom IPO been speeded up at such breakneck speed? Approvals and hurdles have been cleared in record time and it is scheduled to launch this Friday.

This thing reminds me of my days as an employee when people in the office used to stop everything to help speed up the accounts department and the endless procedures so that the salary cheques could be send out early. This is further evidence even for those who have a terrible cold and have lost their sence of smell, that there is a terrible odor coming out of this Safaricom IPO. All Kenyans of goodwill should stay clear of the thing. Anybody who cares about Kenya and fighting corruption and the fat cats must have nothing to do with that demonic, devilish IPO. And those who end up handling the prospectus on Friday should make sure they wash their hands thoroughly after that. With soap. This thing which has caused ODM to tell lies in broad daylight… na bado. Remember Goldenberg and how it destroyed so many reputations? Just watch what happens with this Safaricom IPO.

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20 comments:

Wanjiku Unlimited said...

Never underestimate the power of money. I'd not be surprised if PNU signed the peace deal with the upcoming Safaricom IPO in mind. They were not so much concerned about the chaos because of the dying but because they (chaos) were spoiling the atmosphere for business.

Now with peace returning in the country, first agenda was Safaricom at break neck speed.

Anonymous said...

Am actually becoming more convinced by the day that there is more to this IPO than meets the eye. But surely Chris, is it practical/beneficial to ask those with reservations to forgo buying shares? Obviously, its all systems go at the moment and unless the sale is stopped which looks and sounds unlikely meaning that those who boycott will just miss it like that.
Are you aware Dyer and Blair (i dont know about other stock brokers) has been receiving depeposits on shares to be bought? At least i did a down payment for my shares. Am thinking of how many people would need to claim refund even if this IPO was stopped at this point. I for one wouldnt mind but that is not likely to happen anyway. It is becoming more obvious by the day that this IPO might even be stopping some people from feeding. Well, watakula wakishanyakua/tutakula tukishanyakua.
Now am wondering if this is the level we have reduced ourselves to. You know that what is to be done is wrong/unprocedural but you just do it anyway because even if you abstain others will go ahead and do it and in the end you (the abstainer) will be the loser. Now before you tell me a have a choice, tell me what has happened to those who might have abstained from Goldengberg as opposed to those who didnt and while at it cover Anglo leasing too. There is no deterrent for graft and as long as things stay that way it is soon going to be a way of life whether we like it or not.

Gentleman

Chicity said...

Chris, IPO's are like the launch of a space mission. Once set in motion, cannot be reversed without catastrophic consequences (i.e. a dip in bank balances). That's why they can't stop....they really, really would like to. The law is an ass and an idiot remember?

Question to anyone whose practiced/currently practicing law in Kenya (not the armchair/ fantasy ones;-). Under Kenyan law can a party who satisfies the "standing" requirement file an emergency motion to obtain an injunction asking the Court to halt this IPO? Let's assume that the party cites adequate facts showing irreparable harm. Or will such a motion be quashed as an effort to relitigate a settled issue?

Lastly, I agree that people should stay away from this IPO. This is not the last opportunity on earth to make a killing via the NSE.

Chicity said...

Oops. I meant to say, "or will such a motion be quashed because it will be viewed as an effort to relitigate a settled issue?"

Thanks

Anonymous said...

The Querry I asked long before seems to have been heard by the ODM. What is fundamentally different now that was not in the run up to the elections that you opposed this sale. Did RO agree with Kimunya that this sale should proceed? I think politiks is being played here and if this ends up being another Goldenberg, every finger will point to both PNU and ODM.

Rhyymemaster

Anonymous said...

chris

gentleman and chicity point it out quite clearly, telling people to boycott is impractical, could you in 24 hours consult with people more well versed with both the stock exchange and the real legal workings on the ground and come up with a more feasible plan?

its like telling a queue of hungry buyers (during a food shortage) at a bakery not to buy bread because the owner is rich or a scoundrel, if you dont some guy(s) in the queue will. alternatives and information are more important, but ideally stop gap measures that ensure that foreigners do not get what locals are having issues with.

Taabu said...

It must be hilarious and stroke of genious to FOOL over 30m people all the time. ODM is out with guns blazing in her oposition of the IPO. Well, better late than never. But while at it did they auction their hearts, ears and brains and only reclaimed them jana? Even falling out from sour grapes can be made more civilixed than throwing political tantrums.

Chris thanks alot for the NICE sermon against IPO. But am sorry for your wasted breathe preaching to teh converted. The Kenyan choir has already oversubscriped the shares in ADVANCE. Fanya kazi na realize 1000% growth like other hard working Kenyans. stop your incitement. Na bado.

Anonymous said...

Chris, let our politicians eat in peace please!what is wrong with eating?
If you were seated at the high table of politics and class in life wouldn't you eat also?
Let no one pretend to be different from the politicial elite-if you were in their shoes you would also eat like they are eating and you would burp in our faces of with your wife and family encouraging you "go on dume wetu"

kalamari said...

Chris, you are right. ODM and Raila in particular have lost some credibility on this Safaricom thing. They should have come out immediately to clean their names.

Then again, we cannot wholly trust a nyangau like Kimunya. The arrogant jackass made the announcement during a time when Raila's harsh admonishment of the same would have probably collapsed the new found 'peace and understanding'. That was supreme calculation on the part of Kimunya. His recent 'respectful' comments clarifying Raila's want to buy the shares immediately is what we call a 'further squeezing'.

You see, Raila has been set-up. The earlier he figures this out, the better for everybody. Again, DO NOT TRUST KIBAKI !!!!

Anonymous said...

Mtalilia chooni. Wait and see. I am not talking about IPOs here, I am talking about political manuvouring

Anonymous said...

anon 11:14

tumelia chooni, uwanjanu, uhuru park, eldoret, naivasha, nakuru na kwengine

kama uko na news, toboa, there is no political manoevering going on here,

we have on the one hand a popular party (ODM) trying to balance between irate supporters and peaceful resolution so as to avoid destroying the country and on the other a gang of thieves hell bent on destroying the nation. a reckless homicidal driver (PNU) driving (some mostly timid passengers - afraid of mungiki, but pretending that the like the dere) vs a conscientious leadership (ODM) driving and attempting to pacify a very enraged mob who want to get out and clobber the PNU driver.

Anonymous said...

Hello....

Ministry of Recontruction,; Livestock; Wildlife; Water; Fisheries; Roads; East African Region covering Lake Victoria are all for ODM. Who destroyed property, where is the fish market, which party behave like animals, stoning, killing, burning hospitals, cars and buses....

Kazi Iendeleee...

Derek said it. Apewe Kitu!!!!

From Nevada (working hard) Njoroge Stanley, the Earl of Kabeteshire, from the Royal County of Kikuyu, that gave you Alliance Schools, Thogoto Mission Hospital, KARI; KEFRI; Charles Njonjo. Paul Muite and the future Minister of Finance after the 2012 General Elections.

Mrembo said...

isn't it astonishing that we now want anaan to come back and sort out our ministry squabbles? sasa how is annan supposed to know kenyan ministries? is he also expected to come and appease the 42 tribes with the 44 ministries?

guys want to be spoon-fed and chewed for? hata just deciding who to put where cannot be agreed upon? and we still insist on calling them leaders? tsk!

i think someone should put me in charge of those fools....they will see fire i tell you....what nonsense is this? i can just imagine the west laughing at how foolish africans can be!!

we do not need anymore than 20 ministries as many of you have said......here are my suggested ministries .1.health, 2.education, 3.local govt, 4.roads and public works, 5.security(internal and defence), 6.finance and national planning, 7.tourism, 8.foreign affairs, 9.water and environment, 10.trade and industry, 11.lands settlement and housing, 12.labour, 13.agriculture livestock and fisheries, 14.transport info and communication, 15.sports and gender, 16.energy and 17. natural resources

tell me now what else is needed?....everything else can be fixed somewhere within these.....please let us not be superfluous!!

and where is lucy?....maybe she needs to slap some silly sense into someone's head!! hawa watu wanacheza...they are joking!!

people are living in IDP camps cold and hungry, they are being rained on and their children are sick!! hunger is threatening part of the coastal population with extinction na hapa its just me..me...me!! we want steaks not bones!! mara limo....mara pm house...sijui pm security....no salary decreases.....aa..wanachosha!!

there's much more to life than fixating on this breed of idiots with their pettiness!!

Mrembo said...

anonymous 2.18.... usinichekeshe nimekasirika!!...that was a nice comeback though. hehehe!!

Anonymous said...

REVEALED: Mobitelea owned by Biwott and Gideon Moi -

then surely the sale of safaricom must be put on hold!!

this is nonsense why did kenyans vote all this people out?? did innocent kenyans die in vain??? i hope not!!

we want the truth and justice must be served to the people of kenya!!

Anonymous said...

If the attitude that "I'm going to reap from this IPO because if I do not, others will" is widespread, then I must say I understand a little better how low as a country we have sunk. If we can go against our consciences and be complicit in questionable deals just so as not to let another get ahead, then we have no business talking against corruption, or many other ills that bedevil our country. This position is informed by the reality that when we cannot take a stand on ethical grounds in a matter that is very personal, then it is even more difficult when the matter in question seems external and its effects might only be personally felt in the future.
It is true that ODM has lost some credibility for the unexplained silence on the Safaricom IPO until this week. However, we should not make ODM's indiscretions the issue. In my view the matters of Safaricom ownership (Mobitelea) and procedure of acquisition as raised by ODM last year and revisited this week should be treated with seriousness. Why should you legitimise a fraud and theft when you are not coerced?
Bwana Chris, thanks for preaching. I am not joining the Safaricom bandwagon.

deroo said...

Before you skip a meal of Sukuma Wiki (Kobole Sh5/- that is the cost of Safaricom shares) to start at the bottom rung of the investment ladder as, I feel obliged to make a comment that will rub some guys the wrong side.

It took Kofi Annan two days to drum some sense into the heads of Raila Odinga and Mwai Kibaki with their sidekicks out of the picture. If anyone was conned, it was Raila Odinga and if anyone conned Raila it was Kofi Annan.

After the deadlock, he took it upon himself to chat up the 'principals’ and they agreed on what we are seeing.

His wish, which was welcomed across the world, brought the current stalemate. He said that KIBAKI WILL APPOINT MINISTERS FROM ODM AT THE ADVICE OF RAILA. OK!

Then, he said that KIBAKI WILL CHAIR THE CABINET. Raila will thus propose names to Kibaki that will be announced by State House or Amb Muthaura. IF ODM had their way during the talks, then, Kibaki could have been told 'Give Raila 17 posts and let him name the minister'. That did not happen.

Then comes my argument for the day. It is being said that ODM want provincial Administration. Hapana! Provincial administration has always been handled by the Office of the President from where he appoints his provincial representatives, directly answerable to him, the DCs answerable to the PCs and the DOs subordinating the DCs in the chain of command. So, that one cannot be released.

Finance, under whatever circumstances is dished to the president’s blue-eyed boy and history (oh history) will tell you that this means that the president’s men are in charge at Income Tax, CBK, and above all the revenue departments. Musalia Mudavadi, George Saitoti, Micah Cheserem, Duncan Ndegwa, Eric Kotut will tell you much about that.

Defence and Internal security equally fall under this category and as the current set up is, their PSs are stationed at the president’s office. Little wonder that despite the police falling under the Internal Security Ministry, the president still calls shots when appointing the commissioner, and the Provincial security committees comprise the police bosses in the provinces.

Controlling of the cash vote aside, these top ministries cannot be let go easily.

An example of ODM asking for Local Authority and yet they control most of the councils in the country is laughable. But in political terms, being a minister of Local government is like getting the ticket to walk anywhere you want in the country and one should look no further than the way Uhuru Kenyatta made adjustments in the councillor nominations three weeks ago.

And with 2012 the target for many politicians in the Kibaki succession, then Uhuru will definitely have that.

Information and broadcasting is the official propaganda voice of the state in a system where suppression of freedom of speech is prone and ODM want it. Watangoja sana.

Looking at the demands of ODM, it is clear that the ministries they are demanding will definitely undermine the presidency and on the other end, the PNU boys are not ready to let some of them go. Buckle for a Titanic duel in the coming days.

And today, Otieno Kajwang is back from his sabbatical leave to propagate Tinga’s mantra. It is said that: What Otieno Kajwang says is what Raila wants you to hear, and it started after the 2002 cabinet naming. He is at it again.

And for Nyongo, Again. He has threatened the country with another round of Mass Dem,onstration in a government that they are serving! I hold me reservations about his eloquence. No wonder he never saw Charity Ngilu finishing fourth in 1997.

-Derek-

Anonymous said...

Kenyans can still stop this IPO by not buying shares, we just need to consult our moral chi,Untill the ownwers of mobitelea are disclosed do not participate in financing corrupt activities.

Anonymous said...

Anon 3:24, precisely umenena...Greed!!! Greed!!! At the expense of your brother. People kill just coz of a piece of land....And if not buying Safaricom will make me go hungry...Then let it be....Derro your previous thread, KENGEN shares never made me prosper and again i didn't sleep hungry, i earn what i get right fully coz i work hard for it and trust me it is worth it...Eat the fruit of your labour...Na muwache utajiri wa ujanja!!!!I was pessimistic the day Dyer & Blair was given the contract...These jamaas they remove money from their right hand and put it in their left hand!!!!
Chris as Anon 3:24 said, continue preaching count me out also on the safaricom bandwagon

Ivy

Anonymous said...

Every market has it's mad man. Nyong'o is truy the madman of ODM fish market

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