•Wednesday, October 04, 2006
the ipo craze at the nairobi stock exchange has led to a war in offering of investment services. the two crazy bulls fighting to sign ipo prospectuses are fronted by jimnah mbaru of dyer and blair led consortium and suntra stock’s james murigu. jimnah, also doubling up as the nse chairman has been having the last laugh. wounded for not clinching the uchumi rights deal, he went ahead and put a zero charge for his services when it came to kengen ipo. now he has outwitted his rivals once more.
dyer and blair, pkf consulting and cfc financial services clinched the role of lead transaction advisor for the mush awaited intial public offer (ipo) by kenya reinsurance corporation (kenya-re). this time it wasn’t at zero cost but a paltry shs 17.9m whose second bid was by price waterhouse at a cost of shs88m. the government intends to sell 40 per cent of the reinsurance company through an ipo by april next year.
earlier on the dyer and blair consortium had won the lead advisor and lead broker’s role for the planned sale of 92 million mumias shares by the government next year.
the sale of 60m shares in kenya reinsurance and the mumias sale are part of the government’s efforts to raise money to cover a budget deficit of sh18bn needed to finance its expenditure.
eveready east africa, the battery company’s ipo is also expected any time soon once the lodged application has been approved by the capital markets authority. with equity bank listing and scanad’s ipo smiling all the way to the trading floor, word on the street is that this ipo will be done before the end of the year. eveready expects to sell 40% of its shareholding through the lucrative ipo market. eveready has four shareholders currently: east african batteries (51%), industrial commercial development company (25%), energizer international incorporated (14%) and icdc investment company (10%). each of the shareholders is expected to cede 30 per cent of their shares to the ipo. its major threat is the cheap chinese substitutes targeting the low-end market.
the government is also anticipating a sale of its stake in the management- entangled east african portland cement through the nairobi stock exchange. the government owns 25% of portland while the national social security fund controls 27%. french conglomerate lafarge holds 41% shareholding. the government is also looking for a way of dealing with lafarge’s shareholding. lafarge also has shares in other cement manufacturers bamburi (73%) and 15% in athi river mining.
portland is also embroiled in claims of irregular listing at the stock exchange, with only 6.3% of shares held by other investors. the rules say that a company should have a minimum 25% shares listed at the nse and therefore available for trading.
dyer and blair, pkf consulting and cfc financial services clinched the role of lead transaction advisor for the mush awaited intial public offer (ipo) by kenya reinsurance corporation (kenya-re). this time it wasn’t at zero cost but a paltry shs 17.9m whose second bid was by price waterhouse at a cost of shs88m. the government intends to sell 40 per cent of the reinsurance company through an ipo by april next year.
earlier on the dyer and blair consortium had won the lead advisor and lead broker’s role for the planned sale of 92 million mumias shares by the government next year.
the sale of 60m shares in kenya reinsurance and the mumias sale are part of the government’s efforts to raise money to cover a budget deficit of sh18bn needed to finance its expenditure.
eveready east africa, the battery company’s ipo is also expected any time soon once the lodged application has been approved by the capital markets authority. with equity bank listing and scanad’s ipo smiling all the way to the trading floor, word on the street is that this ipo will be done before the end of the year. eveready expects to sell 40% of its shareholding through the lucrative ipo market. eveready has four shareholders currently: east african batteries (51%), industrial commercial development company (25%), energizer international incorporated (14%) and icdc investment company (10%). each of the shareholders is expected to cede 30 per cent of their shares to the ipo. its major threat is the cheap chinese substitutes targeting the low-end market.
the government is also anticipating a sale of its stake in the management- entangled east african portland cement through the nairobi stock exchange. the government owns 25% of portland while the national social security fund controls 27%. french conglomerate lafarge holds 41% shareholding. the government is also looking for a way of dealing with lafarge’s shareholding. lafarge also has shares in other cement manufacturers bamburi (73%) and 15% in athi river mining.
portland is also embroiled in claims of irregular listing at the stock exchange, with only 6.3% of shares held by other investors. the rules say that a company should have a minimum 25% shares listed at the nse and therefore available for trading.
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