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KCB share immobilization
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maligumu
#1 Posted : Monday, July 30, 2012 1:03:03 PM
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Joined: 2/22/2010
Posts: 510
Location: De egg
My parents bought KCB shares in the 80's and they still hold the share certificates . Receiving dividends of late has been an hell , mara they have been sent to the wrong address mara fill some forms . How can we go about the immobilization process given that the shares were bought through KCB bank, does the bank act as stock broker . Pse advice on the best way forward .
Peace be with you
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Simplified
#2 Posted : Monday, July 30, 2012 1:40:22 PM
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Joined: 11/26/2009
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Location: Pare pare
Hi,
Since the company has split several times, my hope is that you hold a share certificate with the correct number of shares.If not, you will have to go to any KCB bank and request for a share certificate that indicates the correct number of shares owned.This takes 5-10 working days since the certificates are prepared in Nairobi.
With the updated share certicate you are free to go to any stock broker(I recommend cfc stockbroking), open a cds a/c with them and the immobilization process will commence, should take 60-90 days.

p.s > I highly recommend the use of a stock broker for the immobilization process, don't use kcb.It might take ages.
Hug the bear....ride the bull.....di$mount!!!
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Iganamagana
#3 Posted : Monday, July 30, 2012 1:44:21 PM
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Joined: 3/27/2009
Posts: 1,437
maligumu wrote:
My parents bought KCB shares in the 80's and they still hold the share certificates . Receiving dividends of late has been an hell , mara they have been sent to the wrong address mara fill some forms . How can we go about the immobilization process given that the shares were bought through KCB bank, does the bank act as stock broker . Pse advice on the best way forward .


Walk with the parents to Kencom house where the Registrar is based and sort the problems out. Remember to carry the share certificates, ID cards and any unpaid dividend cheques. They will check their system and give you a couple of forms to complete plus an affidavit to swear (there are numerous law firms in the building) and you will get the dividend payment after a month.

For immobilization, you will need to go through a broker but these are ten a penny within the City centre. You can solve all this within a day.
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murchr
#4 Posted : Monday, July 30, 2012 5:59:31 PM
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Joined: 2/26/2012
Posts: 15,980
If someone owns a share certificate that reads 100 shares but over time the share has been split several times and bonuses given...when they go to the broker to open a CDS account, does the broker take this into consideration or the owner of the shares has to follow up with the company?
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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maligumu
#5 Posted : Monday, July 30, 2012 8:31:12 PM
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Location: De egg
murchr wrote:
If someone owns a share certificate that reads 100 shares but over time the share has been split several times and bonuses given...when they go to the broker to open a CDS account, does the broker take this into consideration or the owner of the shares has to follow up with the company?


Thanks @Igana and @ Simplified .
But as @ Murchr asks what about bonuses and share splits . Anyone there .
Peace be with you
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Iganamagana
#6 Posted : Tuesday, July 31, 2012 8:51:42 AM
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Joined: 3/27/2009
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maligumu wrote:
murchr wrote:
If someone owns a share certificate that reads 100 shares but over time the share has been split several times and bonuses given...when they go to the broker to open a CDS account, does the broker take this into consideration or the owner of the shares has to follow up with the company?


Thanks @Igana and @ Simplified .
But as @ Murchr asks what about bonuses and share splits . Anyone there .


All these issues will be sorted out at the Registrars Office. Just carry all the certificates you have and they will check what the entire account has and everything will be credited to the CDS account on immobilization. Of course your parents will swear an affidavit or sign some declarations in case any certificates or dividend cheques are missing/unpaid.
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murchr
#7 Posted : Sunday, October 13, 2013 6:17:15 PM
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Joined: 2/26/2012
Posts: 15,980
Iganamagana wrote:
maligumu wrote:
murchr wrote:
If someone owns a share certificate that reads 100 shares but over time the share has been split several times and bonuses given...when they go to the broker to open a CDS account, does the broker take this into consideration or the owner of the shares has to follow up with the company?


Thanks @Igana and @ Simplified .
But as @ Murchr asks what about bonuses and share splits . Anyone there .


All these issues will be sorted out at the Registrars Office. Just carry all the certificates you have and they will check what the entire account has and everything will be credited to the CDS account on immobilization. Of course your parents will swear an affidavit or sign some declarations in case any certificates or dividend cheques are missing/unpaid.


I have another question, what if one opts to send a spouse because maybe they are not able to travel, what would be required? A letter? Please assist!!
@Malingumu were u sorted?
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
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guru267
#8 Posted : Monday, October 14, 2013 5:49:09 AM
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Joined: 1/21/2010
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Location: Nairobi
KCB brokers in 1980's = Dyer & Blair today...
Mark 12:29
Deuteronomy 4:16
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Iganamagana
#9 Posted : Monday, October 14, 2013 3:51:06 PM
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Joined: 3/27/2009
Posts: 1,437
murchr wrote:
Iganamagana wrote:
maligumu wrote:
murchr wrote:
If someone owns a share certificate that reads 100 shares but over time the share has been split several times and bonuses given...when they go to the broker to open a CDS account, does the broker take this into consideration or the owner of the shares has to follow up with the company?


Thanks @Igana and @ Simplified .
But as @ Murchr asks what about bonuses and share splits . Anyone there .


All these issues will be sorted out at the Registrars Office. Just carry all the certificates you have and they will check what the entire account has and everything will be credited to the CDS account on immobilization. Of course your parents will swear an affidavit or sign some declarations in case any certificates or dividend cheques are missing/unpaid.


I have another question, what if one opts to send a spouse because maybe they are not able to travel, what would be required? A letter? Please assist!!
@Malingumu were u sorted?


Pay them a visit first and seek advice lakini sending a spouse won't work. Alternatively, see the Manager of the nearest KCB branch. I believe they are in a position to advice. With age signatures are likely to differ hence lots of back and forth hence it would save you a lot of safaris if the parent pays a personal visit to the registrar. On legal documents, a husband can not sign on behalf of the wife let alone witness their signature.
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murchr
#10 Posted : Monday, October 14, 2013 5:43:15 PM
Rank: Elder


Joined: 2/26/2012
Posts: 15,980
Iganamagana wrote:
murchr wrote:
Iganamagana wrote:
maligumu wrote:
murchr wrote:
If someone owns a share certificate that reads 100 shares but over time the share has been split several times and bonuses given...when they go to the broker to open a CDS account, does the broker take this into consideration or the owner of the shares has to follow up with the company?


Thanks @Igana and @ Simplified .
But as @ Murchr asks what about bonuses and share splits . Anyone there .


All these issues will be sorted out at the Registrars Office. Just carry all the certificates you have and they will check what the entire account has and everything will be credited to the CDS account on immobilization. Of course your parents will swear an affidavit or sign some declarations in case any certificates or dividend cheques are missing/unpaid.


I have another question, what if one opts to send a spouse because maybe they are not able to travel, what would be required? A letter? Please assist!!
@Malingumu were u sorted?


Pay them a visit first and seek advice lakini sending a spouse won't work. Alternatively, see the Manager of the nearest KCB branch. I believe they are in a position to advice. With age signatures are likely to differ hence lots of back and forth hence it would save you a lot of safaris if the parent pays a personal visit to the registrar. On legal documents, a husband can not sign on behalf of the wife let alone witness their signature.


Thanks a million
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
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