Oh got it. Seems TPSE shareholders on 11-Jan-2013 approved acquisition of TPS Uganda by swapping TPSE 34m shares for a 79% interest.

So for 2013 results
Increase in attributable profit 17.9%
Increase in shares 22.9%
Decline in EPS (4%)

The conference and business travel sector is most lucrative for now which is why hotels are being put up in in the major cities but it is hard to satisfy demand. In Nairobi we Hemingways, Kempiski, Panari, Sankara, crown, East end, Ole sereni, Pride inns and others put up in the last 10 years yet village market want to build a 5B hotel. Conferences and business travel pay better than packaged tours. In the short term, lodges will suffer but TPS is wise to diversify in the major cities and increase rooms in Nairobi.

Actually, even if security degrades to very low levels, there will always be business especially in town hotels.
Look, for instance, how Kofi Annan and a whole load of international mediators camped for weeks at the Nairobi Serena Hotel when security in Kenya was at the brink.

@Aguy the demand for beds space in Nairobi is so high that owners of serviced apartments on Ngong rd and westlands are overwhelmed. Serviced apartments have traditionally bridged the gap between demand and supply of hotel rooms. There is a frantic race to develop serviced apartments.

like I said. follow the money. TPS is undervalued, what's happening is price coming back to a more normal position from where it was. which was too much of a discount.

another thing half year results are around the corner... maybe something leaked

this week I was told I can't get a booking at the mara serena lodge in September. it's fully booked! the business may be performing much better than most think.

but here think long term > 3yrs for best results

half year results were down on last year, due to travel advisories And last years security threats. but as u know the second half is when they make most of their profits.

as if we didn't need more challenges ebola shows up.

@Aguytrying, Shukrani.