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Puffet outwits TCL......What next?
Rank: Elder Joined: 2/7/2007 Posts: 11,935 Location: Nairobi
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Sheltam's principal shareholder Roy Puffet has sold 49% of his company to Egyptian fund Ambience Venture limited.TCL's bid to control RVR therefore falls flat on the face.AVL is publicly listed and is part of Citadel Capital of Egypt whose total worth is said to be over Kshs 600 Billion.....What next for TCL and more so,Centum? Nothing great was ever achieved without enthusiasm.
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Rank: Chief Joined: 1/3/2007 Posts: 18,118 Location: Nairobi
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Puffet might screw the Egyptians as well. They should have bought 51% of Sheltam at minimum! Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Member Joined: 1/9/2008 Posts: 537
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what is the combined stake of tcl and centum in rvr?
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Rank: Veteran Joined: 6/17/2009 Posts: 1,619
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@kizee,
25%,that is why TCL were looking to up their stake.Maybe they should move fast and court mirambo for its 15%,that will get them close to a controling stake.
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Rank: Chief Joined: 1/3/2007 Posts: 18,118 Location: Nairobi
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True control is always 50% + 1 share but I think Sheltam has the 'role' of Lead Investor thus calls the shots... even if TC+Centum+Mirambo have 35% Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 9/15/2006 Posts: 3,905
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Oooh truth is more interesting than fiction. Reading the latest intrigues with a lot of interest: -Investors put in Kes 63b -Uganda support the Egyptians -TCL's case thrown out of court -TCL forced to cough up their money for rights issue -Uganda shareholder allowed to come in; what with all the oil ferrying business they could give the railway line So what's your view on the nationalistic sentiment? Does TCL represent Kenya better or should capitalism rule? http://www.nation.co.ke/...38/-/vq17dw/-/index.html
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Rank: Elder Joined: 6/2/2008 Posts: 1,438
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After reading the story my immediate conclusion was that the story is incorrect w.r.t the amount injected - I acn not see how that consortium could have raised 63 BILLION. The figure is more likely to be Kshs 0.63 billion. However, a positive first step. I guess that this means Centum has also paid up its share and could in the future reverse its impairment of RVR that it made in 2009????
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Rank: Veteran Joined: 10/6/2007 Posts: 1,177 Location: Nairobi - Kenya
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i wish Trans-century succeeded in the take over... Egypt controls Nile (read L.Victoria) and now RVR? When you hear what I say, you will not understand. When you see what I do, you will not comprehend
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Rank: Elder Joined: 7/26/2007 Posts: 6,514
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I dont think its very difficult to outwit TCL...esp when dealing at a global level...they used to win deals due to other assistance. Business opportunities are like buses,there's always another one coming
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Rank: Member Joined: 11/20/2008 Posts: 367
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@Mugunda, in this case capitalism should triumph jingoism. I read that it is cheaper to transport a tonne of rice from Boston to Mombasa than from Mombasa to Kisumu. If the rail can help reduce transportation costs, I honestly don't care who runs the show. In fact, what would it mean for the average guy if the rail was fixed and it started giving PSVs competition?
@Kamaa, TCL is a private company, unless you are a shareholder, I don't how you would benefit whether TCL or the Egyptians too over.
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Rank: Elder Joined: 9/15/2006 Posts: 3,905
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@the sage, I'm with you on this one. Sometimes nationalism can be a crutch, especially when it benefits a private company at the expense of many. Both companies would have to employ nationals, invest in Kenya, and transport nationals, anyway.
You will remember the spirited "national" campaign by TCL. So the issue becomes am I happier when the priviledged shareholders are Kenyans or foreigners? And my answer in this global village is, whoever provides the best service at the cheapest price to ME FASTER...
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Rank: Member Joined: 11/20/2008 Posts: 367
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@Mugunda, the "national" campaign is used only when convenient. Like what happened in the Coca Cola saga. But the best example case is the current crying of local contractors that Chinese firms are getting all the road construction jobs.
Personally, they are doing a good job after years of Kenyan companies raking billions from bogus roads and in some cases getting paid when the roads haven't been built.
I think Kenyans are starting to see that some of our "big businesses" just ride on the largesse of the government which is basically robbing the tax payer.
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Rank: Member Joined: 11/18/2009 Posts: 175
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my problem is not with TCL not getting their way or being screwed by one puffet. It those funny international organisation who spend most of their time lecturing to us how corrupt we wre wnd how we should carry out our procurement and then go ahead and award the concession to a briefcase bussinessman with no money or proper CV.Why didnt we get an team like the egyptian in the first place Ukiona wao....... NKT Some you win some you lose
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Rank: Elder Joined: 9/15/2006 Posts: 3,905
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@Mtublack, kwani who awarded the concession? Thought it was the Kenya and Uganda governments. What role did these international organisations play?
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Rank: Chief Joined: 1/3/2007 Posts: 18,118 Location: Nairobi
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mtublack - So what if they lecture us???? Ultimately, WE made the stupid decision/s... And I can give you 100 examples of stupid decisions Kenyans (or their so-called leaders made) that were glaringly poor from the outset! Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 9/15/2006 Posts: 3,905
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Act 3 Scene 1: AG, Muthaura summoned over railway deal extension to appear before PIC Truth is more interesting than fiction. This thing is about to get very political. Maybe @KulaRaha's intonation was correct. http://www.nation.co.ke/...1/-/2cutluz/-/index.html
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Rank: Elder Joined: 7/26/2007 Posts: 6,514
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Just watch, TCL survives purely on patronage.... Business opportunities are like buses,there's always another one coming
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Rank: Veteran Joined: 10/11/2009 Posts: 1,223
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This Sheltam guy Mr. Puffet came and cunningly took over our railways!!! Its no wonder Mwakwere was the minister in charge. Two years down the line, it is more worse than before the concession. On that, he conned us morealso hiring the so called expatriates who earned billions of shillings for running down RVR. After the experience we had for the period he was the lead investor, its time to be kicked away and new blood takes over to do a turn around a view also held by Transcentury. Infact i like their proposition of teeming up with Helios capital and a Brazilian railway management firm to offer a turnaround firm that will invest $50 million in 60 days to rescue the concession as opposed to Puffet + Citadel's + Chris Mbwire's plan to invest $20 million in 90 days. Parting shot: Given a second chance, Puffet will device a savvy plan to outwit and con us again. History will not remember you for your IQ. It will remember you for what you did. “Genius is 1 percent inspiration, 99 percent perspiration.” Thomas Edison
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Puffet outwits TCL......What next?
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