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Kurwitu Ventures FY14 operating Loss of Kshs. 8.1Mn
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muganda
#1 Posted : Tuesday, March 31, 2015 3:54:36 PM
Rank: Elder


Joined: 9/15/2006
Posts: 3,905
Kuna kitu Kurwitu smile https://www.nse.co.ke/listed-com...-ltd-end-of-year-results

Well full year 2014 results shows Kurwitu Ventures, venturing no income and increasing loss to 5.6m after tax. The company earned 2.4m on deferred tax.

AGM held today should have increased nominal share capital by 100%.
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Pesa Nane
#2 Posted : Tuesday, March 31, 2015 8:53:33 PM
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Joined: 5/25/2012
Posts: 4,105
Location: 08c
Sad
Pesa Nane plans to be shilingi when he grows up.
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Pesa Nane
#3 Posted : Tuesday, March 31, 2015 9:01:16 PM
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Joined: 5/25/2012
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Location: 08c
Pesa Nane plans to be shilingi when he grows up.
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Pesa Nane
#4 Posted : Tuesday, March 31, 2015 9:14:08 PM
Rank: Elder


Joined: 5/25/2012
Posts: 4,105
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No Dividend declared
Pesa Nane plans to be shilingi when he grows up.
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Pesa Nane
#5 Posted : Tuesday, March 31, 2015 9:31:57 PM
Rank: Elder


Joined: 5/25/2012
Posts: 4,105
Location: 08c
AGM on 31 March 2015 at the company offices in Nairobi

Special Business:
To consider and, if thought fit, to pass the following as an ordinary resolutions:-
a) "That the company's nominal share capital is hereby increased by creation of an additional one hundred and twenty five thousand (125,000) ordinary shares of kenya shillings one hundred (K.sh. 100.00) each being the par value"

b) "To consider and approve a proposed shre (share) holders' loan to the company"
Pesa Nane plans to be shilingi when he grows up.
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VituVingiSana
#6 Posted : Tuesday, March 31, 2015 10:01:48 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,121
Location: Nairobi
1) Accumulating 'Tax Deferred Assets' that may never be used
2) Interest rate [or other compensation] on the Shareholders' Loan?
3) They misspelled 'shareholders' as 'shreholders'? [Shows the quality of oversight]
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Boris Boyka
#7 Posted : Tuesday, March 31, 2015 10:09:50 PM
Rank: Veteran


Joined: 11/15/2013
Posts: 1,977
Location: Here
Pesa Nane wrote:
AGM on 31 March 2015 at the company offices in Nairobi

Special Business:
To consider and, if thought fit, to pass the following as an ordinary resolutions:-
a) "That the company's nominal share capital is hereby increased by creation of an additional one hundred and twenty five thousand (125,000) ordinary shares of kenya shillings one hundred (K.sh. 100.00) each being the par value"

b) "To consider and approve a proposed shre (share) holders' loan to the company"

Reality checked on them. Le me ask...has this share ever traded since listing?
Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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bomet_investor
#8 Posted : Tuesday, March 31, 2015 10:31:26 PM
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Joined: 3/7/2015
Posts: 8
What exactly does this company do?
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sparkly
#9 Posted : Tuesday, March 31, 2015 11:11:26 PM
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Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
Pesa Nane wrote:
No Dividend declared


Can't declare dividend with negative revenue reserves. That would be reducing capital, not allowed by the law.
Life is short. Live passionately.
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sparkly
#10 Posted : Tuesday, March 31, 2015 11:14:56 PM
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Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
bomet_investor wrote:
What exactly does this company do?


From the Accounts, nothing apart from owning a piece of land, listing on the nse and maybe bought some furniture.
Life is short. Live passionately.
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whiteowl
#11 Posted : Wednesday, April 01, 2015 9:58:39 AM
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Joined: 4/16/2014
Posts: 1,420
Location: Bohemian Grove
Monkeys releasing results on April fool's eve? Perfect timing!
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Pesa Nane
#12 Posted : Wednesday, April 01, 2015 11:41:32 AM
Rank: Elder


Joined: 5/25/2012
Posts: 4,105
Location: 08c
bomet_investor wrote:
What exactly does this company do?

excerpt from the company financial results
Quote:
REPORT OF THE DIRECTORS
The directors submit their report for the year ended 31st December 2014.
1. PRINCIPAL ACTIVITY
The principal activity of the company is to provide sharia compliant investment products. Sharia compliant investment products are products that meet the requirements of the Sharia law and the principles articulated for Islamic finance.
An example of the sharia compliant investment product that Kurwitu ventures is offering is the sukuk securities (Islamic Bond). Sukuk securities are structured to comply with the Islamic investment principles which prohibit the charging and paying of interest. Sukuk structuring is done by attaching real asset and the holder of the sukuk instrument gets his return as a form rent or profit sharing.
2. BACKGROUND
Kurwitu Ventures was incorporated as private limited liability company on the 8th September 2006 and was issued with a certificate of Incorporation (C.128146).The original Share Capital was One hundred thousand (100,000) shares of shillings one hundred (100) each. At incorporation, the Registered Office was L.R 209/2527/4, Muindi Mbingu Street, Kantaria House.
The company was originally formed to provide Investment Consulting Services but in 2012, the Board of Directors decided to review the strategic plan of the company, which resulted in the injection of fresh capital into the company and change of strategic focus to become a vehicle for Sharia Compliant Investments.
In 2013 the Board of Directors decided to focus on restructuring the company and prepare it for a listing on the Nairobi Securities Exchange. Hence all effort was invested in the restructuring process and no revenue was posted to the company books in the year 2013 and 2014.
The company listed on the Growth Enterprise Market Segment (GEMS) of the Nairobi Securities Exchange on 13th November 2014
Pesa Nane plans to be shilingi when he grows up.
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sparkly
#13 Posted : Wednesday, April 01, 2015 7:19:54 PM
Rank: Elder


Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
Pesa Nane wrote:
bomet_investor wrote:
What exactly does this company do?

excerpt from the company financial results
Quote:
REPORT OF THE DIRECTORS
The directors submit their report for the year ended 31st December 2014.
1. PRINCIPAL ACTIVITY
The principal activity of the company is to provide sharia compliant investment products. Sharia compliant investment products are products that meet the requirements of the Sharia law and the principles articulated for Islamic finance.
An example of the sharia compliant investment product that Kurwitu ventures is offering is the sukuk securities (Islamic Bond). Sukuk securities are structured to comply with the Islamic investment principles which prohibit the charging and paying of interest. Sukuk structuring is done by attaching real asset and the holder of the sukuk instrument gets his return as a form rent or profit sharing.
2. BACKGROUND
Kurwitu Ventures was incorporated as private limited liability company on the 8th September 2006 and was issued with a certificate of Incorporation (C.128146).The original Share Capital was One hundred thousand (100,000) shares of shillings one hundred (100) each. At incorporation, the Registered Office was L.R 209/2527/4, Muindi Mbingu Street, Kantaria House.
The company was originally formed to provide Investment Consulting Services but in 2012, the Board of Directors decided to review the strategic plan of the company, which resulted in the injection of fresh capital into the company and change of strategic focus to become a vehicle for Sharia Compliant Investments.
In 2013 the Board of Directors decided to focus on restructuring the company and prepare it for a listing on the Nairobi Securities Exchange. Hence all effort was invested in the restructuring process and no revenue was posted to the company books in the year 2013 and 2014.
The company listed on the Growth Enterprise Market Segment (GEMS) of the Nairobi Securities Exchange on 13th November 2014


A listed brief case companyLaughing out loudly Laughing out loudly Laughing out loudly
Life is short. Live passionately.
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Pesa Nane
#14 Posted : Thursday, April 09, 2015 2:11:11 PM
Rank: Elder


Joined: 5/25/2012
Posts: 4,105
Location: 08c
Boris Boyka wrote:
Pesa Nane wrote:
AGM on 31 March 2015 at the company offices in Nairobi

Special Business:
To consider and, if thought fit, to pass the following as an ordinary resolutions:-
a) "That the company's nominal share capital is hereby increased by creation of an additional one hundred and twenty five thousand (125,000) ordinary shares of kenya shillings one hundred (K.sh. 100.00) each being the par value"

b) "To consider and approve a proposed shre (share) holders' loan to the company"

Reality checked on them. Le me ask...has this share ever traded since listing?

Today there is a trade of a massive 200 shares.
Pesa Nane plans to be shilingi when he grows up.
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MaichBlack
#15 Posted : Thursday, April 09, 2015 2:34:49 PM
Rank: Elder


Joined: 7/22/2009
Posts: 7,460
Pesa Nane wrote:
Sad


I don't think the company can get any more bonoko than this!!!

An expenditure of Kshs. 8 million for the company to do absolutely nothing!!!

People bought shares so that their money can be used to pay salaries to people who's job definition is "do nothing".

I also doubt the value of the land they are talking about. I hope the hapless shareholders have seen that land (and documents) with their own eyes. It could be an abandoned quarry next to a sewage!
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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Pesa Nane
#16 Posted : Saturday, April 11, 2015 11:27:47 AM
Rank: Elder


Joined: 5/25/2012
Posts: 4,105
Location: 08c
Quote:
Extracts of the minutes of the 2015 AGM held on 31 March 2015

MIN. No. AGM/4/2015
Pesa Nane plans to be shilingi when he grows up.
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Pesa Nane
#17 Posted : Saturday, April 11, 2015 11:30:33 AM
Rank: Elder


Joined: 5/25/2012
Posts: 4,105
Location: 08c
Quote:
Extracts of the minutes of the 2015 AGM held on 31 March 2015

MIN. No. AGM/4a/2015
Pesa Nane plans to be shilingi when he grows up.
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sparkly
#18 Posted : Saturday, April 11, 2015 9:30:44 PM
Rank: Elder


Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
Pesa Nane wrote:
Quote:
Extracts of the minutes of the 2015 AGM held on 31 March 2015

MIN. No. AGM/4a/2015



This company was not ready for listing. Hapa iko Kitu.
Life is short. Live passionately.
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