@lochaz - As a general rule [learnt through experience] I avoid GoK controlled firms. There needs to be a very compelling reason for buying GoK firms!
KCB has done well but that was AFTER GoK's influence waned while other shareholders became more 'powerful'... there was a time when KCB was technically bankrupt.
Safaricom is run by Vodafone not GoK.
KPLC, KenGen, Kenya Re, KQ, NBK, Mumias have all under-performed and I have a hunch that GoK had plenty of say in each of these!
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett