We would never have opportunities for value if people did not buy and sell such companies.

I would differ with the others on this. I think this shows the strength in their cash flow management. Look at that Profit and Loss statement and realize that they have already deducted a depreciation expense of over 400 million before they get to their net earnings per share of Ksh. 1.35. The fact that they feel they have good enough cash reserves to pay dividend is a good thing.

I like businesses that manage cash well and the Aga Khan companies are masters of the craft.

I have been wondering the same thing. If Kenya properties are not doing well, growth in Tz, Ug, Rw and other country properties could offset in future, so this could be a good time to load up if you are willing to risk. But we need to know the growth rate, if there is growth that is. Or is there some way to deduce these figures?

Yes, that was my point re: BAT

Nairobi Serena needs a lot of work. A Rights Issue is not a bad idea at this time. If Serena can start construction in 2015 while business is slow then they can get ready for additional business by 2018.

TPS has a unique opportunity to buy out other properties (especially Masai Mara, Amboseli and Coast) cheap as the hotels collapse due to the slow tourism market.

I like Aga Khan firms. They have management depth with many CEOs, CFOs or directors who are often adherents of the Aga Khan thus there's more to it than just being employees. I value good management.

That said, the best managers cannot save a firm in a dying sector. Therefore, I ask... is Tourism dying in Kenya?