[quote=murchr]Investment firm Britam has said the recent downward revision of its 2014 profit by Sh342.3 million was done to reverse an erroneous accounting of its ownership of a 21.4-acre piece of land in Ngong’ in the previous year’s books.

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While the land was held by a subsidiary, it was accounted for as held by an associate company.

Adjustments to the 2013 numbers were also made in relation to the cost of guarantee on the Deposit Administration product fund and deferred income tax on a life business surplus.

Britam says the restatement of its profit came after it realised that any gains arising from Bramer should not have entered its profit and loss accounts as share of profit from an associate.

Bramer Properties Limited, a fully owned Britam subsidiary, acquired the land in 2013 at a cost of Sh327.6 million.

In accounting terms, Bramer does not qualify as an associate, which is defined as an entity in which a company owns between 20 per cent and 50 per cent equity with significant influence but no control.

http://www.businessdaily.../-/yjtjsyz/-/index.html[/quote]

... Pulling wool over our eyes. How were they accounting for it in prior periods?

This name Bramer pops up again. Its not the same entity as the Mauritius one but that name has already been soiled and now in the middle of profit restatement.
'exercise caution when dealing with the company's shares'

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[quote=murchr]
British-American Investments Company (Kenya) Limited (Britam) shareholders have approved a proposal that will see the company adopt a new name, Britam Holdings Limited.

The change of name is subject to requisite legal processes, and comes immediately after the group’s board and management unveiling of strategic initiatives for the company which include: local and regional expansion, property and IT enabled business transformation.

“The change of name is occasioned by the need for brand consistency across the region in line with the company’s mantra of One Company One Brand and also the need for the business to align itself to the changing social cultural and business environment,” said Dr Benson Wairegi, Britam’s Group Managing Director.

http://www.kbc.co.ke/bri...approve-change-of-name/[/quote]

Eventually, most businesses will get to a point where they want to expand into the global marketplace.

It’s typically considered safer for businesses to grow from where they started, and work their way out geographically at an incremental rate. A relevant aspect of this is cultural surroundings and the economic infrastructure in neighboring countries to support and enjoy what you’re offering.

Often, however, neighboring countries are similar in culture and economic infrastructure...
https://agenda.weforum.o...amp;utm_campaign=buffer

This stock and a few other have silenced the Optimistic and hopeful @Realtreaty.