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Kurwitu wallows deeper into HY15 loss
Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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Total Income = Ksh. 938   Pesa Nane plans to be shilingi when he grows up.
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Rank: Member Joined: 8/17/2007 Posts: 294
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Rank: User Joined: 1/20/2014 Posts: 3,528
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These guys also told us we dont understand what business they are in .... why the price was set @ 1,500 bob. washa ikaye!!!! Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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instinct wrote:Is this a joke? NO! Cash Cow  Pesa Nane plans to be shilingi when he grows up.
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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Now you know Quote:KURWITU VENTURES LIMITED
FINANCIAL STATEMENTS
FOR THE SIX MONTHS PERIOD ENDED 30TH JUNE 2015
REPORT OF THE DIRECTORS
The directors submit their report FOR THE SIX MONTHS PERIOD ENDED
30TH JUNE 2015.
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. forgot to mention 2015
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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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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Pesa Nane wrote:instinct wrote:Is this a joke? NO! Cash Cow In short, the members of staff & directors are the ones making money here. "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Chief Joined: 1/3/2007 Posts: 18,121 Location: Nairobi
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There is something else going on here and I do not mean in a good way. Anyway, this goes into my pile with KQ, HAFR and Express. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Member Joined: 8/17/2007 Posts: 294
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No worries tho. I dont think it has traded a single share since it listed. Wacha wakulane wenyewe
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Rank: Elder Joined: 5/25/2012 Posts: 4,105 Location: 08c
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murchr wrote:
In short, the members of staff & directors are the ones making money here.
director S? director??  Pesa Nane plans to be shilingi when he grows up.
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Rank: Elder Joined: 3/19/2010 Posts: 3,504 Location: Uganda
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Scam, scam, people are shamelessly milking a dead cow here, punda amecheka
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Rank: Veteran Joined: 11/15/2013 Posts: 1,977 Location: Here
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So a primary kid who hustles on weekends jus a little makes much more money than Kurwitu!! Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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Rank: Chief Joined: 1/13/2011 Posts: 5,964
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The staff & directors items can only mean to me that there was employment.
I don't see a balance sheet to support any IF issues yet. #Observing
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Rank: Elder Joined: 6/2/2011 Posts: 4,818 Location: -1.2107, 36.8831
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DAMN! This is evil. This is EVIL! Receive with simplicity everything that happens to you.” ― Rashi
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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murchr wrote:Pesa Nane wrote:instinct wrote:Is this a joke? NO! Cash Cow In short, the members of staff & directors are the ones making money here. The Company has had zero income for the last 2 years. Where are they getting the money to pay these expenses?
NSE and CMA risk losing their credibility by allowing such sham listings Life is short. Live passionately.
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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This was full year 2014  Life is short. Live passionately.
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Rank: New-farer Joined: 5/7/2014 Posts: 40
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sparkly wrote:murchr wrote:Pesa Nane wrote:instinct wrote:Is this a joke? NO! Cash Cow In short, the members of staff & directors are the ones making money here. The Company has had zero income for the last 2 years. Where are they getting the money to pay these expenses?
NSE and CMA risk losing their credibility by allowing such sham listings I think you guys are being too harsh. Kurwitu is an investment company, which means value will come from the increase in the value of their assets. My guess is that their projects are long term (Power Plants, Agri projects etc) that will take 3 - 5 years to develop. They are probably being conservative in not writing up value of their assets at this early stage. You can see that the shareholders are supporting the company with shareholder loans (this is how they are paying annual expenses, so they still believe in the investments). The problem though is that you have to be an insider to know what they are actually investing in and to understand the true value.
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Rank: Veteran Joined: 8/16/2009 Posts: 994
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In 6 months they have spent 12M, meaning they have almost blown the entire cash balance if 12.7M which had been loaned by shareholders. By Dec they need almost a similar amount so shareholder loans will be 24M by end year. Loans will be 23% of the land value (last land value being 102M). I wonder how sharia compliant share of profits to these loans will be. @ guru267 can shed more light. Time is money, so money is time. Money saved is time gained in reverse! Money stores your life’s energy. You expend your energy, get paid money, and store that money for a future purchase made in a currency.
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Rank: Member Joined: 12/11/2006 Posts: 884
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Pesa Nane wrote:instinct wrote:Is this a joke? NO! Cash Cow Blame CMA and NSE for allowing such a company to list “Invest in yourself. Your career is the engine of your wealth.”
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Kurwitu wallows deeper into HY15 loss
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