There is culture of Impunity.people just find ease on shafting other people .be it politician ,bishops , even trusted organisation

9.70 bob has printed.....stocks are not for the faint hearted. I pity the wanjiku who boarded at 50bob. They have no other option but to be longtearmers

so is the rights issue still on course? day light conning

Has this stock ever traded above the listing price? (Of course except the first and second weeks of trading)

Hapa niligongwa 159k. Ni sawa tu.

I blame the system. CMA, KASNEB, ICPAK, NSE, Brokers, CBK etc. Kenya's Old guards are like gods. Untouchables!

That fictitious valuation of their Kenya Railways stake killed all morale!

2 Weeks ago, South African Authorities arrested guys who engaged in insider trading and manipulation of MTN shares on the JSE. Here in Kenya, YOU WILL NEVER HEAR OF ANYTHING LIKE THAT! NEVER EVER! OLD MONEY RULES!

TCL is a good example of how a top flight consultant is charged with running a company, and he sucks at performing in the real world. Dr Kiuna was a one-time McKinsey consultant that was very highly rated. Unfortunately, under his stewardship TCL has been run as if it is one case study after another.

When the late Chairman, James Gachui, was at the helm of the Board, the company flourished. Granted there was some political patronage at play, but the company had seriously good oversight that allowed it, as a non-listed entity, to maneuver its way through Kenya's unique deal-making stage like a pro. Political patronage got them only so far - sound management made them the blue eyed boys of Kenya's investment scene at the time. It must be pointed out that together, Mr Zeph Mbugua and Mr Eddie Njoroge were also instrumental in providing the company with excellent oversight alongside Mr Gachui.

Sadly, since Dr Kiuna took the helm, the Board appears to have been relegated to spectators as the company has made one bad investment move after another. Yes, Mr Gachui is not there, but in addition Mr Njoroge was appointed to be Kengen MD, which in my opinion left the Board skewed in favour of taking advice (from management?) rather than directing management as to what ought to be done. I'm sure that the analysis preceding each management decision has been McKinsey-like and faultless... unfortunately, the results speak for themselves. That listing was the first mistake, RVR,... Civicon appears to have been a winner though, so it's not all bad.

I will say though, that the Menengai power project looks like it can't be a loser (buy a KWH at 3 cents and sell at 8 cents per KWH for the next 25 years). It reeks of something that Mr Eddie Njoroge was instrumental in putting together (ahem,... he was, after all, CEO of Kengen when this deal was crafted). However, I'm not convinced that Dr Kiuna won't find a way of fobbing on that too.

Bottom line, I think that long term this is not a very bad counter, albeit with one huge caveat - that the pipeline projects hit the mark each and every time. That's a tall order, and with that debt maturity looming in March 2016, I'm not so sure these guys will be around to enjoy the fruits of the long-term success in their current state and makeup.

I never did trust the management from the get-go. After Kibati left EA Cables (the most profitable subsidiary) it was another reason not to get into TCL. And am I glad.

And the way Dr. Kiuna is all over the place giving talks and presentations about the "wide canvas"- read under-developed Africa infrastructure. After reading your observations(opinion) my blood sugar has gone a notch higher. I wish TCL was more open with information. Its 4 months to March 2016 and they are not telling shareholders where they are going to get the cash from. The "strong pipeline of projects" will also require significant debt to implement....seems to me like this longterm reaping will be in 2050

I can remember investors being told to exercise caution when dealing with tcl shares a while back,so the caution was to cushion people against share crush???