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Tale of Transcentury CEO exit, Sh8b Debt
muandiwambeu
#21 Posted : Saturday, January 23, 2016 10:20:32 AM
Rank: Veteran


Joined: 8/28/2015
Posts: 1,247
the deal wrote:
Biggest mistake TCL made was buying Civicon..CEO was young and perhaps overrated ..he failed to read that the Chinese were here & scooping all construction tenders...worse Uhuru was looking East....have TCL not issued that bond to buy civicon they would have been fine....i think they based the decision on a few successful projects...if the business was that good...why were the owners cashing out? ....once made money hyping this stock...after the RVF debacle...I ran away...its a sad story really...TCL should have been the poster child of Kenyan industrilisation...but now we have the chinese...are china & kenya's interests aligned? Same story with eveready....china is the worst enemy for Africa's industrilisation...

That's very point on. However, from a different perspective my take is.
1. When we praise our leaders for intelligence and political and economic suvvay in protecting the countries young sugar industry that is not read as patronage but prudence, why double standard with TCL. TCL choose a different path to chart a new line of productivity in a sovereign state that did not do it in a similar manner before. The risk taken is huge and the potential is equally enormous. Just imagine, how many transformers are being installed in Kenya and the shortfall with demand. It's almost a fact in Kenya That, as for every born jew boy on eighth day he will get a cut, so is getting connected to KPLC once you are within the 600m radius of a transformer. Thus, connectivity is limited by availability of transformers. Making transformers locally both boost the government agenda and kplcs mission to hook every feasible customer to power and boost revenues as well as spur growth of the nation. The government should be a front runner of protecting it's nationals patriotism, pride, heritage, relevance, strategic positioning on the world map by developing policies that address the plight of well mastered ideologies that encourage the survival of this nation. Failure to, SUCH important sectors has banking, telecommunication, agriculture big Giants at perial of politicized skewed lease renewals, nascent petrol and mining sector would not have taken shape.
@Obiero's list to an investor was point on. But for the progress of the nation and growth of nse, it's a list of shame that needs someone throwing a proper spanner onto.
2. Huge world wide multinationals like Samsung started small, were protected and now are global competitors well protected and coveted by their native companies and across the globe. Naturing talent to make a star that we hide under the table kick and muddy for being the star we wanted is high order hypocrisy and is disgusting to mention.
3. Whether East or west it's Kenyans who will feel the heat/wrath of matting the dragon or whoever has no interest of the nation at heart and then in dismay after having made our bed lie in it with tears and stand for solidarity or whatever political or blah blah.
,Behold, a sower went forth to sow;....
whiteowl
#22 Posted : Saturday, January 23, 2016 12:22:23 PM
Rank: Veteran


Joined: 4/16/2014
Posts: 1,420
Location: Bohemian Grove
the_cabal wrote:
Mike Ock wrote:
mlennyma wrote:

this could be the first company to close shop this year if the main shareholders dont intervene in good time.


But at this point haven't main shareholders cashed out significantly? What reason do they have to care?



Since listing, the company’s top 10 founders, including Mr Mbugua, investment banker Jimnah Mbaru and NSE Chairman Eddy Njoroge have cut their combined stake from 60 per cent to 47
per cent as of November last year. Mr Mbaru, who initially held a 6.24 per cent stake in the firm, has disappeared from TransCentury’s list of top individual owners after trading most of
his holdings.


Going by this trend, seems like the company might be heading into troubled waters which will be difficult to wade out.


Jimnah is one bright chap.Also look back at the britam chunk he offloaded at 30.Always follow the money.
Spikes
#23 Posted : Saturday, January 23, 2016 1:28:42 PM
Rank: Elder


Joined: 9/20/2015
Posts: 2,811
Location: Mombasa
whiteowl wrote:
the_cabal wrote:
Mike Ock wrote:
mlennyma wrote:

this could be the first company to close shop this year if the main shareholders dont intervene in good time.


But at this point haven't main shareholders cashed out significantly? What reason do they have to care?



Since listing, the company’s top 10 founders, including Mr Mbugua, investment banker Jimnah Mbaru and NSE Chairman Eddy Njoroge have cut their combined stake from 60 per cent to 47
per cent as of November last year. Mr Mbaru, who initially held a 6.24 per cent stake in the firm, has disappeared from TransCentury’s list of top individual owners after trading most of
his holdings.


Going by this trend, seems like the company might be heading into troubled waters which will be difficult to wade out.


Jimnah is one bright chap.Also look back at the britam chunk he offloaded at 30.Always follow the money.

Jimnah Mbaru and his peers have experience spanning since independence. They know how to identify red flag. Whenever they sell i.e warning flag raised also Wanjiko follow suit.
As for TCL this dude Mbaru got injured coz since listing the uphill task has been slippery.
John 5:17 But Jesus replied, “My Father is always working, and so am I.”
VituVingiSana
#24 Posted : Saturday, January 23, 2016 1:46:19 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,121
Location: Nairobi
whiteowl wrote:
the_cabal wrote:
Mike Ock wrote:
mlennyma wrote:

this could be the first company to close shop this year if the main shareholders dont intervene in good time.


But at this point haven't main shareholders cashed out significantly? What reason do they have to care?



Since listing, the company’s top 10 founders, including Mr Mbugua, investment banker Jimnah Mbaru and NSE Chairman Eddy Njoroge have cut their combined stake from 60 per cent to 47
per cent as of November last year. Mr Mbaru, who initially held a 6.24 per cent stake in the firm, has disappeared from TransCentury’s list of top individual owners after trading most of
his holdings.


Going by this trend, seems like the company might be heading into troubled waters which will be difficult to wade out.


Jimnah is one bright chap.Also look back at the britam chunk he offloaded at 30.Always follow the money.

So he knew when to offload the crap onto others... What did D&B rate TCL at while Mbaru was selling?
In some markets, the information that some large/significant shareholders are selling or have sold is disseminated in reasonable time so other shareholders are aware of what is going on.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
the_cabal
#25 Posted : Saturday, January 23, 2016 7:36:15 PM
Rank: New-farer


Joined: 11/20/2015
Posts: 16
Location: Iraq
VituVingiSana wrote:
whiteowl wrote:
the_cabal wrote:
Mike Ock wrote:
mlennyma wrote:

this could be the first company to close shop this year if the main shareholders dont intervene in good time.


But at this point haven't main shareholders cashed out significantly? What reason do they have to care?



Since listing, the company’s top 10 founders, including Mr Mbugua, investment banker Jimnah Mbaru and NSE Chairman Eddy Njoroge have cut their combined stake from 60 per cent to 47
per cent as of November last year. Mr Mbaru, who initially held a 6.24 per cent stake in the firm, has disappeared from TransCentury’s list of top individual owners after trading most of
his holdings.


Going by this trend, seems like the company might be heading into troubled waters which will be difficult to wade out.


Jimnah is one bright chap.Also look back at the britam chunk he offloaded at 30.Always follow the money.

So he knew when to offload the crap onto others... What did D&B rate TCL at while Mbaru was selling?
In some markets, the information that some large/significant shareholders are selling or have sold is disseminated in reasonable time so other shareholders are aware of what is going on.


Seems like someone is angered by Jimnah's move and very sickened about it all together. Not talking


Jimnah Mbaru's Tirade on Twira

Mganga haagizi Mchicha.
MaichBlack
#26 Posted : Saturday, January 23, 2016 9:07:55 PM
Rank: Elder


Joined: 7/22/2009
Posts: 7,460
hisah wrote:
TCL convertible bond now similar to KQ's fuel hedging gamble gone horrible.

Enough case studies for MBA classes!!!
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
Spikes
#27 Posted : Saturday, January 23, 2016 10:12:38 PM
Rank: Elder


Joined: 9/20/2015
Posts: 2,811
Location: Mombasa
MaichBlack wrote:
hisah wrote:
TCL convertible bond now similar to KQ's fuel hedging gamble gone horrible.

Enough case studies for MBA classes!!!


We need researchers a.k.a think tanks Seabury and Mckinsey. No need of MBA case studies are just cliches in modern corporates perpetuating corruption and massive looting of public and investor resources. There is a paradigm shift in the way things are done in companies.
John 5:17 But Jesus replied, “My Father is always working, and so am I.”
kryptonite
#28 Posted : Sunday, January 24, 2016 11:44:31 AM
Rank: Member


Joined: 2/1/2010
Posts: 272
Location: Nairobi
Spikes wrote:
MaichBlack wrote:
hisah wrote:
TCL convertible bond now similar to KQ's fuel hedging gamble gone horrible.

Enough case studies for MBA classes!!!


We need researchers a.k.a think tanks Seabury and Mckinsey. No need of MBA case studies are just cliches in modern corporates perpetuating corruption and massive looting of public and investor resources. There is a paradigm shift in the way things are done in companies.



Former CEO is a McKinsey 'alumnus'
The harder you work, the luckier you get
Spikes
#29 Posted : Sunday, January 24, 2016 12:06:28 PM
Rank: Elder


Joined: 9/20/2015
Posts: 2,811
Location: Mombasa
kryptonite wrote:
Spikes wrote:
MaichBlack wrote:
hisah wrote:
TCL convertible bond now similar to KQ's fuel hedging gamble gone horrible.

Enough case studies for MBA classes!!!


We need researchers a.k.a think tanks Seabury and Mckinsey. No need of MBA case studies are just cliches in modern corporates perpetuating corruption and massive looting of public and investor resources. There is a paradigm shift in the way things are done in companies.



Former CEO is a McKinsey 'alumnus'


Really?
John 5:17 But Jesus replied, “My Father is always working, and so am I.”
kryptonite
#30 Posted : Sunday, January 24, 2016 1:16:45 PM
Rank: Member


Joined: 2/1/2010
Posts: 272
Location: Nairobi
Spikes wrote:
kryptonite wrote:
Spikes wrote:
MaichBlack wrote:
hisah wrote:
TCL convertible bond now similar to KQ's fuel hedging gamble gone horrible.

Enough case studies for MBA classes!!!


We need researchers a.k.a think tanks Seabury and Mckinsey. No need of MBA case studies are just cliches in modern corporates perpetuating corruption and massive looting of public and investor resources. There is a paradigm shift in the way things are done in companies.



Former CEO is a McKinsey 'alumnus'


Really?


Really.

"Dr. Gachao Kiuna, Ph.D. has been the Chief Executive Officer and Managing Director of Transcentury Limited since 2008. Dr. Kiuna joined Transcentury Limited from McKinsey & Company in Johannesburg, where he involved in advising corporate clients in emerging markets on corporate finance and strategy. He was a Member of the Office Leadership Group leading Sub-Saharan Africa Practice at McKinsey & Company. Dr. Kiuna was the Principal Consultant that led the McKinsey assignment to develop the Vision 2030 project for the Government of Kenya."

See full bio here...
The harder you work, the luckier you get
sparkly
#31 Posted : Sunday, January 24, 2016 1:26:23 PM
Rank: Elder


Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
kryptonite wrote:
Spikes wrote:
kryptonite wrote:
Spikes wrote:
MaichBlack wrote:
hisah wrote:
TCL convertible bond now similar to KQ's fuel hedging gamble gone horrible.

Enough case studies for MBA classes!!!


We need researchers a.k.a think tanks Seabury and Mckinsey. No need of MBA case studies are just cliches in modern corporates perpetuating corruption and massive looting of public and investor resources. There is a paradigm shift in the way things are done in companies.



Former CEO is a McKinsey 'alumnus'


Really?


Really.

"Dr. Gachao Kiuna, Ph.D. has been the Chief Executive Officer and Managing Director of Transcentury Limited since 2008. Dr. Kiuna joined Transcentury Limited from McKinsey & Company in Johannesburg, where he involved in advising corporate clients in emerging markets on corporate finance and strategy. He was a Member of the Office Leadership Group leading Sub-Saharan Africa Practice at McKinsey & Company. Dr. Kiuna was the Principal Consultant that led the McKinsey assignment to develop the Vision 2030 project for the Government of Kenya."

See full bio here...


A case of too much book smarts and inadequate street smarts.
Life is short. Live passionately.
Spikes
#32 Posted : Sunday, January 24, 2016 2:30:12 PM
Rank: Elder


Joined: 9/20/2015
Posts: 2,811
Location: Mombasa
sparkly wrote:
kryptonite wrote:
Spikes wrote:
kryptonite wrote:
Spikes wrote:
MaichBlack wrote:
hisah wrote:
TCL convertible bond now similar to KQ's fuel hedging gamble gone horrible.

Enough case studies for MBA classes!!!


We need researchers a.k.a think tanks Seabury and Mckinsey. No need of MBA case studies are just cliches in modern corporates perpetuating corruption and massive looting of public and investor resources. There is a paradigm shift in the way things are done in companies.



Former CEO is a McKinsey 'alumnus'


Really?


Really.

"Dr. Gachao Kiuna, Ph.D. has been the Chief Executive Officer and Managing Director of Transcentury Limited since 2008. Dr. Kiuna joined Transcentury Limited from McKinsey & Company in Johannesburg, where he involved in advising corporate clients in emerging markets on corporate finance and strategy. He was a Member of the Office Leadership Group leading Sub-Saharan Africa Practice at McKinsey & Company. Dr. Kiuna was the Principal Consultant that led the McKinsey assignment to develop the Vision 2030 project for the Government of Kenya."

See full bio here...


A case of too much book smarts and inadequate street smarts.


Now after holding such credentials how come TCL is due to go under with investor funds on his full watch? Is he an accomplice of the broader scheme who must have amassed wealth in form of kickbacks? What went long leading to his exit?
John 5:17 But Jesus replied, “My Father is always working, and so am I.”
Kusadikika
#33 Posted : Sunday, January 24, 2016 2:57:23 PM
Rank: Elder


Joined: 7/22/2008
Posts: 2,703
Spikes wrote:
sparkly wrote:
kryptonite wrote:
Spikes wrote:
kryptonite wrote:
Spikes wrote:
MaichBlack wrote:
hisah wrote:
TCL convertible bond now similar to KQ's fuel hedging gamble gone horrible.

Enough case studies for MBA classes!!!


We need researchers a.k.a think tanks Seabury and Mckinsey. No need of MBA case studies are just cliches in modern corporates perpetuating corruption and massive looting of public and investor resources. There is a paradigm shift in the way things are done in companies.



Former CEO is a McKinsey 'alumnus'


Really?


Really.

"Dr. Gachao Kiuna, Ph.D. has been the Chief Executive Officer and Managing Director of Transcentury Limited since 2008. Dr. Kiuna joined Transcentury Limited from McKinsey & Company in Johannesburg, where he involved in advising corporate clients in emerging markets on corporate finance and strategy. He was a Member of the Office Leadership Group leading Sub-Saharan Africa Practice at McKinsey & Company. Dr. Kiuna was the Principal Consultant that led the McKinsey assignment to develop the Vision 2030 project for the Government of Kenya."

See full bio here...


A case of too much book smarts and inadequate street smarts.


Now after holding such credentials how come TCL is due to go under with investor funds on his full watch? Is he an accomplice of the broader scheme who must have amassed wealth in form of kickbacks? What went long leading to his exit?


Did this man have the qualifications to be CEO. He training was in Biochemistry. His father is a major shareholder of TransCentury and the Chairman of Civicon, Transcentury's biggest blackhole:

http://www.civiconkenya....ut-us/board-of-directors
VituVingiSana
#34 Posted : Sunday, January 24, 2016 3:53:33 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,121
Location: Nairobi
kryptonite wrote:
Spikes wrote:
kryptonite wrote:
Spikes wrote:
MaichBlack wrote:
hisah wrote:
TCL convertible bond now similar to KQ's fuel hedging gamble gone horrible.

Enough case studies for MBA classes!!!


We need researchers a.k.a think tanks Seabury and Mckinsey. No need of MBA case studies are just cliches in modern corporates perpetuating corruption and massive looting of public and investor resources. There is a paradigm shift in the way things are done in companies.



Former CEO is a McKinsey 'alumnus'


Really?


Really.

"Dr. Gachao Kiuna, Ph.D. has been the Chief Executive Officer and Managing Director of Transcentury Limited since 2008. Dr. Kiuna joined Transcentury Limited from McKinsey & Company in Johannesburg, where he involved in advising corporate clients in emerging markets on corporate finance and strategy. He was a Member of the Office Leadership Group leading Sub-Saharan Africa Practice at McKinsey & Company. Dr. Kiuna was the Principal Consultant that led the McKinsey assignment to develop the Vision 2030 project for the Government of Kenya."

See full bio here...

Also explains the debt-fueled black hole that is Vision2030
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
VituVingiSana
#35 Posted : Sunday, January 24, 2016 4:12:01 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,121
Location: Nairobi
Kusadikika wrote:
Spikes wrote:
sparkly wrote:
kryptonite wrote:
Spikes wrote:
kryptonite wrote:
Spikes wrote:
MaichBlack wrote:
[quote=hisah]TCL convertible bond now similar to KQ's fuel hedging gamble gone horrible.

Enough case studies for MBA classes!!!


We need researchers a.k.a think tanks Seabury and Mckinsey. No need of MBA case studies are just cliches in modern corporates perpetuating corruption and massive looting of public and investor resources. There is a paradigm shift in the way things are done in companies.



Former CEO is a McKinsey 'alumnus'


Really?


Really.

"Dr. Gachao Kiuna, Ph.D. has been the Chief Executive Officer and Managing Director of Transcentury Limited since 2008. Dr. Kiuna joined Transcentury Limited from McKinsey & Company in Johannesburg, where he involved in advising corporate clients in emerging markets on corporate finance and strategy. He was a Member of the Office Leadership Group leading Sub-Saharan Africa Practice at McKinsey & Company. Dr. Kiuna was the Principal Consultant that led the McKinsey assignment to develop the Vision 2030 project for the Government of Kenya."

See full bio here...


A case of too much book smarts and inadequate street smarts.


Now after holding such credentials how come TCL is due to go under with investor funds on his full watch? Is he an accomplice of the broader scheme who must have amassed wealth in form of kickbacks? What went long leading to his exit?


Did this man have the qualifications to be CEO. He training was in Biochemistry. His father is a major shareholder of TransCentury and the Chairman of Civicon, Transcentury's biggest blackhole:

http://www.civiconkenya....t-us/board-of-directors[/quote]
Baba. There were others in TCL who were also kids of the founders. I am not sure if they are still in TCL or have left.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Spikes
#36 Posted : Sunday, January 24, 2016 4:15:28 PM
Rank: Elder


Joined: 9/20/2015
Posts: 2,811
Location: Mombasa
VituVingiSana wrote:
kryptonite wrote:
Spikes wrote:
kryptonite wrote:
Spikes wrote:
MaichBlack wrote:
hisah wrote:
TCL convertible bond now similar to KQ's fuel hedging gamble gone horrible.

Enough case studies for MBA classes!!!


We need researchers a.k.a think tanks Seabury and Mckinsey. No need of MBA case studies are just cliches in modern corporates perpetuating corruption and massive looting of public and investor resources. There is a paradigm shift in the way things are done in companies.



Former CEO is a McKinsey 'alumnus'


Really?


Really.

"Dr. Gachao Kiuna, Ph.D. has been the Chief Executive Officer and Managing Director of Transcentury Limited since 2008. Dr. Kiuna joined Transcentury Limited from McKinsey & Company in Johannesburg, where he involved in advising corporate clients in emerging markets on corporate finance and strategy. He was a Member of the Office Leadership Group leading Sub-Saharan Africa Practice at McKinsey & Company. Dr. Kiuna was the Principal Consultant that led the McKinsey assignment to develop the Vision 2030 project for the Government of Kenya."

See full bio here...

Also explains the debt-fueled black hole that is Vision2030


This is the problem of Kenyan government entrusting its resources on impractical people.
John 5:17 But Jesus replied, “My Father is always working, and so am I.”
kollabo
#37 Posted : Monday, January 25, 2016 11:22:59 AM
Rank: Veteran


Joined: 2/3/2012
Posts: 1,317
Seems like Horsey family used the proceeds of Transcentury buy-in to build Vipingo Ridge.
sparkly
#38 Posted : Monday, January 25, 2016 11:45:49 AM
Rank: Elder


Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
Spikes wrote:
VituVingiSana wrote:
kryptonite wrote:
Spikes wrote:
kryptonite wrote:
Spikes wrote:
MaichBlack wrote:
hisah wrote:
TCL convertible bond now similar to KQ's fuel hedging gamble gone horrible.

Enough case studies for MBA classes!!!


We need researchers a.k.a think tanks Seabury and Mckinsey. No need of MBA case studies are just cliches in modern corporates perpetuating corruption and massive looting of public and investor resources. There is a paradigm shift in the way things are done in companies.



Former CEO is a McKinsey 'alumnus'


Really?


Really.

"Dr. Gachao Kiuna, Ph.D. has been the Chief Executive Officer and Managing Director of Transcentury Limited since 2008. Dr. Kiuna joined Transcentury Limited from McKinsey & Company in Johannesburg, where he involved in advising corporate clients in emerging markets on corporate finance and strategy. He was a Member of the Office Leadership Group leading Sub-Saharan Africa Practice at McKinsey & Company. Dr. Kiuna was the Principal Consultant that led the McKinsey assignment to develop the Vision 2030 project for the Government of Kenya."

See full bio here...

Also explains the debt-fueled black hole that is Vision2030


This is the problem of Kenyan government entrusting its resources on impractical people.


I am now officially worried for Kenya.
Life is short. Live passionately.
Kusadikika
#39 Posted : Saturday, January 30, 2016 4:03:27 AM
Rank: Elder


Joined: 7/22/2008
Posts: 2,703
I think the last nail in this coffin has just been hammered in. Maybe this is where they had planned to get their 8 billion. Wooiiie.


http://www.nation.co.ke/news/Sh...10/-/p8s7xr/-/index.html
Spikes
#40 Posted : Saturday, January 30, 2016 8:19:31 AM
Rank: Elder


Joined: 9/20/2015
Posts: 2,811
Location: Mombasa
Kusadikika wrote:
I think the last nail in this coffin has just been hammered in. Maybe this is where they had planned to get their 8 billion. Wooiiie.


http://www.nation.co.ke/news/Sh...10/-/p8s7xr/-/index.html


This is like material announcement. On Monday NSE let daily limits free for speculators to crouch in to form a strong plunge protection team-PPT. There will be great munching of the carcass by the vultures/speculators and gnawing of teeth by doves/investors. Expect mammoth feast.
John 5:17 But Jesus replied, “My Father is always working, and so am I.”
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