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Rank: Veteran Joined: 1/25/2012 Posts: 1,624 Location: Langley
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KCB AGM 2019Logistics.Transport was provided as indicated in the AGM notice. I arrived at Kencom at around 0700hrs and contrary to my expectation buses were already there ferrying people to Kasarani. I had assumed that I will find one bus and maybe be among the few early birds. We got to Kasarani at around 0730hrs and registration had already began- Earlier than Indicated in the Agm notice. There were two queues- Ladies and gentlemen. The ladies queue was almost two times long. Does that mean they are more active in stock market or men are too busy to attend? We shall revisit that. Shareholders Goodieskcb branded polo shirt and a Naivas shopping voucher worth ksh 1000/=. Some people just registered and disappeared after being given the goodies. Key Highlights-Kenya remains the largest contributor to Groups profit after tax. In Fy2018 contribution stood at 93%. -Continuous investment in fintech is the only way to stay ahead. Management will continue to invest in Fintech. -International businesses collectively grew by 64% and together with KCB Insurance Agency and KCB capital are targeted to contribute at least 20% of the Group’s profit by 2020. -Ethiopia isn’t an easy market but a delegation from KCB has held talks with the Ethiopian prime minister. Something is on the offing. -The finance director was in Casablanca and met officials from Moroccan Lender- Banque Centrale Populaire (BCP). A possibility of partnership was discussed. National Bank-NBK non-performing loans are recoverable. To quote Oigara “the names (read defaulters) are not difficult to deal with” -The problem with NBK has nothing to do with staff, it’s a management problem. And they don’t intend to keep the management. -KCB is buying NBK at a 30% discount. Valuation was well done, a company (I forgot the name) was hired to do valuation and reported directly to the ceo. EPS Projections post NBK Acquisition YEAR EPS 2019- 7.58 2020- 8.37 2021- 10.16 2022- 11.32 Return on Equity Post NBK Acquisition YEAR ROE (%) 2018- 23.0 2019- 25.2 2020- 25.2 2021- 25.4 2022- 26.5 2023- 26.9 The above projections are on the lower side. Shareholders Hour.1. Alois Chami- why is there heavy borrowing? Management assured us the heavy borrowing is quite in order and secure. 2.A shareholder asked the management to break down the figures under contingent liability. Ceo said they are not under any regulation to disclose the figures. Shareholders booed him giving the guy morale. He pressed further, and a tensed Oigara had to shed light on contingency liability. Basically it’s all about KRA vs. KCB on excise duty. The amount in contention is around 300mn. 3.On Nys saga they said they have tightened their guidelines and trained staff on KYC, AML/CFT promised no repeat of the same. And of course they were sorry. 4.One shareholder asked why Cs finance is paid sitting allowance yet he is representing the government hence a public servant. Does that not amount to double payment? Management said they are just following the set regulations however there are some monthly fees which are payable to National treasury. 5.A shareholder sought to know why they didn’t buy chase bank despite being front runners. Management said it was impossible since they were the administrators and buying it would amount to conflict of interest. 6.On imperial bank one shareholder sought to know why they are not buying everything. Management said they looked at the quality of assets and only the branches that they are buying met their criteria. Crazy Moments.-A lady told us to give KCB choir some applause because they had sang well. She went ahead and sang a song praising KCB Group. -Chami told us to open page two of the Annual report and clap for the management because of the phrase “go ahead, take the region to greater heights” -A mzee who had travelled all the way from Nanyuki told us the best way to define NBK management rot is to look at NBK Nanyuki which is housed in a dilapidated building. Last painted in 1976. SundryOver the weekend I came across Equity bank’s Agm video on youtube, and I noticed familiar faces which I had seen during KCB AGM. BBK held its agm the previous day before KCB’s and I overheard “ala kumbe huko huku pia” not more than once. Actually what happened during BBK AGM was discussed in queues and on our way back. I hear management had difficult time trying to explain Why always Barclays (Nys, fake currency, ATM theft). I concluded there is a clique of Kenyans who are regulars at these AGMs. If you have built castles in the air, your work need not be lost; that is where they should be. Now put the foundations under them.
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Rank: Veteran Joined: 1/20/2011 Posts: 1,820 Location: Nakuru
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Mastermind wrote:KCB AGM 2019
Logistics.
Transport was provided as indicated in the AGM notice. I arrived at Kencom at around 0700hrs and contrary to my expectation buses were already there ferrying people to Kasarani. I had assumed that I will find one bus and maybe be among the few early birds. We got to Kasarani at around 0730hrs and registration had already began- Earlier than Indicated in the Agm notice. There were two queues- Ladies and gentlemen. The ladies queue was almost two times long. Does that mean they are more active in stock market or men are too busy to attend? We shall revisit that.
Shareholders Goodies
kcb branded polo shirt and a Naivas shopping voucher worth ksh 1000/=. Some people just registered and disappeared after being given the goodies.
Key Highlights
-Kenya remains the largest contributor to Groups profit after tax. In Fy2018 contribution stood at 93%.
-Continuous investment in fintech is the only way to stay ahead. Management will continue to invest in Fintech.
-International businesses collectively grew by 64% and together with KCB Insurance Agency and KCB capital are targeted to contribute at least 20% of the Group’s profit by 2020.
-Ethiopia isn’t an easy market but a delegation from KCB has held talks with the Ethiopian prime minister. Something is on the offing.
-The finance director was in Casablanca and met officials from Moroccan Lender- Banque Centrale Populaire (BCP). A possibility of partnership was discussed.
National Bank
-NBK non-performing loans are recoverable. To quote Oigara “the names (read defaulters) are not difficult to deal with”
-The problem with NBK has nothing to do with staff, it’s a management problem. And they don’t intend to keep the management.
-KCB is buying NBK at a 30% discount. Valuation was well done, a company (I forgot the name) was hired to do valuation and reported directly to the ceo.
EPS Projections post NBK Acquisition
YEAR EPS
2019- 7.58
2020- 8.37
2021- 10.16
2022- 11.32
Return on Equity Post NBK Acquisition
YEAR ROE (%)
2018- 23.0
2019- 25.2
2020- 25.2
2021- 25.4
2022- 26.5
2023- 26.9
The above projections are on the lower side.
Shareholders Hour.
1. Alois Chami- why is there heavy borrowing? Management assured us the heavy borrowing is quite in order and secure.
2.A shareholder asked the management to break down the figures under contingent liability. Ceo said they are not under any regulation to disclose the figures. Shareholders booed him giving the guy morale. He pressed further, and a tensed Oigara had to shed light on contingency liability. Basically it’s all about KRA vs. KCB on excise duty. The amount in contention is around 300mn.
3.On Nys saga they said they have tightened their guidelines and trained staff on KYC, AML/CFT promised no repeat of the same. And of course they were sorry.
4.One shareholder asked why Cs finance is paid sitting allowance yet he is representing the government hence a public servant. Does that not amount to double payment? Management said they are just following the set regulations however there are some monthly fees which are payable to National treasury.
5.A shareholder sought to know why they didn’t buy chase bank despite being front runners. Management said it was impossible since they were the administrators and buying it would amount to conflict of interest.
6.On imperial bank one shareholder sought to know why they are not buying everything. Management said they looked at the quality of assets and only the branches that they are buying met their criteria.
Crazy Moments.
-A lady told us to give KCB choir some applause because they had sang well. She went ahead and sang a song praising KCB Group.
-Chami told us to open page two of the Annual report and clap for the management because of the phrase “go ahead, take the region to greater heights”
-A mzee who had travelled all the way from Nanyuki told us the best way to define NBK management rot is to look at NBK Nanyuki which is housed in a dilapidated building. Last painted in 1976.
Sundry
Over the weekend I came across Equity bank’s Agm video on youtube, and I noticed familiar faces which I had seen during KCB AGM. BBK held its agm the previous day before KCB’s and I overheard “ala kumbe huko huku pia” not more than once. Actually what happened during BBK AGM was discussed in queues and on our way back. I hear management had difficult time trying to explain Why always Barclays (Nys, fake currency, ATM theft). I concluded there is a clique of Kenyans who are regulars at these AGMs.
Nice one. Most guys that attend these AGM's are pensioners with (share)lots of anything from 100 to 100000 shares. Most of these retired senior citizens hold stakes in almost all listed companies.My parents belong to this group. They love the goodies provided and will frown at management for serving them juice and cake instead of providing both the juice and mandazi together with umbrellas, caps, travelling bags etc. The AGM's can get quite comic. I love mzee Chami. He always sit on first row and will certainly be the first one to break the ice(tension) between shareholders and management sana sana when the results are bad and there is no dividend.Problem is that these wazees lack financial accounting competencies and sometimes don't ask key questions and thus management always escapes scot free after mediocre results Dumb money becomes dumb only when it listens to smart money
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Rank: Elder Joined: 12/4/2009 Posts: 10,684 Location: NAIROBI
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Fyatu wrote:Mastermind wrote:KCB AGM 2019
Logistics.
Transport was provided as indicated in the AGM notice. I arrived at Kencom at around 0700hrs and contrary to my expectation buses were already there ferrying people to Kasarani. I had assumed that I will find one bus and maybe be among the few early birds. We got to Kasarani at around 0730hrs and registration had already began- Earlier than Indicated in the Agm notice. There were two queues- Ladies and gentlemen. The ladies queue was almost two times long. Does that mean they are more active in stock market or men are too busy to attend? We shall revisit that.
Shareholders Goodies
kcb branded polo shirt and a Naivas shopping voucher worth ksh 1000/=. Some people just registered and disappeared after being given the goodies.
Key Highlights
-Kenya remains the largest contributor to Groups profit after tax. In Fy2018 contribution stood at 93%.
-Continuous investment in fintech is the only way to stay ahead. Management will continue to invest in Fintech.
-International businesses collectively grew by 64% and together with KCB Insurance Agency and KCB capital are targeted to contribute at least 20% of the Group’s profit by 2020.
-Ethiopia isn’t an easy market but a delegation from KCB has held talks with the Ethiopian prime minister. Something is on the offing.
-The finance director was in Casablanca and met officials from Moroccan Lender- Banque Centrale Populaire (BCP). A possibility of partnership was discussed.
National Bank
-NBK non-performing loans are recoverable. To quote Oigara “the names (read defaulters) are not difficult to deal with”
-The problem with NBK has nothing to do with staff, it’s a management problem. And they don’t intend to keep the management.
-KCB is buying NBK at a 30% discount. Valuation was well done, a company (I forgot the name) was hired to do valuation and reported directly to the ceo.
EPS Projections post NBK Acquisition
YEAR EPS
2019- 7.58
2020- 8.37
2021- 10.16
2022- 11.32
Return on Equity Post NBK Acquisition
YEAR ROE (%)
2018- 23.0
2019- 25.2
2020- 25.2
2021- 25.4
2022- 26.5
2023- 26.9
The above projections are on the lower side.
Shareholders Hour.
1. Alois Chami- why is there heavy borrowing? Management assured us the heavy borrowing is quite in order and secure.
2.A shareholder asked the management to break down the figures under contingent liability. Ceo said they are not under any regulation to disclose the figures. Shareholders booed him giving the guy morale. He pressed further, and a tensed Oigara had to shed light on contingency liability. Basically it’s all about KRA vs. KCB on excise duty. The amount in contention is around 300mn.
3.On Nys saga they said they have tightened their guidelines and trained staff on KYC, AML/CFT promised no repeat of the same. And of course they were sorry.
4.One shareholder asked why Cs finance is paid sitting allowance yet he is representing the government hence a public servant. Does that not amount to double payment? Management said they are just following the set regulations however there are some monthly fees which are payable to National treasury.
5.A shareholder sought to know why they didn’t buy chase bank despite being front runners. Management said it was impossible since they were the administrators and buying it would amount to conflict of interest.
6.On imperial bank one shareholder sought to know why they are not buying everything. Management said they looked at the quality of assets and only the branches that they are buying met their criteria.
Crazy Moments.
-A lady told us to give KCB choir some applause because they had sang well. She went ahead and sang a song praising KCB Group.
-Chami told us to open page two of the Annual report and clap for the management because of the phrase “go ahead, take the region to greater heights”
-A mzee who had travelled all the way from Nanyuki told us the best way to define NBK management rot is to look at NBK Nanyuki which is housed in a dilapidated building. Last painted in 1976.
Sundry
Over the weekend I came across Equity bank’s Agm video on youtube, and I noticed familiar faces which I had seen during KCB AGM. BBK held its agm the previous day before KCB’s and I overheard “ala kumbe huko huku pia” not more than once. Actually what happened during BBK AGM was discussed in queues and on our way back. I hear management had difficult time trying to explain Why always Barclays (Nys, fake currency, ATM theft). I concluded there is a clique of Kenyans who are regulars at these AGMs.
Nice one. Most guys that attend these AGM's are pensioners with (share)lots of anything from 100 to 100000 shares. Most of these retired senior citizens hold stakes in almost all listed companies.My parents belong to this group. They love the goodies provided and will frown at management for serving them juice and cake instead of providing both the juice and mandazi together with umbrellas, caps, travelling bags etc. The AGM's can get quite comic. I love mzee Chami. He always sit on first row and will certainly be the first one to break the ice(tension) between shareholders and management sana sana when the results are bad and there is no dividend.Problem is that these wazees lack financial accounting competencies and sometimes don't ask key questions and thus management always escapes scot free after mediocre results The young people holding them shares and with vast financial accounting are at work in the office or hustling at that time of the AGM. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Chief Joined: 1/3/2007 Posts: 18,103 Location: Nairobi
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Mastermind wrote:KCB AGM 2019
Logistics.
Transport was provided as indicated in the AGM notice. I arrived at Kencom at around 0700hrs and contrary to my expectation buses were already there ferrying people to Kasarani. I had assumed that I will find one bus and maybe be among the few early birds. We got to Kasarani at around 0730hrs and registration had already began- Earlier than Indicated in the Agm notice. There were two queues- Ladies and gentlemen. The ladies queue was almost two times long. Does that mean they are more active in stock market or men are too busy to attend? We shall revisit that.
Shareholders Goodies
kcb branded polo shirt and a Naivas shopping voucher worth ksh 1000/=. Some people just registered and disappeared after being given the goodies.
Key Highlights
-Kenya remains the largest contributor to Groups profit after tax. In Fy2018 contribution stood at 93%.
-Continuous investment in fintech is the only way to stay ahead. Management will continue to invest in Fintech.
-International businesses collectively grew by 64% and together with KCB Insurance Agency and KCB capital are targeted to contribute at least 20% of the Group’s profit by 2020.
-Ethiopia isn’t an easy market but a delegation from KCB has held talks with the Ethiopian prime minister. Something is on the offing.
-The finance director was in Casablanca and met officials from Moroccan Lender- Banque Centrale Populaire (BCP). A possibility of partnership was discussed.
National Bank
-NBK non-performing loans are recoverable. To quote Oigara “the names (read defaulters) are not difficult to deal with”
-The problem with NBK has nothing to do with staff, it’s a management problem. And they don’t intend to keep the management.
-KCB is buying NBK at a 30% discount. Valuation was well done, a company (I forgot the name) was hired to do valuation and reported directly to the ceo.
EPS Projections post NBK Acquisition
YEAR EPS
2019- 7.58
2020- 8.37
2021- 10.16
2022- 11.32
Return on Equity Post NBK Acquisition
YEAR ROE (%)
2018- 23.0
2019- 25.2
2020- 25.2
2021- 25.4
2022- 26.5
2023- 26.9
The above projections are on the lower side.
Shareholders Hour.
1. Alois Chami- why is there heavy borrowing? Management assured us the heavy borrowing is quite in order and secure.
2.A shareholder asked the management to break down the figures under contingent liability. Ceo said they are not under any regulation to disclose the figures. Shareholders booed him giving the guy morale. He pressed further, and a tensed Oigara had to shed light on contingency liability. Basically it’s all about KRA vs. KCB on excise duty. The amount in contention is around 300mn.
3.On Nys saga they said they have tightened their guidelines and trained staff on KYC, AML/CFT promised no repeat of the same. And of course they were sorry.
4.One shareholder asked why Cs finance is paid sitting allowance yet he is representing the government hence a public servant. Does that not amount to double payment? Management said they are just following the set regulations however there are some monthly fees which are payable to National treasury.
5.A shareholder sought to know why they didn’t buy chase bank despite being front runners. Management said it was impossible since they were the administrators and buying it would amount to conflict of interest.
6.On imperial bank one shareholder sought to know why they are not buying everything. Management said they looked at the quality of assets and only the branches that they are buying met their criteria.
Crazy Moments.
-A lady told us to give KCB choir some applause because they had sang well. She went ahead and sang a song praising KCB Group.
-Chami told us to open page two of the Annual report and clap for the management because of the phrase “go ahead, take the region to greater heights”
-A mzee who had travelled all the way from Nanyuki told us the best way to define NBK management rot is to look at NBK Nanyuki which is housed in a dilapidated building. Last painted in 1976.
Sundry
Over the weekend I came across Equity bank’s Agm video on youtube, and I noticed familiar faces which I had seen during KCB AGM. BBK held its agm the previous day before KCB’s and I overheard “ala kumbe huko huku pia” not more than once. Actually what happened during BBK AGM was discussed in queues and on our way back. I hear management had difficult time trying to explain Why always Barclays (Nys, fake currency, ATM theft). I concluded there is a clique of Kenyans who are regulars at these AGMs Wazuans should sponsor you to attend all the AGMs and provide us with such summaries!  Well done! Which one is next on your agenda? Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Veteran Joined: 1/25/2012 Posts: 1,624 Location: Langley
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VituVingiSana wrote:Mastermind wrote:KCB AGM 2019
Logistics.
Transport was provided as indicated in the AGM notice. I arrived at Kencom at around 0700hrs and contrary to my expectation buses were already there ferrying people to Kasarani. I had assumed that I will find one bus and maybe be among the few early birds. We got to Kasarani at around 0730hrs and registration had already began- Earlier than Indicated in the Agm notice. There were two queues- Ladies and gentlemen. The ladies queue was almost two times long. Does that mean they are more active in stock market or men are too busy to attend? We shall revisit that.
Shareholders Goodies
kcb branded polo shirt and a Naivas shopping voucher worth ksh 1000/=. Some people just registered and disappeared after being given the goodies.
Key Highlights
-Kenya remains the largest contributor to Groups profit after tax. In Fy2018 contribution stood at 93%.
-Continuous investment in fintech is the only way to stay ahead. Management will continue to invest in Fintech.
-International businesses collectively grew by 64% and together with KCB Insurance Agency and KCB capital are targeted to contribute at least 20% of the Group’s profit by 2020.
-Ethiopia isn’t an easy market but a delegation from KCB has held talks with the Ethiopian prime minister. Something is on the offing.
-The finance director was in Casablanca and met officials from Moroccan Lender- Banque Centrale Populaire (BCP). A possibility of partnership was discussed.
National Bank
-NBK non-performing loans are recoverable. To quote Oigara “the names (read defaulters) are not difficult to deal with”
-The problem with NBK has nothing to do with staff, it’s a management problem. And they don’t intend to keep the management.
-KCB is buying NBK at a 30% discount. Valuation was well done, a company (I forgot the name) was hired to do valuation and reported directly to the ceo.
EPS Projections post NBK Acquisition
YEAR EPS
2019- 7.58
2020- 8.37
2021- 10.16
2022- 11.32
Return on Equity Post NBK Acquisition
YEAR ROE (%)
2018- 23.0
2019- 25.2
2020- 25.2
2021- 25.4
2022- 26.5
2023- 26.9
The above projections are on the lower side.
Shareholders Hour.
1. Alois Chami- why is there heavy borrowing? Management assured us the heavy borrowing is quite in order and secure.
2.A shareholder asked the management to break down the figures under contingent liability. Ceo said they are not under any regulation to disclose the figures. Shareholders booed him giving the guy morale. He pressed further, and a tensed Oigara had to shed light on contingency liability. Basically it’s all about KRA vs. KCB on excise duty. The amount in contention is around 300mn.
3.On Nys saga they said they have tightened their guidelines and trained staff on KYC, AML/CFT promised no repeat of the same. And of course they were sorry.
4.One shareholder asked why Cs finance is paid sitting allowance yet he is representing the government hence a public servant. Does that not amount to double payment? Management said they are just following the set regulations however there are some monthly fees which are payable to National treasury.
5.A shareholder sought to know why they didn’t buy chase bank despite being front runners. Management said it was impossible since they were the administrators and buying it would amount to conflict of interest.
6.On imperial bank one shareholder sought to know why they are not buying everything. Management said they looked at the quality of assets and only the branches that they are buying met their criteria.
Crazy Moments.
-A lady told us to give KCB choir some applause because they had sang well. She went ahead and sang a song praising KCB Group.
-Chami told us to open page two of the Annual report and clap for the management because of the phrase “go ahead, take the region to greater heights”
-A mzee who had travelled all the way from Nanyuki told us the best way to define NBK management rot is to look at NBK Nanyuki which is housed in a dilapidated building. Last painted in 1976.
Sundry
Over the weekend I came across Equity bank’s Agm video on youtube, and I noticed familiar faces which I had seen during KCB AGM. BBK held its agm the previous day before KCB’s and I overheard “ala kumbe huko huku pia” not more than once. Actually what happened during BBK AGM was discussed in queues and on our way back. I hear management had difficult time trying to explain Why always Barclays (Nys, fake currency, ATM theft). I concluded there is a clique of Kenyans who are regulars at these AGMs Wazuans should sponsor you to attend all the AGMs and provide us with such summaries! Well done! Which one is next on your agenda? Bring the funding bwana VVS.  Next should be Centum. If you have built castles in the air, your work need not be lost; that is where they should be. Now put the foundations under them.
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Rank: Veteran Joined: 1/25/2012 Posts: 1,624 Location: Langley
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Ericsson wrote:Fyatu wrote:Mastermind wrote:KCB AGM 2019
Logistics.
Transport was provided as indicated in the AGM notice. I arrived at Kencom at around 0700hrs and contrary to my expectation buses were already there ferrying people to Kasarani. I had assumed that I will find one bus and maybe be among the few early birds. We got to Kasarani at around 0730hrs and registration had already began- Earlier than Indicated in the Agm notice. There were two queues- Ladies and gentlemen. The ladies queue was almost two times long. Does that mean they are more active in stock market or men are too busy to attend? We shall revisit that.
Shareholders Goodies
kcb branded polo shirt and a Naivas shopping voucher worth ksh 1000/=. Some people just registered and disappeared after being given the goodies.
Key Highlights
-Kenya remains the largest contributor to Groups profit after tax. In Fy2018 contribution stood at 93%.
-Continuous investment in fintech is the only way to stay ahead. Management will continue to invest in Fintech.
-International businesses collectively grew by 64% and together with KCB Insurance Agency and KCB capital are targeted to contribute at least 20% of the Group’s profit by 2020.
-Ethiopia isn’t an easy market but a delegation from KCB has held talks with the Ethiopian prime minister. Something is on the offing.
-The finance director was in Casablanca and met officials from Moroccan Lender- Banque Centrale Populaire (BCP). A possibility of partnership was discussed.
National Bank
-NBK non-performing loans are recoverable. To quote Oigara “the names (read defaulters) are not difficult to deal with”
-The problem with NBK has nothing to do with staff, it’s a management problem. And they don’t intend to keep the management.
-KCB is buying NBK at a 30% discount. Valuation was well done, a company (I forgot the name) was hired to do valuation and reported directly to the ceo.
EPS Projections post NBK Acquisition
YEAR EPS
2019- 7.58
2020- 8.37
2021- 10.16
2022- 11.32
Return on Equity Post NBK Acquisition
YEAR ROE (%)
2018- 23.0
2019- 25.2
2020- 25.2
2021- 25.4
2022- 26.5
2023- 26.9
The above projections are on the lower side.
Shareholders Hour.
1. Alois Chami- why is there heavy borrowing? Management assured us the heavy borrowing is quite in order and secure.
2.A shareholder asked the management to break down the figures under contingent liability. Ceo said they are not under any regulation to disclose the figures. Shareholders booed him giving the guy morale. He pressed further, and a tensed Oigara had to shed light on contingency liability. Basically it’s all about KRA vs. KCB on excise duty. The amount in contention is around 300mn.
3.On Nys saga they said they have tightened their guidelines and trained staff on KYC, AML/CFT promised no repeat of the same. And of course they were sorry.
4.One shareholder asked why Cs finance is paid sitting allowance yet he is representing the government hence a public servant. Does that not amount to double payment? Management said they are just following the set regulations however there are some monthly fees which are payable to National treasury.
5.A shareholder sought to know why they didn’t buy chase bank despite being front runners. Management said it was impossible since they were the administrators and buying it would amount to conflict of interest.
6.On imperial bank one shareholder sought to know why they are not buying everything. Management said they looked at the quality of assets and only the branches that they are buying met their criteria.
Crazy Moments.
-A lady told us to give KCB choir some applause because they had sang well. She went ahead and sang a song praising KCB Group.
-Chami told us to open page two of the Annual report and clap for the management because of the phrase “go ahead, take the region to greater heights”
-A mzee who had travelled all the way from Nanyuki told us the best way to define NBK management rot is to look at NBK Nanyuki which is housed in a dilapidated building. Last painted in 1976.
Sundry
Over the weekend I came across Equity bank’s Agm video on youtube, and I noticed familiar faces which I had seen during KCB AGM. BBK held its agm the previous day before KCB’s and I overheard “ala kumbe huko huku pia” not more than once. Actually what happened during BBK AGM was discussed in queues and on our way back. I hear management had difficult time trying to explain Why always Barclays (Nys, fake currency, ATM theft). I concluded there is a clique of Kenyans who are regulars at these AGMs.
Nice one. Most guys that attend these AGM's are pensioners with (share)lots of anything from 100 to 100000 shares. Most of these retired senior citizens hold stakes in almost all listed companies.My parents belong to this group. They love the goodies provided and will frown at management for serving them juice and cake instead of providing both the juice and mandazi together with umbrellas, caps, travelling bags etc. The AGM's can get quite comic. I love mzee Chami. He always sit on first row and will certainly be the first one to break the ice(tension) between shareholders and management sana sana when the results are bad and there is no dividend.Problem is that these wazees lack financial accounting competencies and sometimes don't ask key questions and thus management always escapes scot free after mediocre results The young people holding them shares and with vast financial accounting are at work in the office or hustling at that time of the AGM. Someone was telling me the wazee asked why they are changing names? What is ABSA? Only for Jeremy to remind them they approved change of name last year. Actually they did so unanimously. If you have built castles in the air, your work need not be lost; that is where they should be. Now put the foundations under them.
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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Mastermind wrote:KCB AGM 2019
Logistics.
Transport was provided as indicated in the AGM notice. I arrived at Kencom at around 0700hrs and contrary to my expectation buses were already there ferrying people to Kasarani. I had assumed that I will find one bus and maybe be among the few early birds. We got to Kasarani at around 0730hrs and registration had already began- Earlier than Indicated in the Agm notice. There were two queues- Ladies and gentlemen. The ladies queue was almost two times long. Does that mean they are more active in stock market or men are too busy to attend? We shall revisit that.
Shareholders Goodies
kcb branded polo shirt and a Naivas shopping voucher worth ksh 1000/=. Some people just registered and disappeared after being given the goodies.
Key Highlights
-Kenya remains the largest contributor to Groups profit after tax. In Fy2018 contribution stood at 93%.
-Continuous investment in fintech is the only way to stay ahead. Management will continue to invest in Fintech.
-International businesses collectively grew by 64% and together with KCB Insurance Agency and KCB capital are targeted to contribute at least 20% of the Group’s profit by 2020.
-Ethiopia isn’t an easy market but a delegation from KCB has held talks with the Ethiopian prime minister. Something is on the offing.
-The finance director was in Casablanca and met officials from Moroccan Lender- Banque Centrale Populaire (BCP). A possibility of partnership was discussed.
National Bank
-NBK non-performing loans are recoverable. To quote Oigara “the names (read defaulters) are not difficult to deal with”
-The problem with NBK has nothing to do with staff, it’s a management problem. And they don’t intend to keep the management.
-KCB is buying NBK at a 30% discount. Valuation was well done, a company (I forgot the name) was hired to do valuation and reported directly to the ceo.
EPS Projections post NBK Acquisition
YEAR EPS
2019- 7.58
2020- 8.37
2021- 10.16
2022- 11.32
Return on Equity Post NBK Acquisition
YEAR ROE (%)
2018- 23.0
2019- 25.2
2020- 25.2
2021- 25.4
2022- 26.5
2023- 26.9
The above projections are on the lower side.
Shareholders Hour.
1. Alois Chami- why is there heavy borrowing? Management assured us the heavy borrowing is quite in order and secure.
2.A shareholder asked the management to break down the figures under contingent liability. Ceo said they are not under any regulation to disclose the figures. Shareholders booed him giving the guy morale. He pressed further, and a tensed Oigara had to shed light on contingency liability. Basically it’s all about KRA vs. KCB on excise duty. The amount in contention is around 300mn.
3.On Nys saga they said they have tightened their guidelines and trained staff on KYC, AML/CFT promised no repeat of the same. And of course they were sorry.
4.One shareholder asked why Cs finance is paid sitting allowance yet he is representing the government hence a public servant. Does that not amount to double payment? Management said they are just following the set regulations however there are some monthly fees which are payable to National treasury.
5.A shareholder sought to know why they didn’t buy chase bank despite being front runners. Management said it was impossible since they were the administrators and buying it would amount to conflict of interest.
6.On imperial bank one shareholder sought to know why they are not buying everything. Management said they looked at the quality of assets and only the branches that they are buying met their criteria.
Crazy Moments.
-A lady told us to give KCB choir some applause because they had sang well. She went ahead and sang a song praising KCB Group.
-Chami told us to open page two of the Annual report and clap for the management because of the phrase “go ahead, take the region to greater heights”
-A mzee who had travelled all the way from Nanyuki told us the best way to define NBK management rot is to look at NBK Nanyuki which is housed in a dilapidated building. Last painted in 1976.
Sundry
Over the weekend I came across Equity bank’s Agm video on youtube, and I noticed familiar faces which I had seen during KCB AGM. BBK held its agm the previous day before KCB’s and I overheard “ala kumbe huko huku pia” not more than once. Actually what happened during BBK AGM was discussed in queues and on our way back. I hear management had difficult time trying to explain Why always Barclays (Nys, fake currency, ATM theft). I concluded there is a clique of Kenyans who are regulars at these AGMs.
Good report. Continue with the good work. Life is short. Live passionately.
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Rank: Chief Joined: 1/3/2007 Posts: 18,103 Location: Nairobi
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Mastermind wrote:VituVingiSana wrote:Mastermind wrote:KCB AGM 2019
Logistics.
Transport was provided as indicated in the AGM notice. I arrived at Kencom at around 0700hrs and contrary to my expectation buses were already there ferrying people to Kasarani. I had assumed that I will find one bus and maybe be among the few early birds. We got to Kasarani at around 0730hrs and registration had already began- Earlier than Indicated in the Agm notice. There were two queues- Ladies and gentlemen. The ladies queue was almost two times long. Does that mean they are more active in stock market or men are too busy to attend? We shall revisit that.
Shareholders Goodies
kcb branded polo shirt and a Naivas shopping voucher worth ksh 1000/=. Some people just registered and disappeared after being given the goodies.
Key Highlights
-Kenya remains the largest contributor to Groups profit after tax. In Fy2018 contribution stood at 93%.
-Continuous investment in fintech is the only way to stay ahead. Management will continue to invest in Fintech.
-International businesses collectively grew by 64% and together with KCB Insurance Agency and KCB capital are targeted to contribute at least 20% of the Group’s profit by 2020.
-Ethiopia isn’t an easy market but a delegation from KCB has held talks with the Ethiopian prime minister. Something is on the offing.
-The finance director was in Casablanca and met officials from Moroccan Lender- Banque Centrale Populaire (BCP). A possibility of partnership was discussed.
National Bank
-NBK non-performing loans are recoverable. To quote Oigara “the names (read defaulters) are not difficult to deal with”
-The problem with NBK has nothing to do with staff, it’s a management problem. And they don’t intend to keep the management.
-KCB is buying NBK at a 30% discount. Valuation was well done, a company (I forgot the name) was hired to do valuation and reported directly to the ceo.
EPS Projections post NBK Acquisition
YEAR EPS
2019- 7.58
2020- 8.37
2021- 10.16
2022- 11.32
Return on Equity Post NBK Acquisition
YEAR ROE (%)
2018- 23.0
2019- 25.2
2020- 25.2
2021- 25.4
2022- 26.5
2023- 26.9
The above projections are on the lower side.
Shareholders Hour.
1. Alois Chami- why is there heavy borrowing? Management assured us the heavy borrowing is quite in order and secure.
2.A shareholder asked the management to break down the figures under contingent liability. Ceo said they are not under any regulation to disclose the figures. Shareholders booed him giving the guy morale. He pressed further, and a tensed Oigara had to shed light on contingency liability. Basically it’s all about KRA vs. KCB on excise duty. The amount in contention is around 300mn.
3.On Nys saga they said they have tightened their guidelines and trained staff on KYC, AML/CFT promised no repeat of the same. And of course they were sorry.
4.One shareholder asked why Cs finance is paid sitting allowance yet he is representing the government hence a public servant. Does that not amount to double payment? Management said they are just following the set regulations however there are some monthly fees which are payable to National treasury.
5.A shareholder sought to know why they didn’t buy chase bank despite being front runners. Management said it was impossible since they were the administrators and buying it would amount to conflict of interest.
6.On imperial bank one shareholder sought to know why they are not buying everything. Management said they looked at the quality of assets and only the branches that they are buying met their criteria.
Crazy Moments.
-A lady told us to give KCB choir some applause because they had sang well. She went ahead and sang a song praising KCB Group.
-Chami told us to open page two of the Annual report and clap for the management because of the phrase “go ahead, take the region to greater heights”
-A mzee who had travelled all the way from Nanyuki told us the best way to define NBK management rot is to look at NBK Nanyuki which is housed in a dilapidated building. Last painted in 1976.
Sundry
Over the weekend I came across Equity bank’s Agm video on youtube, and I noticed familiar faces which I had seen during KCB AGM. BBK held its agm the previous day before KCB’s and I overheard “ala kumbe huko huku pia” not more than once. Actually what happened during BBK AGM was discussed in queues and on our way back. I hear management had difficult time trying to explain Why always Barclays (Nys, fake currency, ATM theft). I concluded there is a clique of Kenyans who are regulars at these AGMs Wazuans should sponsor you to attend all the AGMs and provide us with such summaries! Well done! Which one is next on your agenda? Bring the funding bwana VVS. Next should be Centum. I wish there was a way to anonymously do this. I had such a tough time with @Sparkly and that window has now closed too. If you have an idea, please share. In the meantime we wait for your reports! Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Veteran Joined: 1/25/2012 Posts: 1,624 Location: Langley
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VituVingiSana wrote:Mastermind wrote:VituVingiSana wrote:Mastermind wrote:KCB AGM 2019
Logistics.
Transport was provided as indicated in the AGM notice. I arrived at Kencom at around 0700hrs and contrary to my expectation buses were already there ferrying people to Kasarani. I had assumed that I will find one bus and maybe be among the few early birds. We got to Kasarani at around 0730hrs and registration had already began- Earlier than Indicated in the Agm notice. There were two queues- Ladies and gentlemen. The ladies queue was almost two times long. Does that mean they are more active in stock market or men are too busy to attend? We shall revisit that.
Shareholders Goodies
kcb branded polo shirt and a Naivas shopping voucher worth ksh 1000/=. Some people just registered and disappeared after being given the goodies.
Key Highlights
-Kenya remains the largest contributor to Groups profit after tax. In Fy2018 contribution stood at 93%.
-Continuous investment in fintech is the only way to stay ahead. Management will continue to invest in Fintech.
-International businesses collectively grew by 64% and together with KCB Insurance Agency and KCB capital are targeted to contribute at least 20% of the Group’s profit by 2020.
-Ethiopia isn’t an easy market but a delegation from KCB has held talks with the Ethiopian prime minister. Something is on the offing.
-The finance director was in Casablanca and met officials from Moroccan Lender- Banque Centrale Populaire (BCP). A possibility of partnership was discussed.
National Bank
-NBK non-performing loans are recoverable. To quote Oigara “the names (read defaulters) are not difficult to deal with”
-The problem with NBK has nothing to do with staff, it’s a management problem. And they don’t intend to keep the management.
-KCB is buying NBK at a 30% discount. Valuation was well done, a company (I forgot the name) was hired to do valuation and reported directly to the ceo.
EPS Projections post NBK Acquisition
YEAR EPS
2019- 7.58
2020- 8.37
2021- 10.16
2022- 11.32
Return on Equity Post NBK Acquisition
YEAR ROE (%)
2018- 23.0
2019- 25.2
2020- 25.2
2021- 25.4
2022- 26.5
2023- 26.9
The above projections are on the lower side.
Shareholders Hour.
1. Alois Chami- why is there heavy borrowing? Management assured us the heavy borrowing is quite in order and secure.
2.A shareholder asked the management to break down the figures under contingent liability. Ceo said they are not under any regulation to disclose the figures. Shareholders booed him giving the guy morale. He pressed further, and a tensed Oigara had to shed light on contingency liability. Basically it’s all about KRA vs. KCB on excise duty. The amount in contention is around 300mn.
3.On Nys saga they said they have tightened their guidelines and trained staff on KYC, AML/CFT promised no repeat of the same. And of course they were sorry.
4.One shareholder asked why Cs finance is paid sitting allowance yet he is representing the government hence a public servant. Does that not amount to double payment? Management said they are just following the set regulations however there are some monthly fees which are payable to National treasury.
5.A shareholder sought to know why they didn’t buy chase bank despite being front runners. Management said it was impossible since they were the administrators and buying it would amount to conflict of interest.
6.On imperial bank one shareholder sought to know why they are not buying everything. Management said they looked at the quality of assets and only the branches that they are buying met their criteria.
Crazy Moments.
-A lady told us to give KCB choir some applause because they had sang well. She went ahead and sang a song praising KCB Group.
-Chami told us to open page two of the Annual report and clap for the management because of the phrase “go ahead, take the region to greater heights”
-A mzee who had travelled all the way from Nanyuki told us the best way to define NBK management rot is to look at NBK Nanyuki which is housed in a dilapidated building. Last painted in 1976.
Sundry
Over the weekend I came across Equity bank’s Agm video on youtube, and I noticed familiar faces which I had seen during KCB AGM. BBK held its agm the previous day before KCB’s and I overheard “ala kumbe huko huku pia” not more than once. Actually what happened during BBK AGM was discussed in queues and on our way back. I hear management had difficult time trying to explain Why always Barclays (Nys, fake currency, ATM theft). I concluded there is a clique of Kenyans who are regulars at these AGMs Wazuans should sponsor you to attend all the AGMs and provide us with such summaries! Well done! Which one is next on your agenda? Bring the funding bwana VVS. Next should be Centum. I wish there was a way to anonymously do this. I had such a tough time with @Sparkly and that window has now closed too. If you have an idea, please share. In the meantime we wait for your reports! Let it stay as unclaimed asset for sometime. Hope it wont expire. If you have built castles in the air, your work need not be lost; that is where they should be. Now put the foundations under them.
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Rank: Veteran Joined: 1/25/2012 Posts: 1,624 Location: Langley
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KQ AGM Looks like it was a thriller. If you have built castles in the air, your work need not be lost; that is where they should be. Now put the foundations under them.
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Rank: Chief Joined: 1/3/2007 Posts: 18,103 Location: Nairobi
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Mastermind wrote:KQ AGM Looks like it was a thriller. https://www.youtube.com/watch?v=sOnqjkJTMaA kama zombie! Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 12/7/2012 Posts: 11,908
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Where is @Obiero to bring the report. In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: Member Joined: 6/15/2013 Posts: 301
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Angelica _ann wrote:Where is @Obiero to bring the report. FYI...Centum's release of FY2018 is tomorrow 12thJune from 7am.
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Rank: Elder Joined: 6/23/2009 Posts: 13,517 Location: nairobi
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Mastermind wrote:KQ AGM Looks like it was a thriller. Extra dramatic. What looks certain is that MJ is held hostage by GoK. He probably didn't want another term but his exit would send the share for GoK, KQLC, KQ ESOP, KLM and minority shareholders to sub zero value.. Majority of the current shareholders have faith in his managerial/strategic abilities. His long term personal banker and friend Ngumi, who is also Les Bailley personal banker is a welcome additional to the stellar board. Ngumi is the man who arranged the initial USD 4m syndicate loan for Safaricom when it had about 30,000 subscribers. The rest is history
HF 90,000 ABP 3.83; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: New-farer Joined: 1/15/2019 Posts: 31
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Ok, I have heard a lot of crazy stuff, but this one mentioned here are the most craziest one. I dont know what would be my reaction of something like that happened to me. Definitely, KCB is not my pick in any sense
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Rank: Veteran Joined: 1/25/2012 Posts: 1,624 Location: Langley
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CENTUM AGM 2019 Shareholders GoodiesA Carrefour gift card worth ksh 2000/=, pen and a coca cola drink of your choice. Just like other Agms register, get goodies and disappear was witnessed here. Key Highlights2019 marks the end of Centum 3.0. During this period; Assets grew from 28.8 billion to 71.6 billion representing a CAGR of 20%, Nav grew from 34.50 to 79 (the market says otherwise). The CEO said they will consider buyback program. I think it was passed during 2016 AGM. There was one off expense(no figures provided on the same)- BCG (Boston Consulting Group) was engaged to review Centum 3.0 and help in formulation of Centum 4.0 The agreement with Carlsberg was to distribute their beverages in Kenya then after sometime build a factory which will be brewing the beverages locally. Unfortunately they couldn’t build the factory due to the low volume sales in Kenya. Hence the decision to sell at a loss. Proceeds from sale of Almasi Beverages Limited will be used to pay off debts and create war chest for new investments. Centum 4.0 Centum 4.0 is predicated on five strategic pillars, namely: 1. Return and dividend payout- Generate a minimum return on equity of 20%; Optimise dividend pay-out to the higher of 30% of the cash annuity income (excluding capital gains) and the previous year’s dividend pay-out. 2. Capital structure and liquidity- Double the book-value of shareholders’ funds to over KES 100 Billion by FY2024. Debt level will depend on project involved. 3.Operating costs. 4. Organisational effectiveness. 5. Portfolio focus- The company will focus on three core business units; i) Real Estate portfolio (Target asset allocation: 45-55%) ii) Private Equity portfolio (Target asset allocation: 30-40%) iii) Marketable Securities portfolio (Target asset allocation: 10-20%) No more capital deployment to Development portfolio which has a gross return of -1% (worst performer compared to other asset classes) over the centum 3.0 period but operations will continue. Shareholders Hour.1. A shareholder asked whether we will ever visit Vipingo or even Entebee. The CEO said “kuna vumbi mingi” but they will let us know. 2. Chami, Jepkorir and Irungu were all present and in their own element. 3. A shareholder sought clarification on why Longhorn publishers annual report talks of borrowing at 14% p.a and Centum Plc annual report talks of 17% p.a, also why is there is difference in reporting of Longhorn’s Debt at the parent company level. The CEO directed the CFO to answer the question who said the difference in debt reporting is because each company has different financial year ending. **The question on interest rate was ignored
If you have built castles in the air, your work need not be lost; that is where they should be. Now put the foundations under them.
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Rank: Member Joined: 5/2/2018 Posts: 267
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Mastermind wrote:CENTUM AGM 2019
Shareholders Goodies
A Carrefour gift card worth ksh 2000/=, pen and a coca cola drink of your choice. Just like other Agms register, get goodies and disappear was witnessed here.
Key Highlights
2019 marks the end of Centum 3.0. During this period; Assets grew from 28.8 billion to 71.6 billion representing a CAGR of 20%, Nav grew from 34.50 to 79 (the market says otherwise). The CEO said they will consider buyback program. I think it was passed during 2016 AGM.
There was one off expense(no figures provided on the same)- BCG (Boston Consulting Group) was engaged to review Centum 3.0 and help in formulation of Centum 4.0
The agreement with Carlsberg was to distribute their beverages in Kenya then after sometime build a factory which will be brewing the beverages locally. Unfortunately they couldn’t build the factory due to the low volume sales in Kenya. Hence the decision to sell at a loss.
Proceeds from sale of Almasi Beverages Limited will be used to pay off debts and create war chest for new investments.
Centum 4.0
Centum 4.0 is predicated on five strategic pillars, namely:
1. Return and dividend payout- Generate a minimum return on equity of 20%; Optimise dividend pay-out to the higher of 30% of the cash annuity income (excluding capital gains) and the previous year’s dividend pay-out.
2. Capital structure and liquidity- Double the book-value of shareholders’ funds to over KES 100 Billion by FY2024. Debt level will depend on project involved.
3.Operating costs.
4. Organisational effectiveness.
5. Portfolio focus- The company will focus on three core business units;
i) Real Estate portfolio (Target asset allocation: 45-55%)
ii) Private Equity portfolio (Target asset allocation: 30-40%)
iii) Marketable Securities portfolio (Target asset allocation: 10-20%)
No more capital deployment to Development portfolio which has a gross return of -1% (worst performer compared to other asset classes) over the centum 3.0 period but operations will continue.
Shareholders Hour.
1. A shareholder asked whether we will ever visit Vipingo or even Entebee. The CEO said “kuna vumbi mingi” but they will let us know.
2. Chami, Jepkorir and Irungu were all present and in their own element.
3. A shareholder sought clarification on why Longhorn publishers annual report talks of borrowing at 14% p.a and Centum Plc annual report talks of 17% p.a, also why is there is difference in reporting of Longhorn’s Debt at the parent company level. The CEO directed the CFO to answer the question who said the difference in debt reporting is because each company has different financial year ending.
**The question on interest rate was ignored
Good minutes here @Mastermind! Shareholders in all companies should be as keen.
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Rank: Member Joined: 7/6/2018 Posts: 175 Location: Kinshasa
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Mastermind wrote:CENTUM AGM 2019
Shareholders Goodies
A Carrefour gift card worth ksh 2000/=, pen and a coca cola drink of your choice. Just like other Agms register, get goodies and disappear was witnessed here.
Key Highlights
2019 marks the end of Centum 3.0. During this period; Assets grew from 28.8 billion to 71.6 billion representing a CAGR of 20%, Nav grew from 34.50 to 79 (the market says otherwise). The CEO said they will consider buyback program. I think it was passed during 2016 AGM.
There was one off expense(no figures provided on the same)- BCG (Boston Consulting Group) was engaged to review Centum 3.0 and help in formulation of Centum 4.0
The agreement with Carlsberg was to distribute their beverages in Kenya then after sometime build a factory which will be brewing the beverages locally. Unfortunately they couldn’t build the factory due to the low volume sales in Kenya. Hence the decision to sell at a loss.
Proceeds from sale of Almasi Beverages Limited will be used to pay off debts and create war chest for new investments.
Centum 4.0
Centum 4.0 is predicated on five strategic pillars, namely:
1. Return and dividend payout- Generate a minimum return on equity of 20%; Optimise dividend pay-out to the higher of 30% of the cash annuity income (excluding capital gains) and the previous year’s dividend pay-out.
2. Capital structure and liquidity- Double the book-value of shareholders’ funds to over KES 100 Billion by FY2024. Debt level will depend on project involved.
3.Operating costs.
4. Organisational effectiveness.
5. Portfolio focus- The company will focus on three core business units;
i) Real Estate portfolio (Target asset allocation: 45-55%)
ii) Private Equity portfolio (Target asset allocation: 30-40%)
iii) Marketable Securities portfolio (Target asset allocation: 10-20%)
No more capital deployment to Development portfolio which has a gross return of -1% (worst performer compared to other asset classes) over the centum 3.0 period but operations will continue.
Shareholders Hour.
1. A shareholder asked whether we will ever visit Vipingo or even Entebee. The CEO said “kuna vumbi mingi” but they will let us know.
2. Chami, Jepkorir and Irungu were all present and in their own element.
3. A shareholder sought clarification on why Longhorn publishers annual report talks of borrowing at 14% p.a and Centum Plc annual report talks of 17% p.a, also why is there is difference in reporting of Longhorn’s Debt at the parent company level. The CEO directed the CFO to answer the question who said the difference in debt reporting is because each company has different financial year ending.
**The question on interest rate was ignored
Very precise indeed! Well done Mastermind If it don't make dollars, it don't make sense
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Rank: Chief Joined: 1/3/2007 Posts: 18,103 Location: Nairobi
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Mastermind wrote:CENTUM AGM 2019
Shareholders Goodies
A Carrefour gift card worth ksh 2000/=, pen and a coca cola drink of your choice. Just like other Agms register, get goodies and disappear was witnessed here.
Key Highlights
2019 marks the end of Centum 3.0. During this period; Assets grew from 28.8 billion to 71.6 billion representing a CAGR of 20%, Nav grew from 34.50 to 79 (the market says otherwise). The CEO said they will consider buyback program. I think it was passed during 2016 AGM.
There was one off expense(no figures provided on the same)- BCG (Boston Consulting Group) was engaged to review Centum 3.0 and help in formulation of Centum 4.0
The agreement with Carlsberg was to distribute their beverages in Kenya then after sometime build a factory which will be brewing the beverages locally. Unfortunately they couldn’t build the factory due to the low volume sales in Kenya. Hence the decision to sell at a loss.
Proceeds from sale of Almasi Beverages Limited will be used to pay off debts and create war chest for new investments.
Centum 4.0
Centum 4.0 is predicated on five strategic pillars, namely:
1. Return and dividend payout- Generate a minimum return on equity of 20%; Optimise dividend pay-out to the higher of 30% of the cash annuity income (excluding capital gains) and the previous year’s dividend pay-out.
2. Capital structure and liquidity- Double the book-value of shareholders’ funds to over KES 100 Billion by FY2024. Debt level will depend on project involved.
3.Operating costs.
4. Organisational effectiveness.
5. Portfolio focus- The company will focus on three core business units;
i) Real Estate portfolio (Target asset allocation: 45-55%)
ii) Private Equity portfolio (Target asset allocation: 30-40%)
iii) Marketable Securities portfolio (Target asset allocation: 10-20%)
No more capital deployment to Development portfolio which has a gross return of -1% (worst performer compared to other asset classes) over the centum 3.0 period but operations will continue.
Shareholders Hour.
1. A shareholder asked whether we will ever visit Vipingo or even Entebee. The CEO said “kuna vumbi mingi” but they will let us know.
2. Chami, Jepkorir and Irungu were all present and in their own element.
3. A shareholder sought clarification on why Longhorn publishers annual report talks of borrowing at 14% p.a and Centum Plc annual report talks of 17% p.a, also why is there is difference in reporting of Longhorn’s Debt at the parent company level. The CEO directed the CFO to answer the question who said the difference in debt reporting is because each company has different financial year ending.
**The question on interest rate was ignored
for repping us and reporting Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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I like this thread. Thank you Mastermind for sharing "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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