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Mhasibu Properties Ltd
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Gathige
#1 Posted : Tuesday, July 16, 2013 11:42:05 AM
Rank: Elder

Joined: 3/29/2011
Posts: 2,242
Anyone with details on the purpose ( Office Use, Redevelopment etc) of the investment in the link below? http://mhasibusacco.com/...roperty-at-kirichwa-road The property was quite pricey ( Asking Price 120 M) and they may have good plans for the cash. http://www.ryden.co.ke/p...evelopment-plot/152.html
"Things that matter most must never be at the mercy of things that matter least." Goethe
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Gathige
#2 Posted : Friday, July 19, 2013 9:56:17 AM
Rank: Elder

Joined: 3/29/2011
Posts: 2,242
Any Mhasibu Member in the house with info?
"Things that matter most must never be at the mercy of things that matter least." Goethe
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luxel
#3 Posted : Friday, July 19, 2013 4:46:11 PM
Rank: Member

Joined: 7/17/2008
Posts: 152
They want to demolish the existing structures and put up a high rise commercial building which shall also be the headquarters for Mhasibu group. They will also be asking members to contribute and buy shares in the company or floors in the building. There shall be a special general meeting on 27th July 2013 to discuss the same in details and amend the by-laws to accommodate the new venture.
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Gathige
#4 Posted : Friday, July 19, 2013 8:35:58 PM
Rank: Elder

Joined: 3/29/2011
Posts: 2,242
luxel wrote:
They want to demolish the existing structures and put up a high rise commercial building which shall also be the headquarters for Mhasibu group. They will also be asking members to contribute and buy shares in the company or floors in the building. There shall be a special general meeting on 27th July 2013 to discuss the same in details and amend the by-laws to accommodate the new venture.
@luxel, thanks for the info. Great move by the Sacco.
"Things that matter most must never be at the mercy of things that matter least." Goethe
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webish
#5 Posted : Monday, July 22, 2013 9:22:54 AM
Rank: Member

Joined: 10/19/2009
Posts: 671
Location: Nairobi
and it was sold already? that page on Mhasibu website can load anymore.
Life is joy, death is peace, but the transition is very difficult.
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Gathige
#6 Posted : Tuesday, September 25, 2018 12:15:39 PM
Rank: Elder

Joined: 3/29/2011
Posts: 2,242
webish wrote:
and it was sold already? that page on Mhasibu website can load anymore.
Any member with info on how this project went? There are no details in their website
"Things that matter most must never be at the mercy of things that matter least." Goethe
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MugundaMan
#7 Posted : Tuesday, September 25, 2018 12:48:38 PM
Rank: Elder

Joined: 1/8/2018
Posts: 2,212
Location: DC (Dustbowl County)
After the initial blitz: https://www.businessdail...334020-qo082d/index.html Seems like the project died a natural death and nothing ever became of it. Whenever a website goes dead or the project disappears from therein you know things are elephant as far as the project is concerned.
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  | | Edit by user: Tuesday, September 25, 2018 12:49 PM | Reason: Not specified
Gathige
#8 Posted : Tuesday, September 25, 2018 5:17:20 PM
Rank: Elder

Joined: 3/29/2011
Posts: 2,242
MugundaMan wrote:
After the initial blitz: https://www.businessdail...334020-qo082d/index.html Seems like the project died a natural death and nothing ever became of it. Whenever a website goes dead or the project disappears from therein you know things are elephant as far as the project is concerned.
True. I just learnt there will be a special AGM this coming Saturday to deliberate on the project. Looks like it backfired big time and exposed the company to litigation and likely to be huge losses.
"Things that matter most must never be at the mercy of things that matter least." Goethe
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Thiong'o
#9 Posted : Wednesday, September 26, 2018 2:25:18 PM
Rank: Member

Joined: 10/14/2011
Posts: 661
Gathige wrote:
MugundaMan wrote:
After the initial blitz: https://www.businessdail...334020-qo082d/index.html Seems like the project died a natural death and nothing ever became of it. Whenever a website goes dead or the project disappears from therein you know things are elephant as far as the project is concerned.
True. I just learnt there will be a special AGM this coming Saturday to deliberate on the project. Looks like it backfired big time and exposed the company to litigation and likely to be huge losses.
The project backfired and there is 5.8M income expectation from MPL which is uncertain (see Page 21 of audited accounts) https://drive.google.com...zk7L7T0nO8EGcT7FS0L/view A forensic audit was ordered to look into this matter during the last AGM, http://mhasibusacco.com/...-of-forensic-auditor-tor -they present there findings and way forward on Saturday
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Gathige
#10 Posted : Wednesday, September 26, 2018 5:04:48 PM
Rank: Elder

Joined: 3/29/2011
Posts: 2,242
Thiong'o wrote:
Gathige wrote:
MugundaMan wrote:
After the initial blitz: https://www.businessdail...334020-qo082d/index.html Seems like the project died a natural death and nothing ever became of it. Whenever a website goes dead or the project disappears from therein you know things are elephant as far as the project is concerned.
True. I just learnt there will be a special AGM this coming Saturday to deliberate on the project. Looks like it backfired big time and exposed the company to litigation and likely to be huge losses.
The project backfired and there is 5.8M income expectation from MPL which is uncertain (see Page 21 of audited accounts) https://drive.google.com...zk7L7T0nO8EGcT7FS0L/view A forensic audit was ordered to look into this matter during the last AGM, http://mhasibusacco.com/...-of-forensic-auditor-tor -they present there findings and way forward on Saturday
@Thiongo, thanks for the insight. Just in case you will attend the SGM, update on the deliberations re the project. Thought it was a good idea given the location and its strange it backfired, maybe the directors got crooked
"Things that matter most must never be at the mercy of things that matter least." Goethe
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