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EA Portland Cement Company - Going, Going, Gone?
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VituVingiSana
#1 Posted : Wednesday, December 18, 2013 2:00:57 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,343
Location: Nairobi
Very interesting.

http://www.nation.co.ke/busines...4/-/jm0t1ez/-/index.html

GoK [Jubilee] may sell EAPCC to Dangote for a song.
No dividend approved.
GoK wants majority control [directors] of the firm.

In the meantime, ARM is planning a 8,000 ton factory in Kitui. Bamburi is expanding in Uganda. Other competitors are out in force eg Simba, Nyumba, etc [aka National, Mombasa]...
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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murchr
#2 Posted : Wednesday, December 18, 2013 4:25:07 AM
Rank: Elder

Joined: 2/26/2012
Posts: 15,980
Interesting, what is the auditor saying? http://www.businessdailyafrica....1/-/jsxi46z/-/index.html
"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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xxxxx
#3 Posted : Wednesday, December 18, 2013 8:41:22 AM
Rank: Member

Joined: 3/20/2008
Posts: 503
murchr wrote:
Interesting, what is the auditor saying? http://www.businessdailyafrica....1/-/jsxi46z/-/index.html


The auditor already gave a clean bill of health
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  | | Edit by moderator: Wednesday, December 18, 2013 12:53 PM | Reason: url tags
Aguytrying
#4 Posted : Wednesday, December 18, 2013 11:23:22 AM
Rank: Elder

Joined: 7/11/2010
Posts: 5,040
Dear wazuans,

whenever I want to invest in a gava firm I need one of you to talk me down.

thanks
The investor's chief problem - and even his worst enemy - is likely to be himself
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Candlesticks
#5 Posted : Wednesday, December 18, 2013 12:50:06 PM
Rank: New-farer

Joined: 12/16/2013
Posts: 49
Location: Nairobi
This is more than a storm. Where is the Authority??

http://www.nation.co.ke/busines...4/-/jm0t1ez/-/index.html
"'Nowadays people know the price of everything and the value of nothing.' - Oscar Wilde.
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muganda
#6 Posted : Wednesday, December 18, 2013 12:56:07 PM
Rank: Elder

Joined: 9/15/2006
Posts: 3,907
And the fixer Mr. Bill Lay to the rescue. He fixed CMC and its doubtful directors, now EAPC.

On the bright side, may result in another company takeover...
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dunkang
#7 Posted : Wednesday, December 18, 2013 12:58:07 PM
Rank: Elder

Joined: 6/2/2011
Posts: 4,824
Location: -1.2107, 36.8831
Candlesticks wrote:
This is more than a storm. Where is the Authority??

http://www.nation.co.ke/busines...4/-/jm0t1ez/-/index.html

Quote:
The trouble, according to those who attended the meeting, started when the Portland board chairman Mr Mark ole Karbolo opened the meeting by directing that the board will only take three questions from the shareholders, triggering agitation.

Industrialisation PS Dr Wilson Songa and NSSF representative Gideon Chengo then moved to question why the company was paying dividend when the firm’s cash position was Sh450 million in the negative.

“The stocks of the firm have been overstated by Sh2.1 billion, and the Sh3.4 billion in debts owed by the company is close to Sh3.6 billion in current asset which makes the firm literally insolvent,” noted Dr Songa.

In the annual report circulated to shareholders, the cement producer reported Sh1.77 billion as after tax profits for the period to June 2013.

However, Mr Songa maintained that the firm is “in the red” to the tune of Sh500 million, with actual operating profits being Sh340 million and the rest, almost Sh1.2 billion, being “mere adjustments in the books”.
Receive with simplicity everything that happens to you.” ― Rashi

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VituVingiSana
#8 Posted : Wednesday, December 18, 2013 2:11:14 PM
Rank: Chief

Joined: 1/3/2007
Posts: 18,343
Location: Nairobi
Aguytrying wrote:
Dear wazuans,

whenever I want to invest in a gava firm I need one of you to talk me down.

thanks

KPLC [conned folks with a Rights Issue which claimed ERC would give them a Rate Hike. Wapi?]
KenGen: See KPLC
KQ: Well, sort of a mixed bag
NBK: In-fighting between GoK & NSSF
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Aguytrying
#9 Posted : Wednesday, December 18, 2013 9:45:32 PM
Rank: Elder

Joined: 7/11/2010
Posts: 5,040
VituVingiSana wrote:
Aguytrying wrote:
Dear wazuans,

whenever I want to invest in a gava firm I need one of you to talk me down.

thanks

KPLC [conned folks with a Rights Issue which claimed ERC would give them a Rate Hike. Wapi?]
KenGen: See KPLC
KQ: Well, sort of a mixed bag
NBK: In-fighting between GoK & NSSF


I think Gok heavy stocks in general fail one of buffets main requirements of: good management you can trust.
The investor's chief problem - and even his worst enemy - is likely to be himself
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  | | Edit by user: Wednesday, December 18, 2013 9:49 PM | Reason: Not specified
VituVingiSana
#10 Posted : Thursday, December 19, 2013 1:59:33 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,343
Location: Nairobi
And the crap hits the fan

http://www.nation.co.ke/...0/-/b0d7taz/-/index.html
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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