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Receptor
#131 Posted : Friday, January 17, 2020 8:14:11 AM
Rank: Member

Joined: 7/1/2019
Posts: 119
FUNKY wrote:
Angelica _ann wrote:
FUNKY wrote:
Ericsson wrote:
I&M has put General Plastics under administration due to debt owed


How much is the debt?


In Kenya, Administration is basically /generally killing the company.


Not always...look at the case of ARM they managed to revive it


You are joking right? There is also the curious case of Deacons East Africa.
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KulaRaha
#132 Posted : Friday, January 17, 2020 8:46:26 AM
Rank: Elder

Joined: 7/26/2007
Posts: 6,514
Ericsson wrote:
I&M has put General Plastics under administration due to debt owed


As received:

What happened GP sold their company to a private equity based out of South Africa called Phasita.

Phasita overleveraged, changed suppliers and started making drastic changes like cash upfront, no credit.. etc and destroyed relations with existing customers which drove the business to their knees.

The family bought out Phasita at a premium with a bank loan in order to start the revival plans.

Now the company was put in administration when one of the suppliers who is conveniently also a South African company called Protea Chemicals filed a notice of wind up of GP after a failure to settle a $180,000 outstanding.

Protea Chemicals got a court order for wind up and the bank, PV RAO and family put the company in administration to protect it.
Business opportunities are like buses,there's always another one coming
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McGill
#133 Posted : Friday, January 17, 2020 9:02:19 AM
Rank: Member

Joined: 8/1/2019
Posts: 106
KulaRaha wrote:
Ericsson wrote:
I&M has put General Plastics under administration due to debt owed


As received:

What happened GP sold their company to a private equity based out of South Africa called Phasita.

Phasita overleveraged, changed suppliers and started making drastic changes like cash upfront, no credit.. etc and destroyed relations with existing customers which drove the business to their knees.

The family bought out Phasita at a premium with a bank loan in order to start the revival plans.

Now the company was put in administration when one of the suppliers who is conveniently also a South African company called Protea Chemicals filed a notice of wind up of GP after a failure to settle a $180,000 outstanding.

Protea Chemicals got a court order for wind up and the bank, PV RAO and family put the company in administration to protect it.


I hear GP and what comes to mind is worst customer service. Ata simu kushika ni shida and the sales people belittling small buyers. I hope they clear their issues though.
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Swenani
#134 Posted : Friday, January 17, 2020 9:15:40 AM
Rank: User

Joined: 8/15/2013
Posts: 13,237
Location: Vacuum
McGill wrote:
KulaRaha wrote:
Ericsson wrote:
I&M has put General Plastics under administration due to debt owed


As received:

What happened GP sold their company to a private equity based out of South Africa called Phasita.

Phasita overleveraged, changed suppliers and started making drastic changes like cash upfront, no credit.. etc and destroyed relations with existing customers which drove the business to their knees.

The family bought out Phasita at a premium with a bank loan in order to start the revival plans.

Now the company was put in administration when one of the suppliers who is conveniently also a South African company called Protea Chemicals filed a notice of wind up of GP after a failure to settle a $180,000 outstanding.

Protea Chemicals got a court order for wind up and the bank, PV RAO and family put the company in administration to protect it.


I hear GP and what comes to mind is worst customer service. Ata simu kushika ni shida and the sales people belittling small buyers. I hope they clear their issues though.


Belitting small buyers yet they can't clear a loan of $180,000
If Obiero did it, Who Am I?
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VituVingiSana
#135 Posted : Friday, January 17, 2020 10:37:49 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,344
Location: Nairobi
FUNKY wrote:
Angelica _ann wrote:
FUNKY wrote:
Ericsson wrote:
I&M has put General Plastics under administration due to debt owed


How much is the debt?


In Kenya, Administration is basically /generally killing the company.


Not always...look at the case of ARM they managed to revive it
d'oh! Shame on you Liar Laughing out loudly Not in the least. It was chopped and sold/auctioned.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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VituVingiSana
#136 Posted : Friday, January 17, 2020 10:39:50 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,344
Location: Nairobi
Swenani wrote:
McGill wrote:
KulaRaha wrote:
Ericsson wrote:
I&M has put General Plastics under administration due to debt owed


As received:

What happened GP sold their company to a private equity based out of South Africa called Phasita.

Phasita overleveraged, changed suppliers and started making drastic changes like cash upfront, no credit.. etc and destroyed relations with existing customers which drove the business to their knees.

The family bought out Phasita at a premium with a bank loan in order to start the revival plans.

Now the company was put in administration when one of the suppliers who is conveniently also a South African company called Protea Chemicals filed a notice of wind up of GP after a failure to settle a $180,000 outstanding.

Protea Chemicals got a court order for wind up and the bank, PV RAO and family put the company in administration to protect it.


I hear GP and what comes to mind is worst customer service. Ata simu kushika ni shida and the sales people belittling small buyers. I hope they clear their issues though.


Belitting small buyers yet they can't clear a loan of $180,000
One wonders if the amount owed is even legit given it seems it was Phasita who incurred it. Crazy that this can happen for $180,000!
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Ericsson
#137 Posted : Friday, May 29, 2020 7:18:39 AM
Rank: Elder

Joined: 12/4/2009
Posts: 10,804
Location: NAIROBI
2020 Q1 Profit has fallen by more than 30%
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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VituVingiSana
#138 Posted : Friday, May 29, 2020 9:07:02 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,344
Location: Nairobi
Ericsson wrote:
2020 Q1 Profit has fallen by more than 30%

JV (Mauritius) went from a decent profit to a large loss.

I wonder if the Central Bank of Mauritius is more stringent on provisions vs CBK.

Banks should provision for potential losses ASAP.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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sparkly
#139 Posted : Thursday, June 25, 2020 9:21:00 AM
Rank: Elder

Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
Dear Shareholder, A kind reminder to register for the online AGM for I&M Holdings Plc scheduled on Friday 26Jun20, 10am. Please register early by logging on to https://www.escrowagm.com/CDSCR/ or dialling *483*560#. For online registration kindly use Chrome browser. Reports are available on the Company website and you can email your questions to invest@imbank.co.ke. For further assistance contact CDSC Registrars on 0710888000 between 8am to 5pm. STOP*456*9*5#
Life is short. Live passionately.
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VituVingiSana
#140 Posted : Thursday, June 25, 2020 9:36:27 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,344
Location: Nairobi
sparkly wrote:
Dear Shareholder, A kind reminder to register for the online AGM for I&M Holdings Plc scheduled on Friday 26Jun20, 10am. Please register early by logging on to https://www.escrowagm.com/CDSCR/ or dialling *483*560#. For online registration kindly use Chrome browser. Reports are available on the Company website and you can email your questions to invest@imbank.co.ke. For further assistance contact CDSC Registrars on 0710888000 between 8am to 5pm. STOP*456*9*5#

Just the chrome browser? These guys need to move with the world.
Edge. Safari. Firefox. Tor.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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