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Could Safaricom issue a profit warning?
Rank: Elder Joined: 12/4/2009 Posts: 10,778 Location: NAIROBI
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Safaricom had a no frills AGM in their first AGM and this was contrary to the Companies Act which stated that in an AGM a company should provide lunch to the shareholders. Were they fined/prosecuted NO. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 9/12/2006 Posts: 1,554
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Ericsson wrote:Safaricom had a no frills AGM in their first AGM and this was contrary to the Companies Act which stated that in an AGM a company should provide lunch to the shareholders.
Were they fined/prosecuted NO. Really?? The companies Act has such a clause?
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Rank: Elder Joined: 12/4/2009 Posts: 10,778 Location: NAIROBI
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Yes that is why listed comapnies were complaining that the ACT needs to be ammended since it was very expensive for them to hold AGMs. talk about providing lunch/meal to shareholders,sending to all shareholders a booklet of the Annual report even for shareholders who have 100 Eveready shares,sending a dividnd cheques even for values as low as ksh.20 Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 9/12/2006 Posts: 1,554
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Ericsson wrote:Yes that is why listed comapnies were complaining that the ACT needs to be ammended since it was very expensive for them to hold AGMs.
talk about providing lunch/meal to shareholders,sending to all shareholders a booklet of the Annual report even for shareholders who have 100 Eveready shares,sending a dividnd cheques even for values as low as ksh.20 I doubt it talks specifically about lunch, yes the holding of meetings and printing of reports has been and issue and this is covered in the ACT, but i doubt lunch is.
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Rank: Elder Joined: 12/4/2009 Posts: 10,778 Location: NAIROBI
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Basically the Company is expected to feed the shaeholders Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 9/12/2006 Posts: 1,554
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Ericsson wrote:Basically the Company is expected to feed the shaeholders Wacha porojo wewe! its no where in the act for companies to feed its shareholders, its just that companies made it on thier own to add food after meetings to appease its shareholders and some go as far as giving umbrellas, calenders T-shirts etc, these are not in the act. it could be PR or marketing or something else but not in the act. Thats the reason safcom decided not to have these but comply with the act for the annual general meeting as is stipulated.
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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Ericsson wrote:Safaricom had a no frills AGM in their first AGM and this was contrary to the Companies Act which stated that in an AGM a company should provide lunch to the shareholders.
Were they fined/prosecuted NO. weee dont be a blonde, in this section blondness is not tolerated. Life is short. Live passionately.
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Rank: Elder Joined: 5/27/2008 Posts: 3,760
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@sparkly, wacha fitina. According to the Companies Act cap 485 (shareholder Chami's version), the host must provide lunch, tshirt, bag, newspapers (for NMG), a night for 2 (for TPSEA), one year comprehensive car insurance (for Jubilee), one sock airtime (for safaricom) etc etc
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Rank: Chief Joined: 1/3/2007 Posts: 18,215 Location: Nairobi
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http://www.businessdaily.../-/1opm5pz/-/index.html
So SafCon spends way more (3x) than Airtel on ads & marketing... Seems at least Airtel 'spends' cash on its customers [lower calling charges] instead of the constant & tiring 'Niko na...' campaign!!! Safaricom increased its advertising spend by 73 per cent to Sh5.7 billion last year as the ongoing price war pushed it to invest more in brand visibility.
Data from Synovate shows that Safaricom’s top rival, Airtel, also grew its marketing spend from Sh1 billion to Sh1.9 billion in 2010Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 9/12/2006 Posts: 1,554
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VituVingiSana wrote:http://www.businessdailyafrica.com/Corporate%20News/Mobile%20firms%20rivalry%20boosts%20spending%20on%20publicity/-/539550/1103344/-/1opm5pz/-/index.html
So SafCon spends way more (3x) than Airtel on ads & marketing... Seems at least Airtel 'spends' cash on its customers [lower calling charges] instead of the constant & tiring 'Niko na...' campaign!!!
Safaricom increased its advertising spend by 73 per cent to Sh5.7 billion last year as the ongoing price war pushed it to invest more in brand visibility.
Data from Synovate shows that Safaricom’s top rival, Airtel, also grew its marketing spend from Sh1 billion to Sh1.9 billion in 2010 And we gain as Scanad shareholders 
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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Hmmmm... http://www.nation.co.ke/...06/1103698/-/dxft2dz/-/
Still digesting the contents... $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Member Joined: 12/15/2006 Posts: 10
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google "Airtel 1time Shopping Card"
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Rank: Member Joined: 1/30/2011 Posts: 207
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@ Mshamba, Safcom is trying to match Airtel's 1time Shopping Card with the recently launched safari prepay card launched in conjunction with i&M Bank. I believe Airtel product will be much better than Safcom's.
I won't be shocked to hear Safcom stole the idea. Or if lucky, Safcon simply got wind of the product's creation and Safcom decided to air their similar product more or less the same time Airtel aired. Those scenarios have taken place a couple of times.
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Rank: Elder Joined: 10/13/2009 Posts: 1,950 Location: in kenya
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Wororo wrote:@ Mshamba, Safcom is trying to match Airtel's 1time Shopping Card with the recently launched safari prepay card launched in conjunction with i&M Bank. I believe Airtel product will be much better than Safcom's.
I won't be shocked to hear Safcom stole the idea. Or if lucky, Safcon simply got wind of the product's creation and Safcom decided to air their similar product more or less the same time Airtel aired. Those scenarios have taken place a couple of times. Does it really matter if safaricom has copied the concept....what matters is if the customers needs are satisfied..they are in business to make money Not massaging egos as to who came with the idea first. As a customer you look for a product that satisfies your need looking at M-pesa, celtel came with the idea first but how well did they execute it? The same thing with what safaricom has done on the visa idea if it works for me interms of purchasing items online why would I be bothered with what Airtel will offer in future. '......to the acknowledgment of the mystery of God, and of the Father, and of Christ; 3 In whom are hid all the treasures of wisdom and knowledge.' Colossians 2:2-3
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Rank: Chief Joined: 1/3/2007 Posts: 18,215 Location: Nairobi
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The I&M card [with M-Pesa] has a distinct advantage over Airtel. It is a PHYSICAL card that can be carried & used wherever there is a VISA ATM... Note the I&M Card can be used online [just as Airtel] but you can't use the virtual card at ATMs while the I&M Card is designed to be used at ATMs... I saw the ad for the I&M Card at Nakumatt & think I will get it for travels [US$] coz safer than carrying cash. Many places are so-so about accepting Travellers Cheques [fraud] so maybe not a bad choice. Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Chief Joined: 8/4/2010 Posts: 8,977
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http://www.nation.co.ke/...2/-/nee1pu/-/index.html
So now the operators have taken the wars to parliament. The one with the strongest lobbyists push will take the day... When corporates go to bed with gov, the consumer always pays the bill... $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Rank: Chief Joined: 3/24/2010 Posts: 6,779 Location: Black Africa
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Why does Safaricom want to make supernormal profits from shafting Kenyans? GOD BLESS YOUR LIFE
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Rank: Member Joined: 6/21/2010 Posts: 514 Location: Nairobi
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sparkly wrote:Ericsson wrote:Safaricom had a no frills AGM in their first AGM and this was contrary to the Companies Act which stated that in an AGM a company should provide lunch to the shareholders.
Were they fined/prosecuted NO. weee dont be a blonde, in this section blondness is not tolerated. Which CO's Act? 'They say money cannot buy me happiness but when i compare when i had none and now, i'm happier' Kevin O'leary
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Rank: Chief Joined: 3/24/2010 Posts: 6,779 Location: Black Africa
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This is like Bank X taking Bank Y to court because Bank Y charges 70% less than Bank X for ATM withdrawals. In its arguement Bank X states that it will make less money due to reduced ATM charges, will not build more ATMs, the govt. will receive less taxes as a result of reduced profits... MAVI! GOD BLESS YOUR LIFE
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Rank: Chief Joined: 1/3/2007 Posts: 18,215 Location: Nairobi
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Haiya! Seems Safaricom used DRC example where calls cost 11/- per minute! Why can't we have minimum prices for fuel too? As a shareholder I demand haki yangu for higher minimum fuel charges! http://www.nation.co.ke/...42/-/nee1pu/-/index.htmlGreedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Could Safaricom issue a profit warning?
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