The firm bought very steep and rocky land for their Kisumu project. Will cost alot to levelise, excavate etc End product will be too pricey

@dunkang he's already in. Tell him way forward; averaging down,cutting losses,waiting for so long blah blah..

www.businessdailyafrica....4/-/uyccahz/-/index.html[quote] he bond will be on sale for two weeks, closing on December
10, and will commence trading on the fixed-income segment
of the NSE on December 19.
Home Afrika received the Capital Markets Authority’s (CMA)
approval to issue the bond on November 11.
The firm plans to use proceeds from the bond to fund three of
its ongoing projects — Migaa in Kiambu, Lakeview Heights in
Kisumu and Llango in Kwale. Revenues generated
In the six months to June, the company reported a 72 per cent
drop in profit to Sh42.9 million from Sh155.49 million a year
earlier.
One of the major reasons for the drop is that real estate firms
can only recognise revenues once projects are completed and
sold and Home Afrika, therefore, has to wait until projects are
finished before it can record revenues generated.
The firm’s shareholders have to wait longer to earn dividends
from the property.
The company also plans to issue a Real Estate Investment
Trust (REIT) for which it has also appointed NIC Capital as
transaction advisers. The firm has appointed the same
advisers for the bond issue. /quote]