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Centum pays out KSH 1 billion to employees
heri
#41 Posted : Wednesday, September 16, 2015 8:09:38 PM
Rank: Member


Joined: 9/14/2011
Posts: 857
Location: nairobi
I think minority shareholders protection in Kenya is not there

Investing in companies with ownership concentration where one or two people have majority shares and GOK majority owned companies is quite risky
dunkang
#42 Posted : Wednesday, September 16, 2015 9:06:13 PM
Rank: Elder


Joined: 6/2/2011
Posts: 4,818
Location: -1.2107, 36.8831
Lolest! wrote:
ngapat wrote:
What happens if the NAV declines by 20%? Do they pay a fine to the company? This is a scam

Makes me sick when i imagine that this is my biggest single investments

I read that tey take forward the losses until a positive is realised

You remember in 2012 when Centum "forgot" to announce a profits warning? Employees still got their BONUSES!

Employees get the money, shareholders get DOCTORED books!
Receive with simplicity everything that happens to you.” ― Rashi

businesspundit
#43 Posted : Wednesday, September 16, 2015 9:47:30 PM
Rank: New-farer


Joined: 9/16/2015
Posts: 15
Damn! I am working for the wrong company. Even gava is not this sweet. Where can I apply for a job here? I will even pay a finder's fee as a percentage of my bonus - of course after I get my bonus.
enyands
#44 Posted : Wednesday, September 16, 2015 9:57:32 PM
Rank: Elder


Joined: 12/25/2014
Posts: 2,301
Location: kenya
This is just slap of on the face. Just realised that majority of shareholders aren't them it's us meaning if shafting comes down we really get shafted .over 40% percent . This is another uchumi ,HACO and any other failed business the hands has layeth on.want it to reach 60 and I offload if I'll be lucky . I'd rather do KPLC than this family oriented circus business . YOU DENY 42.16% SHAREHOLDERS BONUSES ONLY TO PLEASE THE NON SHAREHOLDERS WITH 1B .wish they did it secretly .but doing it on front paper ni madharau.hii ni matope men. Even some counties are run better than this bologna.
MaichBlack
#45 Posted : Wednesday, September 16, 2015 10:15:43 PM
Rank: Elder


Joined: 7/22/2009
Posts: 7,570
enyands wrote:
This is just slap of on the face. Just realised that majority of shareholders aren't them it's us meaning if shafting comes down we really get shafted .over 40% percent . This is another uchumi ,HACO and any other failed business the hands has layeth on.want it to reach 60 and I offload if I'll be lucky . I'd rather do KPLC than this family oriented circus business . YOU DENY 42.16% SHAREHOLDERS BONUSES ONLY TO PLEASE THE NON SHAREHOLDERS WITH 1B .wish they did it secretly .but doing it on front paper ni madharau.hii ni matope men. Even some counties are run better than this bologna.

Discuss the common factor in Uchumi, HACO and Centum (20 marks)
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
Kenyan Oracle
#46 Posted : Wednesday, September 16, 2015 10:24:36 PM
Rank: Member


Joined: 5/31/2011
Posts: 253
MaichBlack wrote:
enyands wrote:
This is just slap of on the face. Just realised that majority of shareholders aren't them it's us meaning if shafting comes down we really get shafted .over 40% percent . This is another uchumi ,HACO and any other failed business the hands has layeth on.want it to reach 60 and I offload if I'll be lucky . I'd rather do KPLC than this family oriented circus business . YOU DENY 42.16% SHAREHOLDERS BONUSES ONLY TO PLEASE THE NON SHAREHOLDERS WITH 1B .wish they did it secretly .but doing it on front paper ni madharau.hii ni matope men. Even some counties are run better than this bologna.

Discuss the common factor in Uchumi, HACO and Centum (20 marks)


If you follow most of the companies Dj has ever touch, none has come out performing well. Kenatco, Uchumi and now Centum. In the end shareholders were left pissing in the wind
You lose money chasing women, but you never lose women chasing money - NAS
lochaz-index
#47 Posted : Wednesday, September 16, 2015 10:49:08 PM
Rank: Veteran


Joined: 9/18/2014
Posts: 1,127
Since the dj is the main shareholder here, how is he benefiting in this 1b bonus schematic?
The main purpose of the stock market is to make fools of as many people as possible.
mv_ufanisi
#48 Posted : Wednesday, September 16, 2015 11:04:15 PM
Rank: Member


Joined: 1/15/2010
Posts: 625
The way this bonus scheme is set up, Centum employees can sit on their hands all year and they'll still make a mega bonus because "alas real estate prices in Kenya keep going up". Given how much of this real estate they have to play with - at Two Rivers and at Rea Vipingo - that's a great place they can use to shore up profits. The better way to measure performance of this company would be to check operating profits only. Didn't Enron employees come up with a weird profit declaration system coz of this kind of incentive scheme?
Ericsson
#49 Posted : Wednesday, September 16, 2015 11:52:15 PM
Rank: Elder


Joined: 12/4/2009
Posts: 10,778
Location: NAIROBI
I'm better off being a shareholder at Kenya Re, I don't get conned this much and in broad daylight.
One day the truth will be out just like Uchumi. The company will be a shell requiring massive bailout.
Shareholders will be left with a shell, the employees will be living in mansions and driving sleek vehicles.
Cautious investors like UAP are liquidating their holdings in the company.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
businesspundit
#50 Posted : Thursday, September 17, 2015 5:39:31 AM
Rank: New-farer


Joined: 9/16/2015
Posts: 15
mv_ufanisi wrote:
The way this bonus scheme is set up, Centum employees can sit on their hands all year and they'll still make a mega bonus because "alas real estate prices in Kenya keep going up". Given how much of this real estate they have to play with - at Two Rivers and at Rea Vipingo - that's a great place they can use to shore up profits. The better way to measure performance of this company would be to check operating profits only. Didn't Enron employees come up with a weird profit declaration system coz of this kind of incentive scheme?


And this is what is potentially worse since they already got away with it. They went from 500 million to 1 billion in one financial year in bonuses.
Next year, why not double it again and go for 2 billion.
Then 4 billion next.

MaichBlack
#51 Posted : Thursday, September 17, 2015 7:06:48 AM
Rank: Elder


Joined: 7/22/2009
Posts: 7,570
businesspundit wrote:
mv_ufanisi wrote:
The way this bonus scheme is set up, Centum employees can sit on their hands all year and they'll still make a mega bonus because "alas real estate prices in Kenya keep going up". Given how much of this real estate they have to play with - at Two Rivers and at Rea Vipingo - that's a great place they can use to shore up profits. The better way to measure performance of this company would be to check operating profits only. Didn't Enron employees come up with a weird profit declaration system coz of this kind of incentive scheme?


And this is what is potentially worse since they already got away with it. They went from 500 million to 1 billion in one financial year in bonuses.
Next year, why not double it again and go for 2 billion.
Then 4 billion next.


And the worst part is that the way this is set up, they don't have to double shareholders wealth - in real sense or on paper (cooked) - to double their bonus!!!

This is wrong on so many levels. Biggest losers? Shareholders!!!
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
sparkly
#52 Posted : Thursday, September 17, 2015 7:09:53 AM
Rank: Elder


Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
Centum is now an embodiment of western corporate greed in Kenya. Ladies and gentlemen of Wazua take a front seat and watch how people get shafted by wolves of Kimathi street.
Life is short. Live passionately.
dunkang
#53 Posted : Thursday, September 17, 2015 7:38:29 AM
Rank: Elder


Joined: 6/2/2011
Posts: 4,818
Location: -1.2107, 36.8831
I sense this bonuses are been paid against imaginary (non-existent, cooked up) gains in NAV. One day they will run out of loopholes and ENRON will be here with us, live live.

At Samsung, the employees are paid very low, and the bonuses assists them live better (Though most shareholders oppose this arrangement). Samsung has a 1% div. Yield policy and that's why its share price never improves. So shareholders suffer.

Back to CENTUM, this employees must be making millions in salaries and allowances, and then they are added millions in bonuses. This is worse than what happens at Barclays Bank UK.
Receive with simplicity everything that happens to you.” ― Rashi

target1360
#54 Posted : Thursday, September 17, 2015 7:45:00 AM
Rank: Member


Joined: 5/14/2014
Posts: 289
Location: nairobi
as we abstain waiting for the wedding day people are already having fun with the wife that we expect to marry.
I find satisfaction in owning great business,not trading them
streetwise
#55 Posted : Thursday, September 17, 2015 7:59:31 AM
Rank: Veteran


Joined: 6/23/2011
Posts: 1,740
Location: Nairobi
I remember Uchumi was pumped up so much including issuing of rights that the share was at 22.00 when the Dj suddenly sold his shares and in the same week Uchumi was dead .

Buyer be aware..when you see these signs know the end is near.
Sir invest
#56 Posted : Thursday, September 17, 2015 8:27:25 AM
Rank: Member


Joined: 8/19/2015
Posts: 125
Eating has began.
MaichBlack
#57 Posted : Thursday, September 17, 2015 8:38:14 AM
Rank: Elder


Joined: 7/22/2009
Posts: 7,570
target1360 wrote:
as we abstain waiting for the wedding day people are already having fun with the wife that we expect to marry.

Centum ni kama embe. Wewe ukingoja liive, mwenzako alila na chumvi!!!
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
cnn
#58 Posted : Thursday, September 17, 2015 9:18:54 AM
Rank: Veteran


Joined: 6/17/2009
Posts: 1,621
To quote what the dj said about KQ...'this is bullshit'.
ngapat
#59 Posted : Thursday, September 17, 2015 9:26:13 AM
Rank: Member


Joined: 12/11/2006
Posts: 896
centum is buying 9646 acres of land from rea vipingo at a price of kshs 180,000 per acre. They will probably value this land at kshs500,000 and gift themselves with bonus out of these unrealized capital gains.

Are they employees cum Brokers?
They buy land using shareholders capital and pocket the capital gains on land appreciation while the share holder is told to wait, not forgetting that they are also receiving hefty salaries.

Shareholders need to reject this bonus payments unanimously.

Can shareholders have a say on this?

“Invest in yourself. Your career is the engine of your wealth.”
MaichBlack
#60 Posted : Thursday, September 17, 2015 9:40:20 AM
Rank: Elder


Joined: 7/22/2009
Posts: 7,570
ngapat wrote:
centum is buying 9646 acres of land from rea vipingo at a price of kshs 180,000 per acre. They will probably value this land at kshs500,000 and gift themselves with bonus out of these unrealized capital gains.

Are they employees cum Brokers?
They buy land using shareholders capital and pocket the capital gains on land appreciation while the share holder is told to wait, not forgetting that they are also receiving hefty salaries.

Shareholders need to reject this bonus payments unanimously.

Can shareholders have a say on this?


Such things should have been subjected to a vote by the shareholders!!!

This is a huge amount!! One billion taken out of the company pap! And that is in one year!

And as you correctly point out, they will be playing with the valuation of land and property till the day the company will become a shell!!!
Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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