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Kenya Re - 2018 and beyond
VituVingiSana
#1 Posted : Monday, March 12, 2018 9:53:22 AM
Rank: Chief


Joined: 1/3/2007
Posts: 16,423
Location: Nairobi
To start with it seems like the MD (Jadiah Mwarania) was fired after the terse notice from KenyaRe to the NSE.

https://twitter.com/BD_A...tatus/973083120147759104
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Ericsson
#2 Posted : Monday, March 12, 2018 10:24:04 AM
Rank: Elder


Joined: 12/4/2009
Posts: 7,400
Location: NAIROBI
[quote=VituVingiSana]To start with it seems like the MD (Jadiah Mwarania) was fired after the terse notice from KenyaRe to the NSE.

https://twitter.com/BD_A...atus/973083120147759104[/quote]

@vvs
He had become lacklustre of late,not so much positive news was being heard from the firm.
VituVingiSana
#3 Posted : Monday, March 12, 2018 10:51:39 AM
Rank: Chief


Joined: 1/3/2007
Posts: 16,423
Location: Nairobi
I am re-evaluating my holdings in KenRe.
I had trust in Mwarania.

My only GoK holding [where GoK has a substantial influence/control]...
[Safaricom is (thankfully) controlled by Vodafone and not GoK]
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Pesa Nane
#4 Posted : Monday, March 12, 2018 11:54:26 AM
Rank: Elder


Joined: 5/25/2012
Posts: 4,105
Location: 08c
Pesa Nane plans to be shilingi when he grows up.
iris
#5 Posted : Monday, March 12, 2018 12:11:57 PM
Rank: Member


Joined: 9/11/2014
Posts: 222
Location: Nairobi
Ericsson wrote:
[quote=VituVingiSana]To start with it seems like the MD (Jadiah Mwarania) was fired after the terse notice from KenyaRe to the NSE.

https://twitter.com/BD_A...atus/973083120147759104[/quote]

@vvs
He had become lacklustre of late,not so much positive news was being heard from the firm.


@Ericsson, does GOK fire due to "lacklustre" performance? I am with @vvs on this. It just might be one of the few remaining GOK-owned institutions with a stash of cash that someone wants to lay their hands on. Hope I am wrong
Horton
#6 Posted : Monday, March 12, 2018 12:19:50 PM
Rank: Veteran


Joined: 8/30/2007
Posts: 1,463
Location: Nairobi
VituVingiSana wrote:
I am re-evaluating my holdings in KenRe.
I had trust in Mwarania.

My only GoK holding [where GoK has a substantial influence/control]...
[Safaricom is (thankfully) controlled by Vodafone and not GoK]



This was one reason I hadn’t invested here. I felt he was too comfortable and the poor 8-13% growth for a company that had:
a. Such a large market share
b. Compulsory concessions


Hope they get someone with ideas
VituVingiSana
#7 Posted : Monday, March 12, 2018 1:00:49 PM
Rank: Chief


Joined: 1/3/2007
Posts: 16,423
Location: Nairobi
Horton wrote:
VituVingiSana wrote:
I am re-evaluating my holdings in KenRe.
I had trust in Mwarania.

My only GoK holding [where GoK has a substantial influence/control]...
[Safaricom is (thankfully) controlled by Vodafone and not GoK]



This was one reason I hadn’t invested here. I felt he was too comfortable and the poor 8-13% growth for a company that had:
a. Such a large market share
b. Compulsory concessions


Hope they get someone with ideas

I doubt he was fired for the 8-13% growth. Slow and steady.
Chairman: David Kemei appointed to the board in 2014, chairman in 2015
https://www.kenyare.co.k...-non-executive-director
https://www.businessdail...7532-om9cllz/index.html
Any connections to the DP?
The cash that Kenya Re has could be misused to buy land from politicians.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Ericsson
#8 Posted : Monday, March 12, 2018 1:10:59 PM
Rank: Elder


Joined: 12/4/2009
Posts: 7,400
Location: NAIROBI
VituVingiSana wrote:
Horton wrote:
VituVingiSana wrote:
I am re-evaluating my holdings in KenRe.
I had trust in Mwarania.

My only GoK holding [where GoK has a substantial influence/control]...
[Safaricom is (thankfully) controlled by Vodafone and not GoK]



This was one reason I hadn’t invested here. I felt he was too comfortable and the poor 8-13% growth for a company that had:
a. Such a large market share
b. Compulsory concessions


Hope they get someone with ideas

I doubt he was fired for the 8-13% growth. Slow and steady.
Chairman: David Kemei appointed to the board in 2014, chairman in 2015
https://www.kenyare.co.k...-non-executive-director
https://www.businessdail...7532-om9cllz/index.html
Any connections to the DP?
The cash that Kenya Re has could be misused to buy land from politicians.


We wait to see how the saga/fiasco goes.
Definitely Kemei is a DP confidante.
Maybe it's a revenge to the KNH CEO dismissal.
VituVingiSana
#9 Posted : Monday, March 12, 2018 1:26:51 PM
Rank: Chief


Joined: 1/3/2007
Posts: 16,423
Location: Nairobi
Ericsson wrote:
VituVingiSana wrote:
Horton wrote:
VituVingiSana wrote:
I am re-evaluating my holdings in KenRe.
I had trust in Mwarania.

My only GoK holding [where GoK has a substantial influence/control]...
[Safaricom is (thankfully) controlled by Vodafone and not GoK]



This was one reason I hadn’t invested here. I felt he was too comfortable and the poor 8-13% growth for a company that had:
a. Such a large market share
b. Compulsory concessions


Hope they get someone with ideas

I doubt he was fired for the 8-13% growth. Slow and steady.
Chairman: David Kemei appointed to the board in 2014, chairman in 2015
https://www.kenyare.co.k...-non-executive-director
https://www.businessdail...7532-om9cllz/index.html
Any connections to the DP?
The cash that Kenya Re has could be misused to buy land from politicians.


We wait to see how the saga/fiasco goes.
Definitely Kemei is a DP confidante.
Maybe it's a revenge to the KNH CEO dismissal.
Ridiculous to fire a performing CEO on such (flimsy, political) grounds while there are 10s of non-performers in various GoK institutions.
I prefer GoK not being in the business of Business.

Expect Mwarania to sue.
Kiuna [TransCentury]
Ciano [Uchumi]
Kareithi [Olympia]
Even a crook like Mbugua [KQ]
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Angelica _ann
#10 Posted : Monday, March 12, 2018 1:40:55 PM
Rank: Elder


Joined: 12/7/2012
Posts: 10,859
The current position of the acting appointment individual vs insurance business doesn't bring confidence to growth of the institution.
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
Ebenyo
#11 Posted : Monday, March 12, 2018 2:20:38 PM
Rank: Veteran


Joined: 4/4/2016
Posts: 1,712
Location: Kitale
VituVingiSana wrote:
I am re-evaluating my holdings in KenRe.
I had trust in Mwarania.

My only GoK holding [where GoK has a substantial influence/control]...
[Safaricom is (thankfully) controlled by Vodafone and not GoK]




Wait for the full year results first.
Towards the goal of financial freedom
wukan
#12 Posted : Monday, March 12, 2018 2:46:02 PM
Rank: Veteran


Joined: 11/13/2015
Posts: 1,211
VituVingiSana wrote:
I am re-evaluating my holdings in KenRe.
I had trust in Mwarania.

My only GoK holding [where GoK has a substantial influence/control]...
[Safaricom is (thankfully) controlled by Vodafone and not GoK]


Stay away from GoK firms ulcers central. Don't be an equity partner to GoK only buy medium term bonds. You get a better yield that way and a good night sleep.

'acting MD' is very vulnerable position. If they don't like the MD's thinking they replace the 'actor'
VituVingiSana
#13 Posted : Monday, March 12, 2018 2:59:38 PM
Rank: Chief


Joined: 1/3/2007
Posts: 16,423
Location: Nairobi
Ebenyo wrote:
VituVingiSana wrote:
I am re-evaluating my holdings in KenRe.
I had trust in Mwarania.

My only GoK holding [where GoK has a substantial influence/control]...
[Safaricom is (thankfully) controlled by Vodafone and not GoK]


Wait for the full year results first.
Mwarania was there in FY 2017. This is about FY 2018 and beyond.
Kemei doesn't inspire confidence.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
murchr
#14 Posted : Monday, March 12, 2018 4:41:31 PM
Rank: Elder


Joined: 2/26/2012
Posts: 14,878
VituVingiSana wrote:
Ebenyo wrote:
VituVingiSana wrote:
I am re-evaluating my holdings in KenRe.
I had trust in Mwarania.

My only GoK holding [where GoK has a substantial influence/control]...
[Safaricom is (thankfully) controlled by Vodafone and not GoK]


Wait for the full year results first.
Mwarania was there in FY 2017. This is about FY 2018 and beyond.
Kemei doesn't inspire confidence.



I feel you VVS, i dont like the tone of the letter either. Time to leave this ship.
"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
.
Angelica _ann
#15 Posted : Monday, March 12, 2018 5:04:14 PM
Rank: Elder


Joined: 12/7/2012
Posts: 10,859
murchr wrote:
VituVingiSana wrote:
Ebenyo wrote:
VituVingiSana wrote:
I am re-evaluating my holdings in KenRe.
I had trust in Mwarania.

My only GoK holding [where GoK has a substantial influence/control]...
[Safaricom is (thankfully) controlled by Vodafone and not GoK]


Wait for the full year results first.
Mwarania was there in FY 2017. This is about FY 2018 and beyond.
Kemei doesn't inspire confidence.



I feel you VVS, i dont like the tone of the letter either. Time to leave this ship.


they can bring in Mugo Kibati to raffle feathers and things up!!!!
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
murchr
#16 Posted : Monday, March 12, 2018 5:16:08 PM
Rank: Elder


Joined: 2/26/2012
Posts: 14,878
Angelica _ann wrote:
murchr wrote:
VituVingiSana wrote:
Ebenyo wrote:
VituVingiSana wrote:
I am re-evaluating my holdings in KenRe.
I had trust in Mwarania.

My only GoK holding [where GoK has a substantial influence/control]...
[Safaricom is (thankfully) controlled by Vodafone and not GoK]


Wait for the full year results first.
Mwarania was there in FY 2017. This is about FY 2018 and beyond.
Kemei doesn't inspire confidence.



I feel you VVS, i dont like the tone of the letter either. Time to leave this ship.


they can bring in Mugo Kibati to raffle feathers and things up!!!!


Then he resigns after a year Laughing out loudly
"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
.
VituVingiSana
#17 Posted : Monday, March 12, 2018 5:18:40 PM
Rank: Chief


Joined: 1/3/2007
Posts: 16,423
Location: Nairobi
Hmmm, if Mugo Kibati comes in as MD then it might look interesting but is there a political power play as @Ericsson suggested?

Look at how KPLC was financially decimated since the last Rights Issue by the former & current management.

I will wait for the FY 2017 results BUT for all practical purposes, I might start bailing out at a discount to NAV or even a loss.

What KenRe needs is a STRATEGIC INVESTOR who takes over the management reins and keeps GoK/politics at bay.

In the long run managements stressing accounting appearance over economic substance usually achieve little of either - Warren Buffett

It's got to be a business with fundamentally good economics. It's got to be a management that I like and trust and admire. And it's got to be a price that makes sense. - Warren Buffett

Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
obiero
#18 Posted : Monday, March 12, 2018 6:22:14 PM
Rank: Elder


Joined: 6/23/2009
Posts: 12,278
Location: nairobi
VituVingiSana wrote:
Hmmm, if Mugo Kibati comes in as MD then it might look interesting but is there a political power play as @Ericsson suggested?

Look at how KPLC was financially decimated since the last Rights Issue by the former & current management.

I will wait for the FY 2017 results BUT for all practical purposes, I might start bailing out at a discount to NAV or even a loss.

What KenRe needs is a STRATEGIC INVESTOR who takes over the management reins and keeps GoK/politics at bay.

In the long run managements stressing accounting appearance over economic substance usually achieve little of either - Warren Buffett

It's got to be a business with fundamentally good economics. It's got to be a management that I like and trust and admire. And it's got to be a price that makes sense. - Warren Buffett


Mugo Kibati has too much brain power for such a company.. He should be tapped for better things
COOP 5,500; KCB 7,500; KNRE 100,000; KQ 221,100
Horton
#19 Posted : Monday, March 12, 2018 6:26:40 PM
Rank: Veteran


Joined: 8/30/2007
Posts: 1,463
Location: Nairobi
VituVingiSana wrote:
Hmmm, if Mugo Kibati comes in as MD then it might look interesting but is there a political power play as @Ericsson suggested?

Look at how KPLC was financially decimated since the last Rights Issue by the former & current management.

I will wait for the FY 2017 results BUT for all practical purposes, I might start bailing out at a discount to NAV or even a loss.

What KenRe needs is a STRATEGIC INVESTOR who takes over the management reins and keeps GoK/politics at bay.

In the long run managements stressing accounting appearance over economic substance usually achieve little of either - Warren Buffett

It's got to be a business with fundamentally good economics. It's got to be a management that I like and trust and admire. And it's got to be a price that makes sense. - Warren Buffett



Not sure whether he had a positive impact at Panafric
Ericsson
#20 Posted : Monday, March 12, 2018 6:54:13 PM
Rank: Elder


Joined: 12/4/2009
Posts: 7,400
Location: NAIROBI
There was a disagreement between the chairman and the CEO Mwarania.
The chairman wanted to show the CEO who the boss is and decided to fire the CEO without consultation from the other board members.
Let's see how things go and if Kemei decides to put a person from his backyard i would advise anyone owning shares to run away very fast.
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