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14 Pages<1234>»
Kenya Re - 2018 and beyond
Ericsson
#21 Posted : Monday, March 12, 2018 6:55:38 PM
Rank: Elder


Joined: 12/4/2009
Posts: 6,691
Location: NAIROBI
obiero wrote:
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


Mugo Kibati can't work under Kemei.It will be constant war
Ericsson
#22 Posted : Monday, March 12, 2018 10:32:10 PM
Rank: Elder


Joined: 12/4/2009
Posts: 6,691
Location: NAIROBI
murchr
#23 Posted : Monday, March 12, 2018 11:23:41 PM
Rank: Elder


Joined: 2/26/2012
Posts: 14,473
Ericsson wrote:
https://www.businessdailyafrica.com/corporate/companies/Sacked-Kenya-Re-boss-says-no-reason-given-for-sudden-dismissal/4003102-4338832-4xp5ttz/index.html



He should go to court. These Nyayo error antics should be a thing of the past.

When are they announcing the results?
"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
#24 Posted : Tuesday, March 13, 2018 12:25:19 AM
Rank: Chief


Joined: 1/3/2007
Posts: 15,892
Location: Nairobi
Ericsson wrote:
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.

IMHO, Kemei is the one who should be fired but who is the DP and CS Finance?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Ericsson
#25 Posted : Tuesday, March 13, 2018 4:47:13 AM
Rank: Elder


Joined: 12/4/2009
Posts: 6,691
Location: NAIROBI
VituVingiSana wrote:
Ericsson wrote:
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.

IMHO, Kemei is the one who should be fired but who is the DP and CS Finance?

@vvs
Retaliation by Ruto people for sacking Koros.

The merus will now retaliate against DP
Mtafiti
#26 Posted : Tuesday, March 13, 2018 7:22:24 AM
Rank: Member


Joined: 5/22/2014
Posts: 297
Location: Ndeiya
Don't run away as yet. Could be too early. But why they had to kick him after petitioning the government for a 50% mandatory treaty cessions in Kenya's insurance business is unclear.
Again, that position looks jinxed after PK....3 in a row.
VituVingiSana
#27 Posted : Tuesday, March 13, 2018 9:15:44 AM
Rank: Chief


Joined: 1/3/2007
Posts: 15,892
Location: Nairobi
Mtafiti wrote:
Don't run away as yet. Could be too early. But why they had to kick him after petitioning the government for a 50% mandatory treaty cessions in Kenya's insurance business is unclear.
Again, that position looks jinxed after PK....3 in a row.

He was MD for almost 7 years BUT there's something fishy as @Ericsson put it. I think it's less about retaliation [re: Koros] but the cash/contracts/construction.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Ericsson
#28 Posted : Tuesday, March 13, 2018 9:20:42 AM
Rank: Elder


Joined: 12/4/2009
Posts: 6,691
Location: NAIROBI
VituVingiSana wrote:
Mtafiti wrote:
Don't run away as yet. Could be too early. But why they had to kick him after petitioning the government for a 50% mandatory treaty cessions in Kenya's insurance business is unclear.
Again, that position looks jinxed after PK....3 in a row.

He was MD for almost 7 years BUT there's something fishy as @Ericsson put it. I think it's less about retaliation [re: Koros] but the cash/contracts/construction.


@vvs
Cash and construction they need to have one of their own in the management.
Unfortunately Kemei doesn't have one of his own.
For KNH it was followed procedurally since it was the minister who pulled the trigger.
As at now it's more of retaliation because the MPs from Koros backyard wanted to impeach the Health CS but the DP stopped them.
For cash and construction we wait to see.
Mtafiti
#29 Posted : Tuesday, March 13, 2018 9:31:41 AM
Rank: Member


Joined: 5/22/2014
Posts: 297
Location: Ndeiya
The pronounced reason could be the recent downgrading of rating from B+ to B. The rating agency cited ERM issues. Of course, this portends to a ruined future. But with their mandatory cessions, they are relatively safe.
VituVingiSana
#30 Posted : Tuesday, March 13, 2018 10:14:27 AM
Rank: Chief


Joined: 1/3/2007
Posts: 15,892
Location: Nairobi
Ericsson wrote:
VituVingiSana wrote:
Mtafiti wrote:
Don't run away as yet. Could be too early. But why they had to kick him after petitioning the government for a 50% mandatory treaty cessions in Kenya's insurance business is unclear.
Again, that position looks jinxed after PK....3 in a row.

He was MD for almost 7 years BUT there's something fishy as @Ericsson put it. I think it's less about retaliation [re: Koros] but the cash/contracts/construction.


@vvs
Cash and construction they need to have one of their own in the management.
Unfortunately Kemei doesn't have one of his own.
For KNH it was followed procedurally since it was the minister who pulled the trigger.
As at now it's more of retaliation because the MPs from Koros backyard wanted to impeach the Health CS but the DP stopped them.
For cash and construction we wait to see.

CS Health is Sicily Kariuki... isn't she Kikuyu not Meru?
It saddens me that tribalism not merit is the reason for many appointments.

https://www.businessdail...8832-4xp5ttz/index.html

“I reported to work as usual and was told to leave by the chairman of the board,” Mr Mwarania said in an interview moments after his departure was announced by the Kenya Re through the Nairobi Securities Exchange (NSE).


If this was NOT a board [vs chairman] decision then Mwarania can (& should( sue for wrongful dismissal.

What a clusterf**k for the only GoK controlled firm I have shares in. I should have stuck with ZERO... And I think I am headed that way.
I sold off my KQ, KPLC, KenGen, etc after what happened at KQ and KPLC.

Mwarania was competent and ran KenRe profitably, even if conservatively, and I liked that.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
VituVingiSana
#31 Posted : Tuesday, March 13, 2018 10:18:00 AM
Rank: Chief


Joined: 1/3/2007
Posts: 15,892
Location: Nairobi
Cash (liquidity, bonds) - There's almost 20/- in cash (& near-cash) in KenRe's books.

Construction - KenRe wanted to build a new tower in Upper Hill. Bad idea as there is an over-supply of office space as well as the potential for corruption as the contracts are handed out to favorite sons.

Land - I expect land acquisitions to jump. Of course, we know that KenRe had to clean its books of shady deals/purchases. The cycle could start again.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
VituVingiSana
#32 Posted : Tuesday, March 13, 2018 10:23:43 AM
Rank: Chief


Joined: 1/3/2007
Posts: 15,892
Location: Nairobi
https://www.kenyare.co.k....php/site-map/directors

Kemei and Rotich. This was not a rogue Chairman but he had to have the support of Rotich.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Ericsson
#33 Posted : Tuesday, March 13, 2018 10:33:40 AM
Rank: Elder


Joined: 12/4/2009
Posts: 6,691
Location: NAIROBI
VituVingiSana wrote:
Cash (liquidity, bonds) - There's almost 20/- in cash (& near-cash) in KenRe's books.

Construction - KenRe wanted to build a new tower in Upper Hill. Bad idea as there is an over-supply of office space as well as the potential for corruption as the contracts are handed out to favorite sons.

Land - I expect land acquisitions to jump. Of course, we know that KenRe had to clean its books of shady deals/purchases. The cycle could start again.


@vvs
we wait to see,some of the things you are mentioning are speculations
Ebenyo
#34 Posted : Tuesday, March 13, 2018 10:39:35 AM
Rank: Veteran


Joined: 4/4/2016
Posts: 1,625
Location: Kitale
VituVingiSana wrote:
Ericsson wrote:
VituVingiSana wrote:
Mtafiti wrote:
Don't run away as yet. Could be too early. But why they had to kick him after petitioning the government for a 50% mandatory treaty cessions in Kenya's insurance business is unclear.
Again, that position looks jinxed after PK....3 in a row.

He was MD for almost 7 years BUT there's something fishy as @Ericsson put it. I think it's less about retaliation [re: Koros] but the cash/contracts/construction.


@vvs
Cash and construction they need to have one of their own in the management.
Unfortunately Kemei doesn't have one of his own.
For KNH it was followed procedurally since it was the minister who pulled the trigger.
As at now it's more of retaliation because the MPs from Koros backyard wanted to impeach the Health CS but the DP stopped them.
For cash and construction we wait to see.

CS Health is Sicily Kariuki... isn't she Kikuyu not Meru?
It saddens me that tribalism not merit is the reason for many appointments.

https://www.businessdail...8832-4xp5ttz/index.html

“I reported to work as usual and was told to leave by the chairman of the board,” Mr Mwarania said in an interview moments after his departure was announced by the Kenya Re through the Nairobi Securities Exchange (NSE).


If this was NOT a board [vs chairman] decision then Mwarania can (& should( sue for wrongful dismissal.

What a clusterf**k for the only GoK controlled firm I have shares in. I should have stuck with ZERO... And I think I am headed that way.
I sold off my KQ, KPLC, KenGen, etc after what happened at KQ and KPLC.

Mwarania was competent and ran KenRe profitably, even if conservatively, and I liked that.


What a sad way to dismiss a competent CEO.If he goes to court he will definitely win.
@vvs,how do you intend to replace kenre? There is CIC,,Sanlam and Jubilee.You could also shift outside for Bamburi or Centum.
Towards the goal of financial freedom
VituVingiSana
#35 Posted : Tuesday, March 13, 2018 10:47:30 AM
Rank: Chief


Joined: 1/3/2007
Posts: 15,892
Location: Nairobi
Ericsson wrote:
VituVingiSana wrote:
Cash (liquidity, bonds) - There's almost 20/- in cash (& near-cash) in KenRe's books.

Construction - KenRe wanted to build a new tower in Upper Hill. Bad idea as there is an over-supply of office space as well as the potential for corruption as the contracts are handed out to favorite sons.

Land - I expect land acquisitions to jump. Of course, we know that KenRe had to clean its books of shady deals/purchases. The cycle could start again.


@vvs
we wait to see,some of the things you are mentioning are speculations
Give me an example of a single GoK controlled (listed) institution that hasn't been pillaged or mismanaged.
Mismanaged/pillaged:
KQ
NBK
KPLC
KenGen [needed a massive restructuring to convert debt to equity]

The fault is mine. I got complacent when I saw longevity in the MD's tenure and what seemed a relatively clean firm. Apart from the history [before my time] of poor (scam) land investments, I had not come across a scandal in KenRe. I should have learnt my lesson with earlier investments in GoK controlled/influenced firms and NEVER put money into a GoK controlled listed firm.

I cannot even sell out as the demand is quite muted.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Ericsson
#36 Posted : Tuesday, March 13, 2018 10:56:10 AM
Rank: Elder


Joined: 12/4/2009
Posts: 6,691
Location: NAIROBI
VituVingiSana wrote:
Ericsson wrote:
VituVingiSana wrote:
Cash (liquidity, bonds) - There's almost 20/- in cash (& near-cash) in KenRe's books.

Construction - KenRe wanted to build a new tower in Upper Hill. Bad idea as there is an over-supply of office space as well as the potential for corruption as the contracts are handed out to favorite sons.

Land - I expect land acquisitions to jump. Of course, we know that KenRe had to clean its books of shady deals/purchases. The cycle could start again.


@vvs
we wait to see,some of the things you are mentioning are speculations
Give me an example of a single GoK controlled (listed) institution that hasn't been pillaged or mismanaged.
Mismanaged/pillaged:
KQ
NBK
KPLC
KenGen [needed a massive restructuring to convert debt to equity]

The fault is mine. I got complacent when I saw longevity in the MD's tenure and what seemed a relatively clean firm. Apart from the history [before my time] of poor (scam) land investments, I had not come across a scandal in KenRe. I should have learnt my lesson with earlier investments in GoK controlled/influenced firms and NEVER put money into a GoK controlled listed firm.

I cannot even sell out as the demand is quite muted.


@vvs
Even private firms have been mismanaged.Mismanagement I can't single out GoK firms only,even in private companies it's there.
Look at ARM,Olympia Capital,Transcentury,Home Afrika,Atlas Developmet,Hutchings Biemer,Nakumatt etc.

I would suggest you look at each company uniquely for any trace of mismanagement.
Even the kenol kobil you talk about Jacob Segman was nearly finishing it off
Fyatu
#37 Posted : Tuesday, March 13, 2018 11:02:38 AM
Rank: Veteran


Joined: 1/20/2011
Posts: 1,415
Location: Nakuru
So when a cement's company sees an opportunity in manufacturing clinker both for own use and for sale and goes ahead and invests heavily only for a few headwinds to hit the business later then this is equated as mismanagement by the so called wazua elders??
Dumb money becomes dumb only when it listens to smart money
Mtafiti
#38 Posted : Tuesday, March 13, 2018 11:08:49 AM
Rank: Member


Joined: 5/22/2014
Posts: 297
Location: Ndeiya
No known pillage or scandals for now. Jadiah is very dexterous in the reinsurance field. Competition is getting stiff. 20% of Kenya's insurance industry treaty business is currently "locked" with KRe. I repeat, it is a response to the recent downgrading by A.M Best. The ousted had tiffs with the acting sometimes ago and the Board rescued the acting...who was GM-property and investment until yesterday.
Ericsson
#39 Posted : Tuesday, March 13, 2018 11:11:09 AM
Rank: Elder


Joined: 12/4/2009
Posts: 6,691
Location: NAIROBI
Fyatu wrote:
So when a cement's company sees an opportunity in manufacturing clinker both for own use and for sale and goes ahead and invests heavily only for a few headwinds to hit the business later then this is equated as mismanagement by the so called wazua elders??


@Fyatu the clinker story is to cover our faces.
VituVingiSana
#40 Posted : Tuesday, March 13, 2018 11:13:49 AM
Rank: Chief


Joined: 1/3/2007
Posts: 15,892
Location: Nairobi
Ericsson wrote:
VituVingiSana wrote:
Ericsson wrote:
VituVingiSana wrote:
Cash (liquidity, bonds) - There's almost 20/- in cash (& near-cash) in KenRe's books.

Construction - KenRe wanted to build a new tower in Upper Hill. Bad idea as there is an over-supply of office space as well as the potential for corruption as the contracts are handed out to favorite sons.

Land - I expect land acquisitions to jump. Of course, we know that KenRe had to clean its books of shady deals/purchases. The cycle could start again.


@vvs
we wait to see,some of the things you are mentioning are speculations
Give me an example of a single GoK controlled (listed) institution that hasn't been pillaged or mismanaged.
Mismanaged/pillaged:
KQ
NBK
KPLC
KenGen [needed a massive restructuring to convert debt to equity]

The fault is mine. I got complacent when I saw longevity in the MD's tenure and what seemed a relatively clean firm. Apart from the history [before my time] of poor (scam) land investments, I had not come across a scandal in KenRe. I should have learnt my lesson with earlier investments in GoK controlled/influenced firms and NEVER put money into a GoK controlled listed firm.

I cannot even sell out as the demand is quite muted.


@vvs
Even private firms have been mismanaged.Mismanagement I can't single out GoK firms only,even in private companies it's there.
Look at ARM,Olympia Capital,Transcentury,Home Afrika,Atlas Developmet,Hutchings Biemer,Nakumatt etc.

I would suggest you look at each company uniquely for any trace of mismanagement.
Even the kenol kobil you talk about Jacob Segman was nearly finishing it off

Give me 2 examples of listed (GoK controlled or heavily influenced) entities (except KenRe) that hasn't been mismanaged. I don't know any [except KenRe] that haven't had to be bailed out.

You know I have excluded "scams" like Merali from my investment list. Other exclusions are the "GEMS" like NBV and Kurwitu.

Private firms: The record despite the hiccups [which will happen] is much better:
BAT
EABL
KK [no bailout, led to the brink by Segman's hedges but has recovered nicely]
Safaricom [Controlled by Vodafone]
Equity
DTB, NIC, I&M, Stanbic
Jubilee
Unga [this was almost taken to the cleaners but survived after Seaboard seconded Nick Hutchinson]
FTGH [slow start but seems to be on the right track despite the hiccups]
NMG [even with all the problems]

And many, many more.

Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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