Capitalism or Socialism?: Kenya and Tanzania

[The Quonquerer]

Point taken.

You will keep taking points. Pupil?

 

[Certified]

When you come here and brag of Nakumatt is Kenyan while it is known the Shah family is British and how much tax they evade, you disgrace yourself!

Kilome Member of Parliament, Mr Harun Mwau the boss — is the majority shareholder of Nakumatt Holdings. Do your research well. The Shah family you are talking about were born and raised in Nakuru.

They started with a small shop called Nakuru Mattresses and only went big when the hooked up with the boss to start Nakumatt. The boss also has stakes in the rapidly expanding tuskys which also started in Nakuru as tusker mattresses.

 

[Geza Ulole]

Kilome Member of Parliament, Mr Harun Mwau the boss - is the majority shareholder of Nakumatt Holdings. Do your research well. The Shah family you are talking about were born and raised in Nakuru.

They started with a small shop called Nakuru Mattresses and only went big when the hooked up with the boss to start Nakumatt. The boss also has stakes in the rapidly expanding tuskys which also started in Nakuru as tusker mattresses.

What i know is they (Shahs) are holding british passports, they are majority owner of Nakumatt and there is no dual nationality in Kenya! Otherwise prove me wrong!

 

[nomasana]

What i know is they (Shahs) are holding british passports, they are majority owner of Nakumatt and there is no dual nationality in Kenya! Otherwise prove me wrong!

show us ur source. thnx in advance

 

[Geza Ulole]

show us ur source. thnx in advance

you are crayz you want me to bring their copies of passports here! Keep arguing!

 

[Hellfire21]

What i know is they (Shahs) are holding british passports, they are majority owner of Nakumatt and there is no dual nationality in Kenya! Otherwise prove me wrong!

Hw did you know they were Britons
Ama peeping Tom ama ullikuwa mboch wao coz thats the only way.

 

[Smatta]

Hw did you know they were Britons
Ama peeping Tom ama ullikuwa mboch wao coz thats the only way.

Hellfire, hapo kuna possibility huyu bloke alikuwa mboch wa hao jamaa, he stays saying that they are Britons, maybe he knows something we dont.

 

[nomasana]

you are crayz you want me to bring their copies of passports here! Keep arguing!

no one is arguing with you buddy. i am simply asking you to post a link of a biography article about the pioneers of nakumatt or produce any other credible proof that the pioneers of nakumatt are not kenyans(notice i am saying pioneers because the majority shareholder is harun mwau). i am waiting.

 

[Geza Ulole]

no one is arguing with you buddy. i am simply asking you to post a link of a biography article about the pioneers of nakumatt or produce any other credible proof that the pioneers of nakumatt are not kenyans(notice i am saying pioneers because the majority shareholder is harun mwau). i am waiting.

nathani wewe unalala even recently Mo Ibrahim bought controlling stake in Nakumatt so stop arguing on things you are not aware of!

 

[Certified]

nathani wewe unalala even recently Mo Ibrahim bought controlling stake in Nakumatt so stop arguing on things you are not aware of!

Nakumatt is currently majority owned by the Atul Shah family and Hotnet Ltd, a company associated with Kilome MP Harun Mwau.
With a Sh1.8 billion price for a 33 per cent stake, Nakumatt, the retail with subsidiaries in Uganda and Rwanda, is currently valued at about $75 million (Sh5.4 billion).
The retailer, whose finances have been under pressure from the slowdown in consumer spending is backing up the Sh1.8 billion it expects from the sale proceeds with a Sh4 billion syndicated medium term loan from NIC, KCB, CFC Stanbic and Barclays banks.
Should the two deals come through, Nakumatt will have in its pockets a total of Sh5.8 billion in new cash that Mr Shah says will go into financing regional expansion as well as boosting stocks.
The entry of the European-based investor billionaire Mo Ibrahim is expected to send positive signals about the growth potential into Kenya's retail market and raise Kenya's profile as a viable investment destination.

For one to have controlling stakes you need to have 51% of the shares. Mo Ibrahim is negotiating for 33% as nakumatt seeks funds to finance it's regional expansion. The deal is not yet through.

 

[nomasana]

For one to have controlling stakes you need to have 51% of the shares. Mo Ibrahim is negotiating for 33% as nakumatt seeks funds to finance it's regional expansion. The deal is not yet through.

just leave geza alone. that is why i bothered not to respond to him.

 

[Geza Ulole]

just leave geza alone. that is why i bothered not to respond to him.

Check here on the list of board of directors page 2 to prove that the major owner of Nakumatt is a British and not a Kenyan! his really name is Atul K. M. Shah he also partly own CMC Holdings! That means even before Mo Ibrahim has acquired the shares the company is already british by more than 51%.

http://www.cmcmotors.com/UserFiles/File/cmcsnnuallreport_2007.pdf

When you guys argue please remove your nationalistic emotions! i speak what i know always! having said that i continue to insist Nakumatt, Tusky are not Kenyan but British owned companies incorporated in Kenya! nothing to chest yourself about them since everybody know that land belongs to foreigners and hence the little success you brag about! So are other companies like Kobil, Nationmedia, The Standard, Safaricom, Zain Kenya, EA Brew., unilever Kenya, Bata Kenya, Athi River Mining and so many others RVR railway is on the way also! I usually laugh when i read articles saying Kenya is the second in the list of investors in Tanzania, while in reality the companies belong to British but incorporated in Kenya and are actually expanding or divesting in Kenya and investing in Tanzania! you smatta and certified will remain poor just like me so tear down your boldness!

 

[Wacha1]

Check here on the list of board of directors page 2 to prove that the major owner of Nakumatt is a British and not a Kenyan! his really name is Atul K. M. Shah he also partly own CMC Holdings! That means even before Mo Ibrahim has acquired the shares the company is already british by more than 51%.

http://www.cmcmotors.com/UserFiles/File/cmcsnnuallreport_2007.pdf

When you guys argue please remove your nationalistic emotions! i speak what i know always! having said that i continue to insist Nakumatt, Tusky are not Kenyan but British owned companies incorporated in Kenya! nothing to chest yourself about them since everybody know that land belongs to foreigners and hence the little success you brag about! So are other companies like Kobil, Nationmedia, The Standard, Safaricom, Zain Kenya, EA Brew., unilever Kenya, Bata Kenya, Athi River Mining and so many others RVR railway is on the way also! I usually laugh when i read articles saying Kenya is the second in the list of investors in Tanzania, while in reality the companies belong to British but incorporated in Kenya and are actually expanding or divesting in Kenya and investing in Tanzania! you smatta and certified will remain poor just like me so tear down your boldness!

Saa nyingine unakaa na kucheka tu. Kenya inajulikana na wala sio siri 90% ya makampuni yanayokomba faida ni British owned hivyo hivyo kwa Zimbabwe, South Afrika na Namibia. Sasa Kenya wanavyoshupalia kuwa wao ni zaidi unakuwa unacheka tu na kuangalia kwa masikitiko.

 

[Certified]

Check here on the list of board of directors page 2 to prove that the major owner of Nakumatt is a British and not a Kenyan! his really name is Atul K. M. Shah he also partly own CMC Holdings! That means even before Mo Ibrahim has acquired the shares the company is already british by more than 51%.

http://www.cmcmotors.com/UserFiles/File/cmcsnnuallreport_2007.pdf

When you guys argue please remove your nationalistic emotions! i speak what i know always! having said that i continue to insist Nakumatt, Tusky are not Kenyan but British owned companies incorporated in Kenya! nothing to chest yourself about them since everybody know that land belongs to foreigners and hence the little success you brag about! So are other companies like Kobil, Nationmedia, The Standard, Safaricom, Zain Kenya, EA Brew., unilever Kenya, Bata Kenya, Athi River Mining and so many others RVR railway is on the way also! I usually laugh when i read articles saying Kenya is the second in the list of investors in Tanzania, while in reality the companies belong to British but incorporated in Kenya and are actually expanding or divesting in Kenya and investing in Tanzania! you smatta and certified will remain poor just like me so tear down your boldness!

My brother, who said am poor. I have my own business and it's very succesful. By the way the AK Shah of CMC is not the one of Nakumatt. How many Shah's own businesses in Kenya. Please give me a link showing that Atul Shah owns 51% of Nakumatt. I am still waiting. And another correction Safaricom is 60% Kenyan owned and 40% Vodafone. Standard Media is 100% Kenyan owned.

 

[Geza Ulole]

My brother, who said am poor. I have my own business and it's very succesful. By the way the AK Shah of CMC is not the one of Nakumatt. How many Shah's own businesses in Kenya. Please give me a link showing that Atul Shah owns 51% of Nakumatt. I am still waiting. And another correction Safaricom is 60% Kenyan owned and 40% Vodafone. Standard Media is 100% Kenyan owned.

I think you are out of touch of what is going on in that Kenya! I should not waste my time telling you what is actually happening in that country is like talking to a deaf! is Prince Aga Khan a Kenyan? you must be dreaming for sure! He has 40% by himself, apart from the other foreigners in that list of shareholders! And Safaricom had some Dubai guys acquired the shares during the IPO! The government can not even say who are the shareholders now! And I insist the Atul Shah of CMC Holdings is the same guy for Nakumatt prove me is not! Stop shitting my friend usually the main shareholder takes charge of running the company and as it shows the Shah's are reigning dons! Just to hep you check the aricle below you Kibera man!

Mo Ibrahim's Satya Capital tops race for Nakumatt stake
Posted Wednesday, December 16 2009 at 00:00

Satya Capital, the London-based private investment firm associated with Sudanese born business magnate Mo Ibrahim, has emerged as the leading contender in a two-horse race for the 30 per cent stake that is up for sale at retail chain Nakumatt.
People familiar with the matter said the Mo Ibrahim-backed Satya Africa Fund could seal the deal before the end of year "because it is no longer the subject of negotiations."
Nakumatt is selling a third of its ownership to the newcomer in a Sh1.8 billion deal.
Satya was until late October locked in a tight race for the stake with a Middle East-based investment group said to be Kingdom Holding Company -associated with the Saudi royal family.
But the London-based firm is said to have stepped ahead of its rival last month with a more superior offer.

"It is now past the negotiation stage, Nakumatt are just waiting for (one of the parties) to wire in the cash," said a source close to the transactions.
Satya Capital's executive assistant, Rachel Townend, said the investment firm had "nothing to comment on this matter."
"Satya Capital is an independent investment firm, focused on Africa," reads the company's website. "We invest in growing businesses across the continent."
Atul Shah, the Nakumatt managing director, declined to reveal the identity of the parties in the talks, citing a confidentiality agreement with potential buyers.
Mr Shah in an interview last month indicated that the retail chain had left open the possibility of taking on board the two contenders.
Nakumatt is currently majority owned by the Atul Shah family and Hotnet Ltd, a company associated with Kilome MP Harun Mwau.
With a Sh1.8 billion price for a 33 per cent stake, Nakumatt, the retail with subsidiaries in Uganda and Rwanda, is currently valued at about $75 million (Sh5.4 billion).
The retailer, whose finances have been under pressure from the slowdown in consumer spending is backing up the Sh1.8 billion it expects from the sale proceeds with a Sh4 billion syndicated medium term loan from NIC, KCB, CFC Stanbic and Barclays banks.
Should the two deals come through, Nakumatt will have in its pockets a total of Sh5.8 billion in new cash that Mr Shah says will go into financing regional expansion as well as boosting stocks.
The entry of the European-based investor billionaire Mo Ibrahim is expected to send positive signals about the growth potential into Kenya's retail market and raise Kenya's profile as a viable investment destination.
It would also mark an indirect come-back for the Sudanese-born British national who until mid last year was the majority shareholder in Kenya's second mobile phone service provider then known as Celtel.
Mr Ibrahim is one of the world's most closely watched investors and was named Britain's most influential black person last year, besides also appearing on the Forbes 2008 Rich List and the TIME's 100 list for the last two years.
Mr Ibrahim, who owns a business empire estimated to be worth over $2.5billion (Sh190 billion), made his fortune as a telecoms expert and entrepreneur.
He is the founder of MSI Cellular Investments that he later renamed Celtel International and whose footprints spread over 15 African countries.
In 2005 he sold his flagship company to MTC of Kuwait for a reported $3.4 billion and has since devoted more of his time to philanthropy through his Mo Ibrahim Foundation which awards former African heads of state who demonstrate excellence in leadership in office.
Mr Ibrahim is the chair of Satya Capital's advisory board, which manages a multi-million dollar fund dedicated to investing between $20 million and $50 million in high growth potential businesses in Africa.
Last month, Satya invested $18 million in Nigeria's Hygeia Ltd, a multi-specialist healthcare provider based in Lagos.
The private investment firm also put in an undisclosed amount of money in Guaranty Trust Bank last year and topped up the investment this year.
Guaranty Bank is a Nigeria-based corporate financier with operations in Anglophone West Africa and the United Kingdom.
"Mo invested in mobile telephony in Africa long before everyone else, he has made his money by making the right calls and his interest in the region means there is something interesting," said George Odo, managing director for African Capital Partners, a private equity firm.
Head of fund management at Sanlam Investment Einsten Kihanda said Kenya's relatively fast population growth (estimated at about 2.5 per cent) positions retail business among the high growth potential sectors.
Supermarkets account for about a third of the total retail space in Kenya, according to details in a confidential Uchumi strategic plan seen by Business Daily.
The report ranks Nakumatt as Kenya's leading retail chain by sales revenue while Tuskys Supermarkets comes second in the pecking order.
Other players in the highly competitive field are listed as Ukwala, Chandarana, Stagematt and Woolmatt.
"Nakumatt's expansion into the region is a success story and an investment in the business by an investor of Mo's profile would be seen as a vote of confidence in the management," said Mr Kihanda.
The Sanlam manager said a 30 per cent stake may not necessarily give Satya the leeway to push for an overhaul of Nakumatt management team.
Mr Shah said the new investors would be getting some seats on the executive board of directors.
A series of misfortunes that struck the retailer in the past twelve months and a softening economy which eroded consumers' purchasing power pushed Nakumatt into a liquidity squeeze prompting the current search for an equity partner.
The firm was starved of an estimated Sh240 million in average monthly revenue following demolition of its Thika Road outlet late last year which was said to be sitting on a government road reserve and the razing down of its "down town" city centre store.
The retailer also took a hit in 2006 after the Central Bank of Kenya put its main banker, Charterhouse Bank, under statutory management.
Mr Odo of African Capital Partners said a successful cash injection for Nakumatt may offer a lead as to how Uchumi- Kenya's one time leading supermarket chain that almost went burst following a botched expansion plan- can shore up its capital base.
Last week, Uchumi's receiver manager Jonathan Ciano announced that he would be requesting creditors and the Kenya government (a shareholder) to convert their debts in the firm into equity to facilitate its return to trading at the Nairobi Stock Exchange.
Uchumi has been on a recovery path in the last three years after being placed under receivership in 2006 weighed down by a Sh1.3 billion debt.
Figures provided by Uchumi indicate that out of Sh900 million owed to suppliers, Sh708 million had been cleared.
Mr Ciano added that secured debt owed to banks plus accrued interest that amounts to Sh979 million will be cleared by next week.
Plans to shore up the supermarket's capital base which was eroded during the loss-making years of the first half of this decade have not been successful as two debenture offers to existing shareholders have returned undersubscribed.

http://www.businessdailyafrica.com/...178/-/view/printVersion/-/rqrjyu/-/index.html

 

[Smatta]

Check here on the list of board of directors page 2 to prove that the major owner of Nakumatt is a British and not a Kenyan! his really name is Atul K. M. Shah he also partly own CMC Holdings! That means even before Mo Ibrahim has acquired the shares the company is already british by more than 51%.

http://www.cmcmotors.com/UserFiles/File/cmcsnnuallreport_2007.pdf

When you guys argue please remove your nationalistic emotions! i speak what i know always! having said that i continue to insist Nakumatt, Tusky are not Kenyan but British owned companies incorporated in Kenya! nothing to chest yourself about them since everybody know that land belongs to foreigners and hence the little success you brag about! So are other companies like Kobil, Nationmedia, The Standard, Safaricom, Zain Kenya, EA Brew., unilever Kenya, Bata Kenya, Athi River Mining and so many others RVR railway is on the way also! I usually laugh when i read articles saying Kenya is the second in the list of investors in Tanzania, while in reality the companies belong to British but incorporated in Kenya and are actually expanding or divesting in Kenya and investing in Tanzania! you smatta and certified will remain poor just like me so tear down your boldness!

Let me just tell you one thing, if its not my father's,or mine, why the hell should I care, YETU SI YANGU. Go start something and be proud of what you build as an individual, stop riding on other peoples success, stop getting excited on petty things like who owns what. Get your priorities right, maybe you dont even own ish in Tanzania but you stay talking crap about Kenya. For all I care, Nakumatt could even be owned by the Queen, I wount miss a wink of sleep just because that company is not Kenyan owned, stop being obsessed with petty things, you are missing the larger picture when you stay Googling and Binging stuff of no use and posting them here. Get A Life son.

 

[Kionambele]

Check here on the list of board of directors page 2 to prove that the major owner of Nakumatt is a British and not a Kenyan! his really name is Atul K. M. Shah he also partly own CMC Holdings! That means even before Mo Ibrahim has acquired the shares the company is already british by more than 51%.

http://www.cmcmotors.com/UserFiles/File/cmcsnnuallreport_2007.pdf

When you guys argue please remove your nationalistic emotions! i speak what i know always! having said that i continue to insist Nakumatt, Tusky are not Kenyan but British owned companies incorporated in Kenya! nothing to chest yourself about them since everybody know that land belongs to foreigners and hence the little success you brag about! So are other companies like Kobil, Nationmedia, The Standard, Safaricom, Zain Kenya, EA Brew., unilever Kenya, Bata Kenya, Athi River Mining and so many others RVR railway is on the way also! I usually laugh when i read articles saying Kenya is the second in the list of investors in Tanzania, while in reality the companies belong to British but incorporated in Kenya and are actually expanding or divesting in Kenya and investing in Tanzania! you smatta and certified will remain poor just like me so tear down your boldness!

Indians with British citizenship owning companies incorporated in Kenya.

 

[Certified]

Nakumatt is currently majority owned by the Atul Shah family and Hotnet Ltd, a company associated with Kilome MP Harun Mwau.
http://www.businessdailyafrica.com/...178/-/view/printVersion/-/rqrjyu/-/index.html

I think english is the problem here. Nakumatt has many owners but the majority owners are Shah "and" Hotnet. I am asking you again please provide percentages.

I feel so humbled when you call me a Kibera man coz I know that's it's only when people lack arguments that they result to insults. au sio!!

 

[Geza Ulole]

I think english is the problem here. Nakumatt has many owners but the majority owners are Shah "and" Hotnet. I am asking you again please provide percentages.

I feel so humbled when you call me a Kibera man coz I know that's it's only when people lack arguments that they result to insults. au sio!!

I strongly insist on Shah being the majority owner by shares since the restructuring of the company to expand needed his shares more than the Hotnet. Otherwise you don't see the implication of putting his name on all the transactions that involve restructuring! I will bring the evidence soon to you bragging man since you want to see a 51% ownership! and for your info. i call you a Kibera man cause you seem to be out of touch on what going on in that Kenya but you are quick at bragging here! Kenyans own nothing in that Economy! May be the few elites in politics circle! I assure you so and please stop your nonsense here ati the biggest economy in EA, while in the hands of foreigners! how insane is that to be proud of others success in the UK? I had to do this to make Smatta shutup his unnecessary bragging! ati Nationmedia is the biggest in EA! Yes it is but would sound better if was owned by a Kenyan something you failed as a nation! And for your info. Smatta i am never proud of my fellow Tanzanian accumulated wealth since you never see me saying ati IPPMedia is Tanzanian or TIOT is or Precisionair is or Shelly's Pharmaceutical is! i have no time for that, i cherish them and get motivated may be if i work hard i can be one of them!!

 

[eliakeem]

I strongly insist on Shah being the majority owner by shares since the restructuring of the company to expand needed his shares more than the Hotnet. Otherwise you don't see the implication of putting his name on all the transactions that involve restructuring! I will bring the evidence soon to you bragging man since you want to see a 51% ownership! and for your info. i call you a Kibera man cause you seem to be out of touch on what going on in that Kenya but you are quick to bragg here! Kenyans own nothing in that Economy! may be the few politicians circle! I assure you so and please stop your nonsense here ati the biggest economy in EA while in the hands of foreigners! i had to do this to make Smatta shutup his unnecessary bragging! ati nationmedia is the biggest in EA! Yes it is but would sound better if was owned by a Kenyan something you failed as a nation!

Kenya needs a true liberation because after the departure of Britain, they (wazungu) setted some agents ''tentacles'' kunyonya mali kupeleka Uingereza. The tentacles were/are the guys in power plus few Indians businessmen. They yielded and still reaping a lot and leaving our fellow nomasana and smatta with some leftovers so as to make them feel that they also are in 'bell jar' but in fact not.

There is a ''mistery of capital''. Coz both land together with seasoned and sound businesses are owned by British remotely and latenly.
Now insteady of claiming that you are good in queen's language which is b.s, start now to fight against ukoloni mamboleo. I believe you can because you have some few elites in your country. Haiwezekani one man possess 1000 acres while a good number of wananchi tenting along the roads. this is shame. I'm agree with Certified, who seems to understand the problems of his people, mentained that "the kenyans need support from the neighbours to achieve the well redistributive land reform". Actually, this is the focal solution of their major problem of a deadly income disparities. EAC is not a solution to kenyans as some think. For those who understand the problems of kenya, they can conclude that EAC is just a way planned by kenyans leaders to preempty the wananchi so as not to think on the mega issue of injustice (e.g impunity and the like) in the society.
From now onwards YOUR THOUGHTS SHOULD BE "OUR LAND OUR SOVEREIGNITY".
I remain.