So what’s ahead for Safcom?
Some facts;
Formed in 1997 as a fully owned subsidiary of Telkom Kenya. In May 2000, Vodafone group Plc, acquired a stake in it.
IPO Amount:
25% before the end of 2007
Current ownership:
Telkom Kenya Ltd. - 60%
Vodafone PLC - 35%
Mobitelea Venture - 5%
Estimated worth:
As of 2006 safcom was worth about $2 billion (240 billion Kshs).
Results:
In March 2007 the company declared pre-tax profit of 17.19 billion shillings, up 40 percent on the previous year.
Contentious
Many questions are flying around on Whom, How, What, Why, When this mysterious company Mobitelea acquired the 5% which was previously 10%.
A quick background check on Mobitelea reveals that it is registered in Guernsey under 2 nominee companies. Talk about identity protection. Just wonder whether a travel down to this tax haven would reveal much more?
My concern is that having pulled through the Goldenberg and Anglo-leasing scandals, this may be another one in the making. More details are also available here marsgroupkenya .
QUESTIONS
- What can the government do to address these contentious issues?
- Should the IPO go ahead as planned?
5 comments:
1sy things first. I think many are missing the pt. So what we find who are mobitelea? Yes, even if we are not going to ask them to donate the 5% TO Kenyans, its a miniscule but important step against corruption.
As for the questions.
What did Vodafone get for their $20m is 30% or 35%? If they got 30%, then there is a very strong impetus for going after this 5%. If they got 40% and gave 10% to Mobitelea, then for sure the $20m was a big discount.
As to who is Mobitelea, the closest we have to knowing this is thru the UK's Guardian article http://www.guardian.co.uk/kenya/story/0,,2014579,00.html. They got to Anuilla & Antigua and the trail went cold. There is a precedent for getting the remaining info-have alooked at this storyhttp://www.globalwitness.org/media_library_detail.php/556/en/congo_is_presidents_son_paying_for_designer_shoppi and especially the one titled "long_beach_beneficial_ownership"
I beg to differ,there are only TWO shareholders in Safaricom-Vodafone(K) Ltd and Telkom.
Mobitelea is a shareholder of Vodafone K LTd.
So the dispute is a non-issue since the shareholding of Vodafone K Ltd a private Co. is a private matter.
Pesa-tu. Both statements are valid. Legally, there are two shareholders. If I was an auditor or a lawyer, I'd tell you that there are 3 shareholders who benefit economically from Safaricom today (Telkom, Vodafone and Mobitelea).
In my messy comment above, my arguement is this, if Vodafone paid $20m for a 40% stake BUT paid $5m to Mobitelea PLUS a share in their 40%, that means they got the 40% at an illegally low price.
from what i know so far about the mobitelea deal, it doesnt smell too good and my take on it would be slow down the IPO until the following is cleared
Did they pay their dues to the government directly or via Vodaphone remember at some point they owned 10% then reduced it to 5%,
who are the real owners of this company, if they are part of the previous or current government then some questions need answering
I am hearing a story that the owners (notice the use of plural apparently the beneficiries are many) of the 5% may are about loose it!
Post a Comment