Centum join Cyton in premium tears

[RV Pundit]

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CENTUM has reported KSh1.98 Billion Half-Year Loss for the period that ended on 30th September 2020. The biggest loss in the history of the company

[Kadudu]

The problem with entities like Centum is that they live from political leverage. Come 2022 and Centum might take the same route like Transcentury.
Already the coal plant in Lamu is dead with all financers having jump ship.

[RV Pundit]

Yes Kirubi has knelt before Moi then Kibaki then Uhuru - and that is how business survive - patronage from gov.

The problem with entities like Centum is that they live from political leverage. Come 2022 and Centum might take the same route like Transcentury.
Already the coal plant in Lamu is dead with all financers having jump ship.

[hk]

Centum has been revaluing illiquid asset like real estate and that's what been propping up profits. Centum has sold its cash cows, coca cola bottlers, kenya wine agencies and invested on real estate  e.g two rivers and vipingo . Their investment on sidian bank has been disastrous . Mworia is out there parroting that centum has a "land bank" i.e overpriced real estate that they can't liquidate quickly. Basically centum doesn't have any key competence in specific field.

[KenyanPlato]

Centum has been revaluing illiquid asset like real estate and that's what been propping up profits. Centum has sold its cash cows, coca cola bottlers, kenya wine agencies and invested on real estate  e.g two rivers and vipingo . Their investment on sidian bank has been disastrous . Mworia is out there parroting that centum has a "land bank" i.e overpriced real estate that they can't liquidate quickly. Basically centum doesn't have any key competence in specific field.

How do these companies get through GOING CONCERN evaluation?

Kirubi like every other KE oligarch has become senile over time. His ego is so big to let someone else takeover and run the company. He will die with the company. Investing in a MALL in kenya where midro crass is fragile and heavily leveraged is nonsense. I could smell this from this far but Kirubi could see it coz he is an old school fart that cannot think digital

[Nowayhaha]

Centum has been revaluing illiquid asset like real estate and that's what been propping up profits. Centum has sold its cash cows, coca cola bottlers, kenya wine agencies and invested on real estate  e.g two rivers and vipingo . Their investment on sidian bank has been disastrous . Mworia is out there parroting that centum has a "land bank" i.e overpriced real estate that they can't liquidate quickly. Basically centum doesn't have any key competence in specific field.

How do these companies get through GOING CONCERN evaluation?

Kirubi like every other KE oligarch has become senile over time. His ego is so big to let someone else takeover and run the company. He will die with the company. Investing in a MALL in kenya where midro crass is fragile and heavily leveraged is nonsense. I could smell this from this far but Kirubi could see it coz he is an old school fart that cannot think digital

The hustlers call it kusafisha pesa.
FBI call it money laundering
Politicians call it lobbying money.
Kirubi is filthy rich, that a fact you are not .

[Nefertiti]

Centum has been revaluing illiquid asset like real estate and that's what been propping up profits. Centum has sold its cash cows, coca cola bottlers, kenya wine agencies and invested on real estate  e.g two rivers and vipingo . Their investment on sidian bank has been disastrous . Mworia is out there parroting that centum has a "land bank" i.e overpriced real estate that they can't liquidate quickly. Basically centum doesn't have any key competence in specific field.

Mworia is another "Dr" Gachao Kiuna - a pharmacist - who after 2 year as McKinsey "strategic analyst" attempted to replay the miracles at Transcentury. He ended up with a collection of bankruptcies as "assets." Mworia, Kiuna, Mugo Kibati are Ivy League paper tigers that never ran a single successful venture.

Kibati after 2 minutes of fame at Vision 2030 ran EA Cables, Panafrica Insurance, Sanlam, M-Kopa, L.Turkana Windpower, and now Orange Telkom into the ground. Basically a cv of failures with shiny papers from MIT.

Mworia is just a gambler like Kiuna and Kibati. His first gig was Transcentury under Kibaki patronage - then Centum and the series of Kakuzi, Two-Re, Sidian Bank flops. Only a retard could not tell real estate bubble was headed to the dogs - I recall debating here with Pundit and MOON Ki 5 years ago. Together with Britams these geniuses put up a series of malls - complete with asset management department to milk the "redhot" market. A 3rd tier bank like K-Rep really- how was that going to beat Equity?

I would say the Kenya startup scene is ripe for a serious investment banker but Mworia doesn't have the chops for that. Kirubi need to hand over to a local Frank Quattrone - a Jimnah Mbaru type. Likes of Irungu Nyakera was promising but disappeared after few years. These blokes ride out their luck and conflate it with chops until the chickens come home to roost.

[Nefertiti]

Pundit probably has some glittery papers - Phd in IT management - from Sunderland or some Ivy knockoff. That he hide from us to avoid criticism.

[RV Pundit]

These are mature investment funds owned by Old Wazee. If you run them - you have to be conservative - and so real estate is number one. So yes all that MIT is basically wasted if you're working for old money. Now if you're talking Silicon Valley venture capitalism - this is where all their MIT/PHD could be used - like Makatiani with his Fanisi capital although he invest in schools and such - but ultimately in Africa - finding a good company to invest in - is nearly impossible.

The model that seem to work - is Bahindi model - come with your MIT - go into family business - try to grow and expand it. Alternatively if you're a hustler start your own thing - and try to grow it up.

Mworia is another "Dr" Gachao Kiuna - a pharmacist - who after 2 year as McKinsey "strategic analyst" attempted to replay the miracles at Transcentury. He ended up with a collection of bankruptcies as "assets." Mworia, Kiuna, Mugo Kibati are Ivy League paper tigers that never ran a single successful venture.

Kibati after 2 minutes of fame at Vision 2030 ran EA Cables, Panafrica Insurance, Sanlam, M-Kopa, L.Turkana Windpower, and now Orange Telkom into the ground. Basically a cv of failures with shiny papers from MIT.

Mworia is just a gambler like Kiuna and Kibati. His first gig was Transcentury under Kibaki patronage - then Centum and the series of Kakuzi, Two-Re, Sidian Bank flops. Only a retard could not tell real estate bubble was headed to the dogs - I recall debating here with Pundit and MOON Ki 5 years ago. Together with Britams these geniuses put up a series of malls - complete with asset management department to milk the "redhot" market. A 3rd tier bank like K-Rep really- how was that going to beat Equity?

I would say the Kenya startup scene is ripe for a serious investment banker but Mworia doesn't have the chops for that. Kirubi need to hand over to a local Frank Quattrone - a Jimnah Mbaru type. Likes of Irungu Nyakera was promising but disappeared after few years. These blokes ride out their luck and conflate it with chops until the chickens come home to roost.

[Arcadian_Dreamer]

How do these companies get through GOING CONCERN evaluation?

Kirubi like every other KE oligarch has become senile over time. His ego is so big to let someone else takeover and run the company. He will die with the company. Investing in a MALL in kenya where midro crass is fragile and heavily leveraged is nonsense. I could smell this from this far but Kirubi could see it coz he is an old school fart that cannot think digital

Yes sir! Exactly. Those investments don't pass the smell test.

[KenyanPlato]

There are claims that kirubi lied to south african investors about profitability or viability of two rivers. It seems two rivers is kirubis last stand. I saw his last desperate stand.

[RV Pundit]

It was HACO-Tiger. He eventually bought it back. Two River - he made a deal with Chinese who constructed it - to own part of it - in liue of  being paid construction money.

Kirubi has a son who is big shot in DHL - why he is not keen to come to Kenya and run his father stable? I don't know.

There are claims that kirubi lied to south african investors about profitability or viability of two rivers. It seems two rivers is kirubis last stand. I saw his last desperate stand.

[KenyanPlato]

Kirubi is narcissist. Until he is dead his kids cant be near him. Michuki was a bully and he ruined all his sons. They are low energy fools. Before michuki died he developed properties near windsor. According to sources after pev his foreign partners left him holding the bag. He was so cash straved in his last days. As for two rivers how is it doing? I saw uhuru there dragged by sickly looking kirubi to rescue a sinking titanic

[RV Pundit]

Two rivers...well there are 5 malls around Runda area..so I am sure it's struggling..but construction is ongoing. It's middle of nowhere..kirubi must develop the 200 acres into apartment and office blocks...so those residences can shop in two rivers.

Kirubi is narcissist. Until he is dead his kids cant be near him. Michuki was a bully and he ruined all his sons. They are low energy fools. Before michuki died he developed properties near windsor. According to sources after pev his foreign partners left him holding the bag. He was so cash straved in his last days. As for two rivers how is it doing? I saw uhuru there dragged by sickly looking kirubi to rescue a sinking titanic

[KenyanPlato]

How are the other malls? Are they doing well?

[RV Pundit]

only village market is doing great...the iranians have grown it organically...now it bigger and better.

How are the other malls? Are they doing well?

[Kadudu]

Kirubi conned the South Africans into buying HACO using inflated sale figures. He blamed his then MD of the company and knowing Kirubi, he must have known what was cooking. Kirubi bought HACO back, but at a cheaper price than he had sold it. So he made a profit in the deal after all.

It was HACO-Tiger. He eventually bought it back. Two River - he made a deal with Chinese who constructed it - to own part of it - in liue of  being paid construction money.

Kirubi has a son who is big shot in DHL - why he is not keen to come to Kenya and run his father stable? I don't know.

[RV Pundit]

It was none other than Polycarp Igathe - the Nairobi Deputy Governor whom Sonko got better of - he is a conman as smooth as Kirubi. I guess he learnt to be smooth operator from Kirubi.

Kirubi conned the South Africans into buying HACO using inflated sale figures. He blamed his then MD of the company and knowing Kirubi, he must have known what was cooking. Kirubi bought HACO back, but at a cheaper price than he had sold it. So he made a profit in the deal after all.

[Fairandbalanced]

I wonder why all these man go into business, employ thousands of people, business is risky, it’s not as easy as stealing like Ruto. I own multiple properties here in the USA, never thought I would become a hero for telling my tenants that they are rent free until the pandemic ends. All these people invested thinking Kenya is going to a middle class economy, you cannot do that with the kind of stealing Ruto does.

[Arcadian_Dreamer]

I wonder why all these man go into business, employ thousands of people, business is risky, it’s not as easy as stealing like Ruto. I own multiple properties here in the USA, never thought I would become a hero for telling my tenants that they are rent free until the pandemic ends. All these people invested thinking Kenya is going to a middle class economy, you cannot do that with the kind of stealing Ruto does.

Businesses are fine as long they are not too big. We are in the wrong kind of businesses also, not enough makers, lots of rent seekers.

I don't believe an Okuyu will forgive his tenants rent, tell that to the birds.