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I'm an Athi River Mining shareholder
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muganda
#1 Posted : Tuesday, March 16, 2010 4:05:18 PM
Rank: Elder

Joined: 9/15/2006
Posts: 3,907
...and I'm not ashamed to say it.

Despite challenging economic conditions globally and the drought locally, the Company took proactive measures to protect and grow its business. Sales in all the divisions increased and group turnover was up by 11%. The Company maintained its gross margins at 36% through further operational efficiencies. Profit after tax grew by 28%'

http://www.nse.co.ke/new...0/Announcements/ARM.pdf
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  | | Edit by user: Tuesday, March 16, 2010 4:06 PM | Reason: link
Gordon Gekko
#2 Posted : Wednesday, March 17, 2010 4:31:18 AM
Rank: Elder

Joined: 5/27/2008
Posts: 3,760
I'm a member too, with less than 20 shares. I'm however shocked that the subsidised fertiliser was found at their plant being repackaged. Very dissappointing and a great vote for their corporate social responsibility.
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cnn
#3 Posted : Wednesday, March 17, 2010 7:10:13 AM
Rank: Veteran

Joined: 6/17/2009
Posts: 1,627
Shame on them,what were they thinking getting involved in corruption and stealing from poor kenyans.A big scar on their corporate image.So can they now strip gains from illeguraly acquired raw materials from their accuonts..we want to see the real picture..LOL.
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Njung'e
#4 Posted : Wednesday, March 17, 2010 7:36:01 AM
Rank: Elder

Joined: 2/7/2007
Posts: 11,935
Location: Nairobi
@Muganda,
You are not ashamed of THIEVES??...I have some shares too but this is absolutely disappointing.
Nothing great was ever achieved without enthusiasm.
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sheep
#5 Posted : Wednesday, March 17, 2010 7:40:25 AM
Rank: Veteran

Joined: 7/24/2008
Posts: 781
I had so much hope for this company,and in fact I am very well invested in it.If the management has become rotten,I expect a lot of pain to investors in the future.
The utimate goal of investing is to buy low sell high;if we re-write this core equation in psychology terms it becomes buy fear sell greed.
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tonicasert
#6 Posted : Wednesday, March 17, 2010 8:05:37 AM
Rank: Member

Joined: 3/10/2008
Posts: 301
Location: Abu Dhabi
Can someone post a link where I can check the fertilizer story on ARM?
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muganda
#7 Posted : Wednesday, March 17, 2010 8:06:20 AM
Rank: Elder

Joined: 9/15/2006
Posts: 3,907
Wololo yaye - before I throw a stone, please provide a link/source. I've not found these allegations on the web.
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Gordon Gekko
#8 Posted : Wednesday, March 17, 2010 9:50:49 AM
Rank: Elder

Joined: 5/27/2008
Posts: 3,760
@muganda, this was on 9pm news last night. Being a channel hopper I can't remember which channel it was between KTN, NMG and Citizen. But they showed seriously incriminating footage. And to be fair to you, your initial post was before the TV news.
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  | | Edit by user: Wednesday, March 17, 2010 9:52 AM | Reason: Not specified
BGL
#9 Posted : Wednesday, March 17, 2010 10:25:20 AM
Rank: Veteran

Joined: 10/11/2009
Posts: 1,223
Yes these ARM guys are another bunch of shameless thugs....WEZI!... Ruto move with speed and shutdown this factory as investigations and arraigning of the culprits in a court of law. They steal govt of Kenya branded fertilizer and repackage it as their own..... what punishment befits such a listed company?

http://www.youtube.com/watch?v=wsgaAj_HbTA
History will not remember you for your IQ. It will remember you for what you did. “Genius is 1 percent inspiration, 99 percent perspiration.” Thomas Edison
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  | | Edit by user: Wednesday, March 17, 2010 10:34 AM | Reason: Not specified
VituVingiSana
#10 Posted : Wednesday, March 17, 2010 11:53:27 AM
Rank: Chief

Joined: 1/3/2007
Posts: 18,349
Location: Nairobi
People... I am sure this is NOT a matter of ARM the company but corrupt employees...

ARM sells thousands of bags of quality fertilizer...

I think some ARM employees bought the cheaper (lower quality) fertilizer & used MAVUNO bags to dupe the public!

Same thing happens with fake cigarettes & cement re-packaging
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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