sparkly wrote:chiaroscuro wrote:sparkly wrote:KQ 4.90; Kenya Re 3.90
KQ never made a profit for 7 yrs, negative equity, no dividends.
Kenya Re profitable, positive shareholder funds, regular dividend payments.
KQ trades a full one bob above Kenya Re. If this is not witchcraft, I dont know what it is.
To protest this situation, I will refrain from posting on investment section until Kenya Re trades above KQ.
I hope it will happen soon.
In note 2(e) of the audited financial report of KQ - 31/12/2018 - the auditors warn as follows:
"This indicates the existence of a material uncertainty which may cast significant doubt on the Group and Company's ability to continue as a going concern and therefore, may be unable to realize its assets and discharge its liabilities in the normal course of business."
The problem is that people don't read these things!
People read parliamentary committee reports.
People don't read those parliamentary committee reports either: the read what the newspapers say about the report.
The parliamentary committee report on KQ is useless to say the least. It has some serious errors - like claiming that KQ made a profit of Sh4bn in HY 2018!
It also does not say how the existing shareholders will be compensated - hii maneno ya bonds was just a mere "observation" by the committee but NOT a recommendation!
BTW: the word "insolvent" appears only once in the entire report; the word "bankrupt" does NOT appear anywhere! These MPs just went to collect sitting allowances and per diems!