Net repayments in cash includes 2.9B to Floating Note holders and 3B to RMB. All this totals 5.9B. New borrowings from RMB is 5B. This means the company repaid only 0.9B from its own reserves not including the dilutive 1.3B equity linked note holders who were paid in shares. But yes they repaid 7.2B but not from internally generated funds as asserted.

A rich tourist comes to town. He enters the only hotel, lays a 100 dollar bill on the reception counter, and goes to inspect the rooms upstairs in order to pick one.

The hotel proprietor takes the 100 dollar bill and runs to pay his debt to the butcher. The Butcher takes the 100 dollar bill and runs to pay his debt to the pig raiser. The pig raiser takes the 100 dollar bill and runs to pay his debt to the supplier of his feed and fuel. The supplier of feed and fuel takes the 100 dollar bill and runs to pay his debt to the town’s prostitute that, in these hard times, gave her “services” on credit. The hooker runs to the hotel, and pays off her debt with the 100 dollar bill to the hotel proprietor to pay for the rooms that she rented when she brought her clients there.

The hotel proprietor then lays the 100 dollar bill back on the counter. At that moment, the rich tourist comes down after inspecting the rooms, and takes his 100 dollar bill, after saying he did not like any of the rooms, and leaves town.

No one earned anything. However, the whole town is now without debt, and looks to the future with a lot of optimism.

[quote=alotoftalk]This 35% mark-down (KES 1.6 B) of their holding in Isuzu EA (formerly GMEA) is worrying.

Despite the fact that Centum has had some very good exits of historical assets (KWAL, UAP etc.), it begs the question of which other 'PE' type assets in their current portfolio are over-valued?

http://www.businessdaily...00190-qx8ii8/index.html[/quote]
Not bad at all...real estate portfolio is the crown in the jewel now...still more value to be realized