muandiwambeu wrote:Ericsson wrote:At the opening of the mall today by President Uhuru Kenyatta Chinese ambassador spoke about this been one of chinese biggest investments in Kenya.He spoke on behalf of AVIC.
Several managers of Old Mutual properties/South Africans were also present.
The total investment in Two Rivers mall is $270mn.
For this mall the chinese and Old Mutual properties really pressed hard on Centum as they were desperate for someone to bail them out to complete the mall.
That is why James Mworia body language wasn't inspiring.Shareholders of Centum biggest losers.
The shareholding of the mall is as follows;
Old Mutual Properties---50%
Centum---29%
AVIC---18.9%
ICDC---2.1%
Me too can't be inspired. How do you chinja a fully grown chicken only to end up with the cursed wing. Horrible.
I am happy with 29%! We can't talk about a possible over supply in mall space and still slate Centum for having limited exposure in that space, circumstances that led to that not withstanding.
Again, that's just the nature JVs. If you don't have the money to go it alone then you need to humble yourself and do what it takes to get the money to complete the project while protecting your interest. It's better to do a JV rather than have a stalled project. Sometimes heri nusu shari kuliko share kamili.
Additionally, Centum has been able to continue to diversify it's portfolio. No matter how promising something looks diversification wins in the end.
Also don't forget that Two-Rivers mall which sits on around 11 acres is just a small part of a bigger project. Centum is still the majority owner in the bigger project which sits on the balance from 102 acres.
Even for the remainder of the project, if they do JVs, the better!
There are too many opportunities all around. Open your eyes and maybe you'll spot one