@Obiero How has your portfolio done in the last 24-36 months?

please check the thread, 'worst mistakes in investing'.. therein I have given all my NSE trade details since 2006

Yes, but that is a juakali estimate. I say so since most bulk trades were done in the last four years. Bought my first 100 HF shares in 2006 and rarely had enough money to obtain more than KES 5,000 worth of shares at a go, since I had invested relatively huge sums in real estate projects at Kitengela, Embakasi, Kakamega & Kisii; which have now brought in steady rental income that I can spare; hence increased frequency of stock purchases in last few years

Banks are not supposed to be in the business of business per se. Section 3.4.1 (b) of the Guideline on Prohibited Business contained in the Central Bank of Kenya Prudential Guidelines states that the Banking Act prohibits an institution from acquiring or holding, directly or indirectly any part of the share capital of, or otherwise have a beneficial interest in any financial, commercial, agricultural, industrial or other undertaking, where the value of the institution’s interest would exceed in the aggregate 25 per cent of the institution’s core capital. --> Very red flag on this bank. CBK should be watching.

In fact, the IM tepidly posits that the mitigant: “As a policy the company does not open stores in locations that are in close proximity to other Uchumi outlets and does not therefore cannibalise their existing stores.” The IM in totality raises several questions on the historical business case of Uchumi and warranted a fairly robust and extensive due diligence before any shilling was disbursed on closure date.

It is actually quite disingenuous for any institutional investor to claim that they relied solely on an Information Memorandum to make an investment decision equating to 22.7 per cent of their core capital. That’s the stuff that fairy tales are made of.