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Tuesday 16 July 2013
France Telecom closes door on Treasury
France Telecom closes door on Treasury
A man walks past an Orange Telkom shop in Nairobi’s CBD. FILE
By MARK OKUTTAH
Posted Monday, July 15 2013 at 20:20
Posted Monday, July 15 2013 at 20:20
In Summary
- The French multinational on Monday said it will not extend the June deadline for the government to inject Sh2.4 billion into Telkom Kenya.
- The Treasury failed to allocate the cash, part of the operator’s Sh10 billion rights issue, by the set deadline.
France Telecom has closed the door on fresh
negotiations with the Treasury that would raise the government’s stake
in Telkom Kenya above 30 per cent.
The French multinational on Monday said it will
not extend the June deadline for the government to inject Sh2.4 billion
into Telkom Kenya, that would have raised Treasury’s stake to 40 per
cent.
The Treasury failed to allocate the cash, part of the operator’s Sh10 billion rights issue, by the set deadline.
Economic secretary Geoffrey Mwau last month said
Cabinet will consider the rights issue and make a final decision, but
France Telecom is not keen on talks over the cash call.
“I confirm to you that there will be
no negotiations. The capital structure will remain unchanged at 70:30,”
Olivier Emberger, a press officer at France Telecom told the Business Daily in an e-mail.
The new structure gives the French firm bigger
influence in the board and executive suite of the cash-strapped telco,
as well as a bigger share of the prime land, buildings and
telecommunication equipment that Telkom Kenya owns.
The government’s stake in Telkom Kenya stood at 49
per cent in November, but dropped to 40 per cent in December following a
Sh34 billion balance sheet restructuring plan.
This further dropped to 30 per cent in June after the Treasury failed to raise Sh2.4 billion for the cash call.
France telecom provided its share of Sh5.1 billion
in the rights issue called to address Telkom Kenya’s financial
difficulties. The government offered Sh2.5 billion.
Treasury had tied the release of the cash to
improved performance of the loss-making Telkom Kenya and the condition
of the national Budget.
France Telecom is eyeing additional seats on the
board of Telkom Kenya. It current has five seats while the Kenya
government has four.
“The dilution of Treasury’s stake means that the
government will have less clout in the management of the loss-making
company,” Standard Investment Bank said in an earlier brief to their
clients.
Reduced voting rights and smaller board
representation at Telkom is expected to make it difficult for the Kenya
government to push its agenda.
kenyan hiphop reloaded : listen and be the judge
http://wilfrednamamba.blogspot.com/2013/07/former-prime-minister-raila-odingas-aid.html
Former prime minister Raila Odinga's Aid summoned to the CID
CID summons former Raila aide Eliud Owalo
Former Prime Minister Raila Odinga’s aide Eliud Owalo has been summoned
to the Criminal Investigations Department (CID) over allegations of a
plot to destabilise the government July 16, 2013. FILE
By ISAAC ONGIRI iongiri@ke.nationmedia.com
Posted Tuesday, July 16 2013 at 11:48
Posted Tuesday, July 16 2013 at 11:48
Former Prime Minister Raila Odinga’s aide Eliud
Owalo has been summoned to the Criminal Investigations Department (CID)
over allegations of a plot to destabilise the government.
Mr Owalo told the Nation he will honour the summons but raised fears the Jubilee government has hatched a plan to silence government critics.
"I am surprised about this. It
is true I have been summoned to appear before the CID. I will do that
today (Tuesday) at 4pm," he said.
Mr Owalo was the head of the Raila Odinga Presidential Secretariat in the run-up to the March 4 General Election.
He is still coordinating Mr Odinga’s activities including organising his local and international events.
“I am deeply perturbed to have
received a call from one Mr Cheruiyot this morning summoning me to CID
headquarters to “clarify certain issues”.I informed him that my
lawyer, James James Orengo will get in touch with him to arrange an
appropriate time for the same,” he stated.
It is unclear what the CID are
investigating but sources indicated that Mr Owalo would be questioned
on certain intelligence informational made available to the police.
Wangui Gitonga is miss world kenya 2013
After weeks of preparing for the beauty pageant which included a lot
of pageant competition training and primping classes, 10 beautiful
hopeful contestants gave their final best shot last Friday for a chance
to be crowned the most beautiful girl in Kenya and 23 year old Wangui Gitonga, a Linguistics student at German school emerged the winner.
Wangui who describes herself as humble and resilient could not believe the coveted crown was all hers and she couldn’t help but shed tears of joy. She explains that with her discipline and her newly acquired title she will try and help change lives for young boys and girls who are facing sexual exploitation across the country. Besides the beautiful crown, which she took over from the outgoing Miss World Kenya 2012 Shamim Nabil , Ms Wangui took home a check worth Ksh1 Million.
The 1st Runner-up was 21 year old Leah Tesfamariam, a
first year International Relations student at Maseno University who
took home a cash prize of Ksh100, 000 and the 2nd runner-up prize went
to 21 year old Sophia Umwiza a student at Mass Communication Multimedia University who took home a cash prize of ksh50, 000.
The other contestants were Ubah Musa, Tabitha Maina, Yvonne Amondi, Purity Michael, Paynette Nyawara, Janet Tianda and Alice Mutiso. Ubah Musa was crowned Miss Congeniality.
The Miss World criteria for choosing the fairest among all requires
that aside from being at least 5’7 tall and slight in weight, a beauty
queen should have flawless skin and a near perfect dental formula. It
would seem Wangui has what it takes according to the Miss World Kenya
beauty pageant judges. Wangui will represent Kenya in the 2013 Miss
World competition to be held in Indonesia in September
Wangui who describes herself as humble and resilient could not believe the coveted crown was all hers and she couldn’t help but shed tears of joy. She explains that with her discipline and her newly acquired title she will try and help change lives for young boys and girls who are facing sexual exploitation across the country. Besides the beautiful crown, which she took over from the outgoing Miss World Kenya 2012 Shamim Nabil , Ms Wangui took home a check worth Ksh1 Million.
Shamim Nabil. Miss World Kenya 2012
The other contestants were Ubah Musa, Tabitha Maina, Yvonne Amondi, Purity Michael, Paynette Nyawara, Janet Tianda and Alice Mutiso. Ubah Musa was crowned Miss Congeniality.
Ubah Musa crowned Miss Congeniality
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