Mungai Kihanya's alarm on the @QuickmartKenya "hot air" sale cannot be wished away wholesale. Here is why.
♦️ QuickMart gets nothing. No new shares will be issued, and QuickMart will receive none of the proceeds. This is an exit. It is not a capital raise.
♦️ The owners got paid first. QuickMart has already paid Sokoni KES 1.1 billion for the first half of 2026, booked as a shareholder's advance tied to interim dividends. That happened before the public bought a single share.
♦️ Follow the money. If the offer is fully taken up, Adenia alone walks away with about KES 7.62 billion.
♦️ The model runs on suppliers' money. The CEO says QuickMart pays suppliers after 60 days but usually sells the stock within a month. That gap is supplier float. Nakumatt, Tuskys and Uchumi ran on the same float. When it snapped, farmers and suppliers paid.
♦️ The assets are pledged. The CR12 @mungaikihanya shared shows three active debentures. KES 1bn in 2021. KES 600m in 2022. KES 250m in 2024. Lenders stand ahead of shareholders.
♦️ There is no safety net. The offer isn't underwritten, so no bank has promised to buy the shares the public leaves.
♦️ The cornerstone needs scrutiny. @IFC has conditionally committed KSh1.94 billion for a 6.5% stake. Is IFC also an investor in Adenia's funds? If yes, it sits on both sides of the deal. Disclose it.
♦️ Margins are thin. First-half 2026 revenue was KSh 27.27 billion against profit after tax of KSh 872.8 million. That is about 3 shillings in every 100.
♦️ To be fair, the price is not absurd. It works out to roughly 12.9 times projected earnings, with a promised yield near 6.7%
♦️ The listed grocery peers used for comparison trade at a median of 17.7.
But a fair price does not cure thin disclosure.
♦️ @CMAKenya must demand full answers on supplier payables, related-party links and the cash taken out before listing.
♦️ Read the information memorandum. Not the adverts @NSE_PLC@Diop_IFC@WorldBankKenya@KeTreasury@PrivatisationKE
Mickey Haller dismantles Officer Collins's testimony on the stand, exposing critical flaws and contradictions in the traffic stop that framed him. The Lincoln Lawyer🎬
I’m so glad I watched this. They truly don’t make shows like this anymore. The kind of show that takes you back and reminds you why you fell in love with TV in the first place. 🥹🔥
Yesterday evening, @citizentvkenya did some of God's work. Walifinya RAIS WA LIES shingo akashindwa kupumua. Waiting for the government mandarins to go & demonstrate hapo Royal Services. God bless you, @YvonneOkwara#Wantam
"The commission finds it is a genocide"
– Navi Pillay, Nobel Peace Prize laureate, the former head of the UN Commission of inquiry on the occupied Palestinian territory.
Zimbabwean businessman Wicknell Chivayo used to frequent State House to collect money from Ruto to go and bank oversees. Sasa campaign money and stolen SHA, Affordable Housing and taxes have gone down with him in a helicopter crush.
Boardlot Updates:
EQUITY bank CEO James Mwangi issues mandate for all staff to obtain AI training or exit the bank. The bank will pay for the training. Mwangi issued the mandate in a staff meeting.
Equity has 13k+ employees, half of them in Kenya