Showing posts with label Insurance. Show all posts
Showing posts with label Insurance. Show all posts

Wednesday, 17 August 2016

Pan Africa Insurance Holdings Limited has rebranded to Sanlam Kenya

Pan Africa Insurance Holdings rebrands to Sanlam Kenya

By Nicholus Nduati
Pan Africa Insurance Holdings Limited has rebranded to Sanlam Kenya, a financial services group currently listed on both the Johannesburg and the Namibian Stock Exchange.
Sanlam Kenya CEO Mugo Kibati says the rebrand has positioned the firm to offer Kenyans greater access to a comprehensive and tailored range of insurance and investment financial solutions.
The rebrand according to Kibati aims to offer Kenyan shareholders, clients and other stakeholders the added comfort and security of doing business.
Currently, Sanlam Kenya enjoys an estimated market share of 8 percent in the Kenyan life insurance industry.
The move sees Pan Africa Insurance Holdings subsidiaries, Pan Africa Life, Pan Africa Asset Management, Gateway Insurance and PA Securities also rebrand to Sanlam Life Insurance, Sanlam Investments, Sanlam General Insurance and Sanlam Securities respectively.
Sanlam Kenya has lined up a variety of general insurance and investment financial products to be launched soon.
The Sanlam Group currently has businesses in 33 countries across Africa and first acquired a stake in Pan Africa Insurance Holdings Limited in 2006, following Sanlam’s acquisition of African Life Assurance Group.

Pan Africa Life Insurance/Assets now Sanlam Kenya set to offer products through Mobile Phones

Sanlam Kenya, formerly Pan Africa Life Insurance, has disclosed plans to offer insurance products through mobile phones in an effort to boost uptake. 
By GEORGE NGIGI


Posted  Wednesday, August 17   2016 at  18:19  http://www.businessdailyafrica.com/Sanlam-Kenya-plans-insurance-products-through-mobile-phones/539552-3348240-item-0-nh24stz/index.html 
IN SUMMARY
  • The system upgrade by the insurer was, however, problematic resulting in the loss of clients and intermediaries following delays and inaccuracies in premium calculation.
  • Linda Jamii is a micro-health cover that was launched in January 2014 together with Safaricom and Changamka Microinsurance targeting the underserved low end of the market.
Sanlam Kenya, formerly Pan Africa Life Insurance, has disclosed plans to offer insurance products through mobile phones in an effort to boost uptake.in
The insurer last year upgraded its systems to support introduction of new technology-driven services.
Insurance penetration in the country has remained low especially in life business, which is viewed as a preserve of the wealthy.
“The only way to increase penetration of insurance is to use different means away from the traditional agency operation to include digital operations and partnerships,” said Mr Ian Kirk, the chief executive of Sanlam Group.
He, however, declined to disclose the time-lines in which the company is expected to launch the mass market products.
Insurance agents and brokers are the source of 83 per cent of business booked by insurers in the Kenyan market.
The system upgrade by the insurer was, however, problematic resulting in the loss of clients and intermediaries following delays and inaccuracies in premium calculation.
Sanlam’s new life business sales for last year declined by 19 per cent leading to shrinkage of its market share to eight per cent at the end of 2015 from 9.8 per cent a year earlier, according to data from the Insurance Regulatory Authority.
Rebranded
“What hit us were the initial implementation challenges where there were mismatches but now we are optimising the system,” said Sanlam Kenya Group chief executive Mr Mugo Kibati.
The insurer has rebranded to Sanlam Kenya to identify with its South Africa-based parent Sanlam Group.
Sanlam Group owns 56.3 per cent stake of the listed company, which recently added general insurance to its mainstay life insurance products.
The multinational has made known ambitions to raise its stake in the subsidiary to 60 per cent.

Friday, 8 April 2016

Pan Africa Life Additional Investments into Gateway General Insurance and Its Performance after Acquisition

Pan Africa buys additional stake in Gateway Insurance

By VICTOR JUMA, vjuma@ke.nationmedia.com  http://www.businessdailyafrica.com/Corporate-News
Pan Africa Insurance Holdings chief executive Mugo Kibati. PHOTO | FILE
Pan Africa Insurance Holdings chief executive Mugo Kibati. PHOTO | FILE 
By VICTOR JUMA, vjuma@ke.nationmedia.com

Posted  Monday, March 28   2016 at  23:00
IN SUMMARY
  • Pan Africa first bought into the general insurer in March last year, acquiring a 51 per cent stake for Sh561 million.
  • The company later raised its interest in Gateway to 56 per cent at a cost of about Sh55 million.
  • The move by Pan Africa to raise its stake in Gateway signals its confidence in the company’s future prospects though the subsidiary’s earnings have deteriorated following its acquisition.
Pan Africa Insurance Holdings has acquired an additional five per cent stake in Gateway Insurance, raising its equity in the subsidiary to 56 per cent.
The company had announced that it would buy additional shares in Gateway to make the subsidiary’s founders comply with insurance regulations that cap ownership by individuals at 25 per cent.Pan Africa chief executive Mugo Kibati told the Business Daily that the company subsequently raised its interest in Gateway to 56 per cent at a cost of about Sh55 million.
Pan Africa did not say to what level it was prepared to raise its stake in Gateway but noted that the extra shares would be bought from the family of the company’s founder, the late Godfrey Karuri.
The additional shares were to be bought at the same price of Sh17.56 per share that Pan Africa paid to buy the initial 51 per cent stake.
The move by Pan Africa to raise its stake in Gateway signals its confidence in the company’s future prospects though the subsidiary’s earnings have deteriorated following its acquisition.
Acquisition of Gateway marked a change in strategy at Pan Africa which in 2011 exited the general insurance business to focus on life policies by selling its 39.9 stake in APA Insurance for Sh855 million.
The company later said it needed to re-enter the general insurance business if it was to get a share of economic growth driven by sectors such as construction.
This prompted the Gateway acquisition whose completion coincided with increased competition in Pan Africa’s mainstay life insurance business where it previously was among the largest players.
Gateway’s performance has, however, disappointed, with Pan Africa taking a Sh564 million hit from the subsidiary last year and contributing to a 97 per cent fall in the parent firm’s profit in the year ended December.
Pan Africa reported that the excess value it anticipated from the takeover of Gateway has surpassed the net worth of the subsidiary by the Sh564 million.
This means Pan Africa paid a hefty premium in the acquisition whose payback is likely to take longer than initially expected.
The accounting loss contributed to the 97 per cent drop in the listed firm’s net profit to Sh27.3 million in the review period, down from Sh871.1 million the year before.

Wednesday, 10 June 2015

Jubilee Insurance Kenya Chief Executive Patrick Tumbo is Africa CEO of the Year in the recently concluded 42nd Conference and General Assembly of Africa Insurance Organisation (AIO)

Jubilee Kenya boss named Africa CEO of the year

By MUGAMBI MUTEGI  Posted  Tuesday, June 2  2015 at  21:18 @Businessdailyafrica
 
 
Jubilee Insurance Kenya CEO Patrick Tumbo. PHOTO | FILE
Jubilee Insurance Kenya CEO Patrick Tumbo. PHOTO | FILE 

The Jubilee Insurance Kenya CEO Patrick Tumbo has been named chief executive officer of the year at an award ceremony in which 362 member companies from across the continent participated.
Mr Tumbo got the recognition at the recently concluded 42nd Conference and General Assembly of Africa Insurance Organisation (AIO) in Tunisia.
Organisers of the awards said the winner was selected based on successful product development, excellent service delivery and introducing innovative distribution channels targeting grassroots customers.
“We need to listen to our customers and develop products that serve specific customer needs. That way, the insurance sector will experience a revolutionary change for the better,” said Mr Tumbo.
Nigeria’s Mutual Benefits Insurance won the Innovation of the Year award while the Insurance Company of the Year award went to Misr Insurance Company of Egypt.
Increased premiums
Jubilee Holdings reported a 24 per cent jump in net profit for the year ended December to Sh3.1 billion, helped mainly by increased premiums, with Kenya being its biggest contributing business unit.
Gross premiums increased 30 per cent to Sh30.3 billion, making the company Kenya’s largest in both general and life insurance business.
The insurer recorded double-digit growth in all its insurance operations, including pensions and medical.
The AIO is made up of member insurers across 55 countries in Africa.
The awards are meant to promote growth of the insurance sector through good corporate governance, insurance practice, leadership and risk management.
“Sharing and dissemination of new successful and practical ideas in the industry can be a great tool to fast-track the development of insurance in the continent,” said AIO secretary-general Prisca Soraes.
The conference, which took place between May 24 and May 27, focused on the rise of political risk in the continent and the need for new risk pools to respond to natural catastrophic risk.

Monday, 6 April 2015

Pan Africa Insurance Holdings Limited acquires a 51% majority shareholding in Gateway Insurance Company Limited.


Pan Africa Insurance buys stake in Gateway Insurance

Daily Nation,  Wednesday, March 18, 2015


 


Pan Africa Insurance Holdings Limited has acquired a 51 per cent majority shareholding in Gateway Insurance Company Limited.
Shareholders of the latter will get Sh561,023,562 in exchange for 31,948,950 ordinary shares priced at Sh17.56 apiece.
“We are delighted to have concluded this transaction, giving us a majority stake in Gateway. Pan Africa’s Group strategy includes diversifying investments in a way that will maximise and meet client expectations while growing shareholder value. We are on a path to make Pan Africa a one-stop-shop for our client financial solutions,” board chairman John Simba said.
He said the company had returned to general insurance at a time when figures indicated that insurance penetration was low, therefore, providing huge opportunity for growth.
A CRITICAL COMPONENT
“Financial services are a critical component of any economy which intends to record sustainable growth. Insurance companies only account for 32 per cent of financial service providers in Kenya excluding co-operative societies and a measly 0.3 per cent when cooperative societies are included.
“This means that while a savings culture is budding among our people - which is how it should be - there is a gap in the area of risk management which cannot be ignored,” Mr Simba said.
“Gateway’s established brand in short-term insurance service and a countrywide presence fits well into Pan Africa strategy.”
The group structure will change to incorporate the new general insurance subsidiary so that management of the firm will be at holdings level by the group chief executive, while business lines (Life, General and Asset Management) will be headed by the respective chief executives.
Group chief executive Mugo Kibati said the new business venture would “see Pan Africa compete effectively” with their peers in the industry.

Thursday, 26 February 2015

Karibu new Pan Africa Holdings CEO - Mugo Kibati. Currently the Chairman of Lake Turkana Wind Power Ltd

Mugo Kibati joins Pan Africa Holdings as Chief Executive 

By GEORGE NGIGI, gngigi@ke.nationmedia.com http://www.businessdailyafrica.com/Corporate-News

Mugo Kibati, chairman of Lake Turkana Wind Power (LTWP) Ltd. PHOTO | FILE

  • The company has been searching for a chief executive after Tom Gitogo resigned to join CIC Insurance in September last year.

Former Vision 2030 director Mugo Kibati has been appointed Group Chief Executive Officer of Pan Africa Insurance Holdings Ltd. He his currently the chairman of Lake Turkana Wind Power (LTWP) project, which has won the African Renewables Deal of the Year 2014 after it successfully structured Sh70 billion financing. http://www.businessdailyafrica.com/Lake-Turkana-wind-project-wins-deal/-/539552/2635528/-/hdd6yl/-/index.html

The position is new to the company which has a life assurance business, general insurance arm - Pan Africa Securities and an asset management subsidiary.
Pan Africa also confirmed Stephen Kamanda as the chief executive of its assurance business.
The company has been searching for a chief executive after Tom Gitogo resigned to join CIC Insurance in September last year.
Mr Kibati previously served as managing director of East African Cables before he was appointed by the government to head the Vision 2030 secretariat. He holds a degree in electrical engineering, a masters degree in international business and a masters degree in technology and policy.
Last week Pan Africa announced issued a profit warning which has seen its share price at the Nairobi Securities Exchange drop by 9.3 per cent in the last five trading sessions.
  • The insurer said that gains from the NSE last year were lower compared to 2013, which was further compounded by reduced deals in the property market.
  • Analysts said the performance is representative of the insurance industry whose results are influenced by NSE’s.
  • Pan Africa’s net profit grew 31 per cent to Sh295.5 million in 2013 and the profit alert means it will post earnings below Sh221 million.
The insurer attributed the drop in profits to lower gains in the equities market compared to 2013 and reduced deals in the property market.

Thursday, 14 August 2014

Best Insurance Companies in Kenya Past Performance

Pan Africa Life Innovation and Jubilee Lifetime Achievement
Article @By: Yarinka Lukiza
http://www.bizrika.com/banking-and-finance/best-insurance-companies-in-kenya-named/

The 2011 best insurance companies in Kenya were named in the annual gala night organized by Think Business; a Kenyan based financial sector-focused company that specializes in strategic business intelligence, research and publishing.
During the colorful gala night held at a Nairobi hotel on 21 July, Chartis Kenya and Pan Africa Life were named the best insurance companies in Kenya in the General Life and Composite Business categories. The first and second runners-up positions in the best business category went to Jubilee and CIC Insurance respectively, while British American Insurance and Jubilee Insurance clinched first and second positions respectively in the Life Business category. CIC Insurance was declared the only runner-up in the Composite Business category.
Pan Africa Life and Jubilee Insurance emerged best in the Best Company in ICT category, coming in first and second place respectively. No company was deemed fit to win the Best Corporate Broker category.
Jubilee Insurance showed up again to scoop the Best Insurance Company in the Risk Management category.

Other awards and winners

Best Insurance Company in Claims Settlement (Life Business)
Winner: Apollo Life Assurance
Runners-up: Pan Africa Life and CIC Insurance
Best Insurance Company in Claims Settlement (General Business)
Winner: APA Insurance
Runners-up: Chartis Kenya and Jubilee insurance
Major Loss Award
Winner: Jubilee Insurance
Runners-up: APA Insurance
Best Fraud Detection and Prevention Initiative
Winner: Pan Africa Life

Best Medical Insurance Provider

Winner: AAR Health Services
Runners-up: Goldstar Health Care
Best Medical Insurance Underwriter
Winner: Jubilee Insurance
Best Customer Service Innovation
Winner: Jubilee Insurance
Runners-up: CIC and AAR
Best Insurance Company in Customer satisfaction
Winner: CFC Life
Runners-up: Britak and Kenindia
Best marketing Initiative of the Year
Winner: CIC Insurance
Runners-up: APA and Jubilee Insurance
Best Training Initiative of the Year
Winner: CIC
Runners-up: Pan Africa Life and Jubilee Insurance
Most Socially Responsible Corporate
Winner: AAR Health Services and Jubilee Insurance
Overall, Jubilee Insurance won the largest number of awards. The company bagged 11 awards in total and crowned it with the Lifetime Achievement in Insurance Award which went to Nizar Juma, the Jubilee Holdings chairman.
Commenting on the awards, Mr. Ochieng Oloo, the CEO of Think Business, said 2010 was a good year for the Kenyan insurance sector, as demonstrated by strong growth in total assets which went up from Ksh174 billion in 2009 to Ksh240 billion in 2010, representing an increase of 27%.
The industry’s profit before tax swelled by a record 42% to hit Ksh11.9 billion, up from Ksh6.8 billion in 2009.
Medical cover leading
Of all the insured Kenyans, 74% have taken up medical cover while 69% have insured against motor vehicle risks. Insurance covers for assets, education and accident account for 40%, 44% and 48% respectively.

Wednesday, 13 November 2013

Kenya Insurance Company Buys South Africa Based Asset Management Firm

Pan Africa Insurance closes Sanlam Kenya acquisition

By GEORGE NGIGI, Business Daily http://www.businessdailyafrica.com/ @All Rights Reserved

Members of the public pass by a Sanlam billboard in Nairobi. Pan Africa Insurance has bought the Kenyan operations of the SA firm. FILE
Members of the public pass by a Sanlam billboard in Nairobi. Pan Africa Insurance has bought the Kenyan operations of the SA firm. 
In Summary
  • Pan Africa Insurance said it had acquired 72.5 per cent shares of Sanlam and a further 10 per cent stake owned by a former chief executive of the investment firm.
  • The acquisition gives the insurance firm a free hand in the management of funds mobilised through its life business.
  • Unit trusts have are becoming more popular in the country following their opening up to the lower end market by inviting small savers to their fold.

Pan Africa Insurance has bought out the Kenyan operations of South Africa-based assets manager Sanlam Investment, concluding a phased acquisition that started in 2008. 
The Nairobi Securities Exchange listed insurer said that it had acquired 72.5 per cent shares of Sanlam and a further 10 per cent stake owned by a former chief executive of the investment firm.
The acquisition gives the insurance firm a free hand in the management of funds mobilised through its life business.
“The transaction will result in Sanlam Investment Management Kenya being a wholly owned subsidiary of the company. This will enable easier distribution of investment products by the group’s financial advisors,” said Pan Africa’s chief executive Tom Gitogo.
Both firms have common shareholding in South Africa’s Sanlam, a financial services group that is listed at the Johannesburg Stock Exchange and Namibian Stock Exchange.
The insurer follows the footstep of other insurance companies such as CIC, Britam and UAP that have lately opened their own fund management firms to invest their collections from life policies.
Pan Africa declined to disclose the value of the transaction, stating that it was based on the net book value as at end of last year. Pan Africa bought a 17.5 per cent stake in Sanlam for Sh3.8 million in 2008 in a deal that at the time valued the fund management company at Sh21.7 million.
Sanlam, the parent company, owned 55.7 per cent of Pan Africa Insurance as at the end of 2012 through an entity named Hubris Holdings Ltd.
It has however stated that it wants to increase its shareholding in the insurance company to 60 per cent by buying shares in the open market so as to have more control of its management.
Mr Gitogo said the acquired firm would retain its name while disclosing intent to invite individuals and institutions to invest through them using unit trusts. “We are looking forward to entering the unit trusts market,” he said.
Unit Trusts provide investors an opportunity to invest in a portfolio of stocks or fixed-income securities or both, without directly going to the market themselves. The investors deposit funds with fund managers, who charge them a management fee for their services.
Unit trusts have are becoming more popular in the country following their opening up to the lower end market by inviting small savers to their fold.
On Tuesday the insurer’s share price went up by two shillings to Sh61.50, on a trading volume of 25,000 shares.Awesome Insurance

Wednesday, 9 October 2013

Gina Din Corporate Communications (GDCC), Meet the Boss Woman, Gina Din-Kariuki.

Meet the Boss: Gina Din-Kariuki, founder and chairwoman at GDCC Kenya

Gina Din-Kariuki, founder and chairwoman of GDCC
Gina Din-Kariuki, founder and chairwoman of GDCC
Meet the Boss is a How we made it in Africa interview series in which we pose the same 10 questions to business leaders across the continent.
1. What was your first job?
I started being an entrepreneur when I was very young. My parents owned a hotel in Nanyuki and I needed to make pocket money. So, I started a disco night in the hotel. I must have been about 15. I would have a disco night twice a week and I would charge an entry fee. That was my first job and business.
2. Who has had the biggest impact on your career and why?
I have had so many really strong shoulders to stand on, I must say that. The person that I grew the most with, professionally, is Michael Joseph (former CEO of Safaricom). We had a very long relationship and I started [working] with him when Safaricom first came. He pushed us to our limits. He made us up our game. We had a very vibrant [relationship]. If there was one person that made me grow professionally I would say it was him.
3. What parts of your job keep you awake at night?
I worry about my brands. If my client is going through something awful then I kind of tend to take on that worry. They are my partners, so whatever my client is going through transfers on to me.
4. What are the top reasons why you have been successful in business?
I am resilient. I am very good networker. I am a connector. My business is all about relationships; that’s all we have. So I am good connector… I generally connect with people at every level.
5. What are the best things about your country?
The resilience. I think Kenyans are the most beautiful people in terms of their spirit [and] the warmth. You know my children [aged 17 and 23] were raised by the same nanny. She is what embodies the Kenyan spirit. She is a strong, resilient, warm, loving person. That for me is what Kenya is all about.
6. And the worst?
I think what is very sad about our country is that we are still so tribal. We will come together at a time when we need to and then as soon as that crisis is over we then go back to our tribal cocoons. It’s sad. I just wonder when we will break out of that cycle because you see it from generation to generation to generation. That is the biggest problem that we have as a country. We need to get out of that.
7. Your future career plans?
My focus is going to be on making my brand an African brand. We are in the region already but, having travelled around Africa in the last two years extensively, I can see the need for an African PR brand. I want to take my seat at the table.
8. How do you relax?
I am one of those people who really enjoys the fruits of my labour. I love doing work that matters, but I love to enjoy what I have worked for. So I travel, I have the most incredible family and I spend a lot of time with them. We do lots of fun thing; we travel to lots of new places. My daughter and I are real adventurists so we are always looking for new places to go. I like massages. I love to spend an evening with friends. I am not a workaholic. I think I used to be but I am not [anymore]. I have now come to a point where I have realised that actually, if you have a passion for what you are doing you don’t need to spend the whole time doing it because when you are [doing] it you are going to do it very well. I love what I do. And money will follow that passion.
When am I off work I do lots of fun things. A lot of the things that I am doing now are meaningful things in terms of using the contacts that I have to create change, getting young people and mentoring them and recently starting my foundation which I am putting a lot of time and effort into. You know I am 52, I want to spend the next few years really making an impact on people’s lives.
9. What is your message to Africa’s young aspiring business people and entrepreneurs?
I would say to them that they should be confident enough to do it. Sometimes we hear a lot of talk… but when it comes to that moment of saying: ‘I am going to put myself out there,’ they panic. You have to be very brave and you have to go out there. You have to be prepared for failure, and it’s not the end of the world. I look at my journey and I have failed so many times. I left my job because I wanted to create my dream job and I did. I created not only my dream job, but I created my dream life. I think that is what is so exciting about something on your own… you are not only creating your dream job, you are creating a dream life [for yourself and] for so many others.
10. How can Africa realise its full potential?
What had happened before is that we helped to prepare the meal, other people ate it… and we didn’t even sit at the table. I think what we are doing now is that we are cooking it and we have brought our stool to the table… and we are taking our seat as global entrepreneurs [and] as a continent that needs to be watched. We are here because this is the best continent for investment, this is the best continent for human capital and we’ve got it going here.
It is so important that we take people with us, that the middle class expands and the way that some of us can help [to do] that is by creating this level of youth coming into entrepreneurship. If they sit there waiting for jobs, they are going to be sitting there waiting forever. Even if you look at every organisation in Kenya, how many people can they realistically employ? Governments need to really push this agenda of youth entrepreneurship. I am really keen on that. I am excited for Africa, I really am.
Gina Din-Kariuki is the founder and chairwoman of Gina Din Corporate Communications (GDCC), a professional communications consulting firm

Monday, 29 July 2013

Africa Property Investment Summit about African Real Estate Investment and Development: Sept 2013

Africa Property Investment Summit: 3-4 September 2013

BY | July 11, 2013 at 15:07 http://www.howwemadeitinafrica.com
If investment and development feature strongly on your business agenda, then this commercial property forum is not to be missed. An annual event, the African Property Investment Summit has earned the respect of the industry and is an anticipated event on the African real estate calendar.
The Africa Property Investment Summit is fast approaching with limited bookings available. The two-day event, taking place in Johannesburg from 3-4 September 2013, will be once again be held at the beautiful Sandton Sun Hotel.
This summit presents a professional platform for learning about African real estate investment and development. Following its success in 2011 and 2012, the summit returns with the support of more industry heavyweights and an agenda designed to draw the leading minds in the property arena.
This is a unique opportunity to discuss current trends, share industry experiences and enjoy insightful debate. If you are committed to an African growth strategy, this is a property event you cannot afford to miss.
This year’s event features an exciting line up of speakers and panel discussion participants actively doing deals across the continent.
The two day conference package (R7,950/$895) includes all lunches and refreshments, an invitation to the gala dinner, parking and full access to all research, presentations and documentations. For booking information and enquiries contact Muhammad Joosub on muhammad@apisummit.co.za or +27 11 593 2288 or visit www.apisummit.co.za

Monday, 15 April 2013

Bahati Ridge Development Properties. Your Paradise Within Grasp!

Properties: Bahati Ridge Homes. Your Paradise Within Grasp!

All journeys eventually end in the same place, home. ~ Chris Geiger 


Properties: Villas, bungalows and cottages that feature beautiful hill country views, tranquil rural ambiance and refreshing escape from city chaos and lassitude.
Property Development, Architecture & Management; BahatiRidge ©All Rights Reserved


The semi-detached Olengai Townhouses all feature an open plan lounge and dining area, a modern kitchen and four bedrooms. The guest bedroom, located downstairs, comes with its own en suite bathroom. As you ascend to the first floor, you can relax in any of the other three bedrooms, including the master bedroom with en suite bathroom, set apart in your own private space.
Outside is a two-car parking space, kitchen yard, a single servant’s quarters, an underground water tank, water pump, a cosy garden and paved walkways.

No of Total Units       = 52
Units in Phase 1        = 52
Areas:
o  TOTAL               = 142M2
o  Plot Acreage        = Aprox 0.085 Acres
Olengai Townhouses each feature an open plan lounge and dining area, a modern kitchen, and a guest bedroom. As you ascend to the first floor, you can relax in any of the four bedrooms – all with bathrooms en suite, set apart in your own private
space. The outside environs of a townhouse has a two car parking space, kitchen yard, a single DSQ, an underground water tank, a snug garden and paved walkways.
Payment Options

OPTION 1 OPTION 2 OPTION 3
Cash KES Cash Installments KES Mortgage* KES
10.5 million 11 million 11.5 million
50% Down Payment at Signing of Letter of Offer
40% Payment after signing of Sales Agreement
10% at handover of the property
20% Down Payment at Signing of Letter of Offer
20% At Signing of Sales Agreement
3 (Three) Payments of  20% at agreed periods until handover of the property
20% Down Payment to Bahati Ridge Development Ltd.
80% Balance paid by Bank at handover of the property

*Bahati Ridge Development Ltd. have negotiated a preferential interest rate with Commercial Bank of Africa: 2% below base rate

Friday, 22 March 2013

Kenyan Born UK Entrepreneur Julius Kamau achieves a worthwhile Property Investment. A Childhood Dream into KSh2 billion Rainbow Resort.

The newly opened Rainbow Resort along the Nairobi-Thika super highway.
Website: http://rainbowruiruresort.com/#!/
Facebook: https://www.facebook.com/RainbowRuiruResort
Publisher: www.businessdailyafrica ©All Rights Reserved.
Photo/Salaton Njau ©All Rights Reserved.
By SIMON CIURI
Posted  Thursday, March 21  2013 at  21:25
In 1982, Julius Kamau, then a college student, dreamt of standing on top of his own beautiful hotel with water fountains and flowers sipping coffee. For the young man from a poor family, the prospects of realising that dream then appeared remote.
‘‘I then laughed at myself... I was as broke as a desert rat,” Mr Kamau says.
Thirty one years later, his daughter Pauline Kamau sits at the Rainbow Ruiru Resort’s reception attending to a client— a hotel that her father has built.
Mr Kamau started the journey to fulfil his childhood dream in 1998 while living in East London. While shopping for vegetables in the foreign land he recalled the dream. He took the first step.
“In January 1998, I asked a Nigerian friend to put this dream into a real picture. He did it and I hanged the picture on the wall. Every morning, I would look at it and say, ‘thank you Lord for giving me a wonderful five-star hotel,’’ he says.
In May the same year, he took the next step. He mortgaged his house and asked his brother to look for one acre piece of land in Ruiru. His brother got him a piece of land but he was disappointed as the land was an abandoned quarry that Ruiru Town Council had earmarked as a dumping site. Little did he know that it is at this quarry where his dream was to be turned into reality.
Today, he has the Rainbow Ruiru Resort in Kiambu County to show for his hardwork, managing to set up an investment in a remote area; a resort many of his friends thought was a waste of money and time because of its location.
It is the serenity and the ambience that draws visitors to the over Sh2 billion resort. Its interior design resembles a royal yacht. The hotel that took Mr Kamau 15 years to build has a helipad, 130 rooms, 12 fully furnished apartments with Internet, a pent house, a cocktail bar, jacuzzi, gym and a business centre.
It has a 300 bed capacity. Accommodation charges range from Sh4,400 to Sh9,900 per night. At the hotel’s 11 floor which houses the helipad, one can see Kilima Mbogo at a distance and the illusion of the mountain moves closer as one watches it from the rooftop.
Constructing the resort was not an easy task. Mr Kamau who runs a security firm, Rainbow Guarding in the UK says the Ruiru investment was funded by savings.
Rainbow Guarding was founded in 1994 and offers security solutions to Berkley Homes, Laing Partnership Housing, Salvation Army and London Property Plc among other companies in UK.
‘‘The owner believes his entire life could not be confined in London,’’ said Mathias Mukundi, the general manager of Rainbow Ruiru Resort.
Ms Kamau has been taking care of her father’s investment; a project she says is a well calculated decision of how Kenyans are sending some of their earnings back home instead of investing all their money in a foreign country.
Mr Kamau came from a humble background and the desire to rise from poverty inspired him to seek a different life. Now 59, he can stand among Kenya’s millionaires, but according to his workers, a humble millionaire.
‘‘The founder is one of those people who despite having immense wealth, he does not use his position to gain prominence, he does not believe in fame but on humane values that can give birth to development-oriented ideas,’’ said Mr Mukundi.

Mr Kamau who still lives in the UK connects tourists visiting Kenya to his hotel. The hotel management also works with local tourism agents to market Rainbow Ruiru Resort. The team is working on ways to make own bookings directly in coming years.
‘‘We want to create a clear contact where tourists visiting Kenya will be flown from the Kenyan airport by our own choppers direct to our hotel, landing at our modern helipad,’’ said Mr Mukundi.
Mr Kamau has entrusted Mr Mukundi who has been in the hospitality industry for 25 years, having worked with major hotel chains in Kenya among them the Sarova Hotels to run his hotel.
Though not a hotelier, Mr Kamau has built the hotel to take advantage of an increasing number of tourists and business travellers coming to Kenya and local visitors seeking adventure in places out of town.
‘‘For years there has never been a hotel in Kiambu County that could accommodate large number of clients and offer services that we are offering now,’’ Mr Mukundi says.
‘‘We are optimistic that this investment will successfully run for decades, we are ready to add values that blend with my father’s aspirations when he was setting up this hotel,’’ said Ms Kamau, who also acts as the hotel’s deputy manager.
East African Breweries is one of their main clients and Mr Mukundi is optimistic that with the new devolved system of government, Rainbow Ruiru Resort’s conference facilities will lure more visitors.
‘‘Thika Superhighway has come as a blessing, with the hotel being a few meters from the main road, the demand for decent yet affordable accommodation is inevitable. We are doing well compared to previous years when Thika road was rough,’’ he said.
Mr Mukundi said there Kenyans in the diaspora should be encouraged to invest back home. He said it is worrying that only a small number of Kenyans are remitting their earnings and investing here.
sciuri@ke.nationmedia.com

Tuesday, 26 February 2013

Property and Home Living Expo 2013

Author: Property and Home Living Expo. ©All Rights Reserved

Nairobi’s biggest Property exhibition, Property and Home living Expo, scheduled for February 21st -24th, 2013 at the Sarit Centre Exhibition Hall. The exhibition, whose theme is “Real Estate as an Investment opportunity in 2013 and beyond seek to promote and popularize Property investments in Kenya.
Property and Home living Expo continues to attract droves of visitors as the future brightens for investors in property as the quest for decent homes among the working middle class intensifies.
Several firms have signed up for participation, as the expo which will feature displays and discussions on both Residential and Commercial property investments with experts in the various fields. In Kenya, Knight Frank employs over 90 office staff and provides services in the commercial, retail and residential markets in Nairobi and Mombasa. Ben Woodhams, Managing Director, together with Maina Mwangi, Executive Director, are responsible for co-ordinating the services lines of property management, agency, valuation, project management, feasibility and research led consultancy. http://www.knightfrank.co.ke
Participating as an exhibitor at The Property and Home living Expo, 2013 will enable you to visually promote your investment or development opportunities and services to the wealthiest and most liquid group of investors who are regular at the venue always checking what’s new in the market.
This year’s expo featured between 5,000 and 6,000 VISITORS and the organisers, Primedia Ltd, are optimistic that next year’s event will register a 10-20 per cent increase in attendance.
Property and Home living Expo 2013 has partnered with several media houses to promote the 2013 Expo which includes Standard News Papers, Asian Weekly Focus on Property Magazine, KTN TV, Capital Fm Radio and East FM Radio.
Roadside banners, foot stickers at the venue, Good Discount via incentives like branded pens, hand bags, Caps, T-shirts during the Expo are part of extra marketing campaign to target the additional 10-20% visitor’s increase.
Property and Home living Expo in its 11th year is all geared up to become a national and regional platform for property development and blessed by the Ministry of Housing since its inception.
Kenyans are moving towards property ownership due to the need self achievement and satisfaction that comes with being in charge of your own little corner of the world.
The pride of home ownership is the greatest benefit of all when it comes to owning a home and the feeling of accomplishment, safety and security that result from home ownership cannot be matched by any other purchase or investment. The event provides a rare opportunity for aspiring home owners to invest today for a better tomorrow when viewing in person the best products available in the market and consult experts in finance, housing industry, all under roof.
“This year’s EXPO, more than any year before will be working to highlight the very best investment options in the market, covering almost all of the nation’s major new housing developments in low, medium and high cost housing and offices,” he said.
The EXPO last year drew over 12,000 visitors reflecting the growing high-level interest in the country’s property market, and as a first hand option of viewing numerous ongoing and new projects announced.

The Exhibitor will come from prominent players in building and construction, mortgage and valuation, property facilities, Financiers, Landscaping, agency project management, Paint companies, Insurance, etc.
Contact: Organised by: Primedia Ltd, Contact Person: Herman Shadeya,

Monday, 11 February 2013

Moving to Silicon Valley: It is not about the Building, it is about the Culture.

Why Africa’s tech entrepreneurs should think about moving to Silicon Valley


The Savannah Fund is a seed capital fund founded by African and Silicon Valley entrepreneurs that specialises in investments in sub-Saharan African technology startups, with an initial focus on east Africa. Mbwana Alliy, founder and managing partner at the Savannah Fund, shares with Dinfin Mulupi his plans for the fund, as well as his thoughts on the state of technology in the region and why Africa’s entrepreneurs should think of relocating their businesses to Silicon Valley.
Mbwana Alliy
You visited Kenya in December 2010 together with Silicon Valley entrepreneurs Russel Simmons and Paul Bragiel. How did that go?
We wanted to understand the startup scene. That was the purpose of the first meeting. [Consumer review website] Yelp co-founder Russel Simmons mentored some entrepreneurs here. From that meeting we have been working on a couple of things. Paul Bragiel, Erik Hersman (co-founder of Ushahidi) and I have started a seed capital fund, Savannah Fund. We are looking to invest in mobile and web startups. We intend to invest in about 35 startups over time. As part of the accelerator programme we will give seed funding to classes of five early stage, high-growth startups of about $25,000. They will then have three to six months to prove themselves.
The second part of the fund will be a follow on investment to some of the companies of between $100,000 to $200,000. We expect many to fail. When you angel invest you are going to have failures. Out of failure comes good learning. We want to help build the technology scene, but a lot of entrepreneurs don’t understand how things work. I have seen failures in Silicon Valley all the time. Sometimes you fund an entrepreneur who has failed twice and they succeed a third time because they have learnt a lot. We expect maybe even half of the 35 companies we hope to fund will fail. As we continue to invest in the successful ones, the risk will become less and less. One thing we need to change in east Africa is that there is no shame in failure.
You have been active in Silicon Valley, but you are originally from Tanzania. What do you think about the technology scene in Tanzania?
It is improving. I spent a lot of time in the last two to three weeks there. Before I did not like the technology scene there because it was very much government controlled. Now I see the private sector being involved and creating hubs. This is what is needed to grow the sector.
What about the greater east African region?
A lot of the money here goes to less risky investments like real estate. There is not a lot of early stage investment and that is why we started Savannah Fund. For the east African ecosystem to improve we need a lot of angel investors.
What advice would you give to African tech entrepreneurs?
Entrepreneurs are not focused enough. They are doing multiple things. But I understand why. However, when it comes to seeking financing, you have to be committed to your idea 100%. All over east Africa there are too many startups, scattered and unfocused.
I noticed a conversation on Twitter where you talked about talented entrepreneurs moving to Silicon Valley until their home markets get big enough. Please expand on this.
Silicon Valley can be your super highway to get a lot of things done, like funding and access to better talent. There is no question that the best talent in the world is in Silicon Valley. They have all moved there. I moved there, but now I am back.
If a startup is doing well here, they should consider moving to Silicon Valley and compete there in the global market. But at the same time someone can succeed here. But they need to move at some point. Even [Mark] Zuckerberg had to leave Harvard to go to Silicon Valley. You have to go where you are appreciated. East Africa has its own ecosystem and entrepreneurs can succeed in their home markets, but, if you want to build a really big, truly global company, you have to consider other areas and Silicon Valley is definitely top on the list. If I do find a really amazing company, I can help it reach the big league.
However, one should also be cautious. Imagine if you have a company that is doing well in Kenya, but average in Silicon Valley and you expose it too early; it might hurt it. You don’t want to expose it too early, but you also don’t want to never expose it. Question is: when is the right time?
What do you think of Kenya’s ambitious Konza City project (a planned high-tech hub inspired by Silicon Valley)?
I think it is just a real estate project, it is not innovation. Don’t confuse Konza City with creating entrepreneurs and innovation. It is an interesting project. A lot of people see it as the crown jewel of what technology in Kenya is. I don’t think that’s the case. We should be investing in entrepreneurs, developers and more technology hubs. The hub could be in the middle of a slum, but you could still find the next Zuckerberg. It is not about the building, it is about the culture and the things I have talked about like failure, learning and taking risks. I am grateful though that Kenya is attracting foreign investors as well as technology entrepreneurs from across the world.