Access Kenya seems to be in deep shit. They have refused to confirm it but the resignation of directors from the board points to a boardroom fight. Eddy Njoroge resigned from the board of the Internet Services Provider on 26th March.
The provider is also said to be having serious cash flow problems which has resulted in it postponing the Annual general meeting to August. This move might hurt the company but it seems the management is remaining mum with the hope that things will settle down.
Access Kenya financial managers seems not to be good in books after the IPO after they reportedly bought the “shell” which is Openview Business Systems. The company bought Openview for ksh 168 Million which was 70% of the firms shares and completed the full buyout this year with the acquisition of the remaining 30% at just 18 million shillings. SOmething is seriously wrong here.
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6 Comments
This is a company i had a lot of hopes in and since it is in an emerging market with great potential. However as their sub, i got little impatient due to their delayed pace in reducing cost of bandwidth, there could be indeed some housekeeping issues which i hope they will resolve, including the poorly performing IT Business section of Openview.
i like their customer service and service reliability though, if only they would resolve this and operate the company well ….. hoping the problems are not financial ethics driven…. this is one of my favorite stocks.
Stephen
Onekana Online
http://www.onekana.co.ke
This is a company i had a lot of hopes in and since it is in an emerging market with great potential. However as their sub, i got little impatient due to their delayed pace in reducing cost of bandwidth, there could be indeed some housekeeping issues which i hope they will resolve, including the poorly performing IT Business section of Openview.
i like their customer service and service reliability though, if only they would resolve this and operate the company well ….. hoping the problems are not financial ethics driven…. this is one of my favorite stocks.
Stephen
Onekana Online
http://www.onekana.co.ke
Nani. Postponing an AGM doesn't necessarily mean you have a cash-flow issues. It might also be becuase you are considering a takevoer event which menas its better to avoid two AGMs.
Nani. Postponing an AGM doesn't automatically imply cashflow issues. It might be because you are considering a takeover offer and want to avoid calling two AGMs in short order…
Mutheci but surely the are having a problem and it seeems serious
Nani. Postponing an AGM doesn't necessarily mean you have a cash-flow issues. It might also be becuase you are considering a takevoer event which menas its better to avoid two AGMs.
Nani. Postponing an AGM doesn't automatically imply cashflow issues. It might be because you are considering a takeover offer and want to avoid calling two AGMs in short order…
Mutheci but surely the are having a problem and it seeems serious
The information published so far sounds one sided. Reading today's Business Daily pg 8 one will be able to get a comprehensive picture of the matter. This should now confirm that the outlook of the company is still very good. its share remains attractive to investors as indicated in the story by Kevin Mwanza.
It would be better if we ease on the speculation and let the company give an official statement on their state of affairs. The last thing we should do is try and play the guessing game on what is going on.
Another thing that we need to remember is that the media does not always profess the gospel truth. The media gate keepers can easily slant a story to focus on only one element in the broader picture. To this end; let us give AccessKenya some time to respond to the issue; we would not want them to come out guns blazing and just give an emotional rejoinder; they need to logically clear out the issues that have been raised so that comprehensive responses can be given.
Nonetheless, their level of service has not declined despite the negative press.
The information published so far sounds one sided. Reading today's Business Daily pg 8 one will be able to get a comprehensive picture of the matter. This should now confirm that the outlook of the company is still very good. its share remains attractive to investors as indicated in the story by Kevin Mwanza.
It would be better if we ease on the speculation and let the company give an official statement on their state of affairs. The last thing we should do is try and play the guessing game on what is going on.
Another thing that we need to remember is that the media does not always profess the gospel truth. The media gate keepers can easily slant a story to focus on only one element in the broader picture. To this end; let us give AccessKenya some time to respond to the issue; we would not want them to come out guns blazing and just give an emotional rejoinder; they need to logically clear out the issues that have been raised so that comprehensive responses can be given.
Nonetheless, their level of service has not declined despite the negative press.