Government Picks Consortium to Lead Mumias Share Sale. Check it out:
(The Nation (Kenya) Via Thomson Dialog NewsEdge) A consortium led by Dyer and Blair Investment Bank, will be the lead advisors to the Government on the sale of its 18 per cent of its shares in Mumias Sugar Company.
The official announcement is scheduled for Monday next week, but the group, known as DSC Consortium, clinched the highest pass mark (92 per cent) on the technical evaluation, and quoted the lowest financial bid of Sh3 million.
The other companies in the consortium are Standard Investment Bank, CFC Financial Services and a local audit firm PKF. Of the six bids for lead advisor or broker that were pre-qualified for technical evaluation, only three met the 75 per cent pass mark.
PricewaterhouseCoopers and Suntra Investment Bank returned 88.6 per cent on technical evaluation, and quoted Sh11 million on financial bid exclusive of local taxes estimated at Sh1.8 million. A joint bid by Commercial Bank of Africa, multinational audit firm KPMG and Reliable Securities scored 89.3 per cent and quoted $369,780 (Sh27 million) and local taxes at $58,320 (Sh4.2 million). The technical evaluation has a weight of 70 per cent and the financial evaluation 30 per cent in the formula to chose the winner.
"Strictly speaking if you have scored the highest in the technical evaluation, and quoted the lowest in the financial bids, then you should be the winner," noted Mr Charles Onchoke the Finance director in the department of government investment and public enterprise.
The consortium will advise the Government on the price to sell the shares to the public. They will also sell shares on behalf Government. The sale of 92 million shares in the market is expected to begin in January 2007.
"In three months time, we should be ready (to sell )," noted Mr Onchoke.
For the public relations and advertising agents, all the three bids were pre-qualified met the pass mark. Nurtun Bates scored 79 per cent on a financial bid of Sh53 million, and the lowest third-party cost. Ogilvy East Africa returned 76.5 per cent on its technical evaluation on a financial bid of Sh17 million, while MCL Saatchi and Saatchi scored 76.3 per cent, and quoted Sh8 million in its financial bid.
Distributed by AllAfrica Global Media. (allafrica.com)
Copyright 2006 The Nation (Kenya). Distributed by Allafrica Global Media.
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