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Safaricom Investment Cooperative
dnn
#1 Posted : Sunday, May 20, 2012 7:33:12 AM
Rank: Member


Joined: 7/17/2006
Posts: 133
Hi,
Does anyone know the performance of SIC or experiences? just recently heard about them.
luttz
#2 Posted : Sunday, May 20, 2012 10:41:57 AM
Rank: Member


Joined: 3/18/2008
Posts: 377
SIC is a well run organization; earning more than 30% ROI for it's members annually. They also buy land in bulk and sell to both members and non-members at very competitive rates. Have bough several parcels of land through them. Check the website for more infor. sic.co.ke
"You've never lived until you've almost died; for those who have fought for it, life has a flavour the protected will never know."
Eng. Kamau
#3 Posted : Sunday, May 20, 2012 2:08:15 PM
Rank: New-farer


Joined: 12/14/2010
Posts: 30
@luttz What procedure do they follow when someone is buying one of the plot they have subdivided and how long do they take to process the titles?
Precise, verified and certified details.
Hunderwear
#4 Posted : Sunday, May 20, 2012 5:22:41 PM
Rank: Member


Joined: 4/14/2011
Posts: 639
luttz wrote:
SIC is a well run organization; earning more than 30% ROI for it's members annually. They also buy land in bulk and sell to both members and non-members at very competitive rates. Have bough several parcels of land through them. Check the website for more infor. sic.co.ke



what was their dividend rate last year?
customer
#5 Posted : Monday, May 21, 2012 10:56:47 AM
Rank: New-farer


Joined: 7/15/2010
Posts: 63
Location: nairobi
They say their Dividend last year was 42% !!.
I don't want to reach the end of my life and find I just lived the length of it.

I want to find I have lived it's breadth as well.
kyt
#6 Posted : Monday, May 21, 2012 12:18:39 PM
Rank: Elder


Joined: 11/7/2007
Posts: 2,182
customer wrote:
They say their Dividend last year was 42% !!.

WHAT!! are you serious?
LOVE WHAT YOU DO, DO WHAT YOU LOVE.
customer
#7 Posted : Monday, May 21, 2012 1:30:45 PM
Rank: New-farer


Joined: 7/15/2010
Posts: 63
Location: nairobi
check out www.sic.co.ke smile
I don't want to reach the end of my life and find I just lived the length of it.

I want to find I have lived it's breadth as well.
mozenrat
#8 Posted : Monday, May 21, 2012 2:46:04 PM
Rank: Veteran


Joined: 5/18/2008
Posts: 783
I have my doubts... We calculated the dividends paid to a friend who is a member of SIC and it was coming to about 35%... Also most Saccos declare earnings in two ways.. Interest on deposits and dividends on shares... there is no such structure in SIC
customer
#9 Posted : Monday, May 21, 2012 8:46:18 PM
Rank: New-farer


Joined: 7/15/2010
Posts: 63
Location: nairobi
Can anyone complain if it was 35 %. .?
I don't want to reach the end of my life and find I just lived the length of it.

I want to find I have lived it's breadth as well.
KURUTU
#10 Posted : Tuesday, May 22, 2012 7:36:33 AM
Rank: Member


Joined: 9/12/2006
Posts: 22
Yes you can complain.
Mshika Dau
#11 Posted : Tuesday, May 22, 2012 3:48:31 PM
Rank: New-farer


Joined: 4/4/2012
Posts: 16
mozenrat wrote:
I have my doubts... We calculated the dividends paid to a friend who is a member of SIC and it was coming to about 35%... Also most Saccos declare earnings in two ways.. Interest on deposits and dividends on shares... there is no such structure in SIC


You might want to consider 10%/15% withholding tax on dividends and interest before lifting an accusing finger.
mozenrat
#12 Posted : Tuesday, May 22, 2012 9:11:52 PM
Rank: Veteran


Joined: 5/18/2008
Posts: 783
Mshika Dau wrote:
mozenrat wrote:
I have my doubts... We calculated the dividends paid to a friend who is a member of SIC and it was coming to about 35%... Also most Saccos declare earnings in two ways.. Interest on deposits and dividends on shares... there is no such structure in SIC


You might want to consider 10%/15% withholding tax on dividends and interest before lifting an accusing finger.


If the issue is WHT at 15%, then my friend should have received 38.25% not 35%. and by the way a significant portion of the dividends were paid in form of bonus shares which I don't think are subject to WHT
BGL
#13 Posted : Tuesday, May 22, 2012 11:30:05 PM
Rank: Veteran


Joined: 10/11/2009
Posts: 1,194
Currently a share is going for Ksh200
History will not remember you for your IQ. It will remember you for what you did. “Genius is 1 percent inspiration, 99 percent perspiration.” Thomas Edison
Hunderwear
#14 Posted : Wednesday, May 23, 2012 11:18:48 PM
Rank: Member


Joined: 4/14/2011
Posts: 639
mozenrat wrote:
Mshika Dau wrote:
mozenrat wrote:
I have my doubts... We calculated the dividends paid to a friend who is a member of SIC and it was coming to about 35%... Also most Saccos declare earnings in two ways.. Interest on deposits and dividends on shares... there is no such structure in SIC


You might want to consider 10%/15% withholding tax on dividends and interest before lifting an accusing finger.


If the issue is WHT at 15%, then my friend should have received 38.25% not 35%. and by the way a significant portion of the dividends were paid in form of bonus shares which I don't think are subject to WHT


so what was their rate and how was it paid?
bird_man
#15 Posted : Thursday, May 24, 2012 7:23:30 AM
Rank: Veteran


Joined: 11/2/2006
Posts: 1,199
Location: Nairobi
That rate of 42% is just too high!
Invest 1 Million & make Ksh.420,000 annually (35k per month)?Interesting.

What do they invest in to give such returns?
Formally employed people often live their employers' dream & forget about their own.
mozenrat
#16 Posted : Thursday, May 24, 2012 8:23:25 AM
Rank: Veteran


Joined: 5/18/2008
Posts: 783
bird_man wrote:
That rate of 42% is just too high!
Invest 1 Million & make Ksh.420,000 annually (35k per month)?Interesting.

What do they invest in to give such returns?



Nah my friend, assuming they actually paid 42%, only an investor who already had 1,000,000 in contributions at the beginning of the year would have received 420K otherwise if you contributed 35K a month beginning Dec of the previous year, you should have received about 102K by my calculations.. thats what prorated means
QW25091985
#17 Posted : Thursday, May 24, 2012 8:32:03 AM
Rank: User


Joined: 1/24/2012
Posts: 1,675
Location: In Da Hood
ans that name looks dubious ! ati SAFARICOM INVESTMENT COOPERATIVE ????? looks like a sham smells like a sham

but you know what gets people scammed - the greediness for quick money
Gathige
#18 Posted : Thursday, May 24, 2012 8:32:58 AM
Rank: Veteran


Joined: 3/29/2011
Posts: 1,905
@ bird_man

As highlighted by hunderwear"significant portion of the dividends were paid in form of bonus shares". From their website, they seem to be dealing more in real estate and its is normal to make such returns if you buy land in bulk and subdivide and sell. Their plots seem to go very fast as i tried to buy once and they were all gone in a short while.
"Things that matter most must never be at the mercy of things that matter least." Goethe
bird_man
#19 Posted : Thursday, May 24, 2012 9:13:43 AM
Rank: Veteran


Joined: 11/2/2006
Posts: 1,199
Location: Nairobi
@QW25091985 ....not everything is a scam.

@Mozenrat,true,even in most Saccos prorating is a must.
@Gathige...I notice membership is largely for Safcom affiliated people.Have you seen other individuals joining?
Formally employed people often live their employers' dream & forget about their own.
Muheani
#20 Posted : Thursday, May 24, 2012 9:42:36 AM
Rank: Veteran


Joined: 11/20/2009
Posts: 1,392
QW25091985 wrote:
ans that name looks dubious ! ati SAFARICOM INVESTMENT COOPERATIVE ????? looks like a sham smells like a sham

but you know what gets people scammed - the greediness for quick money



...Its Not a Scam.

There exists the Safaricom Sacco and Safaricom investments Coop.



The SIC- started on advisory from the Coop Ministry - (saccos cannot be investment vehicles as per the ministry) paid 42%, however, i believe what went out to the shareholders was 10.5% in cash and 31.5% in bonus shares.

The Safaricom Sacco paid its members 11% rebates

Membership to the two
Saf Sacco- Min 3k Monthly plus 5k share capital paid up in 3months.

SIC
Min 3k monthly plus 60k share capital paid in 3months.

Membership open to employees/spouses and Other corporates with a minimum 50 members eg google kemya employees are members of the Saf Sacco



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