{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Shares in mobile service provider begin trading' data-url='/boclips/videos/5c54c598d8eafeecae17160f' data-video-url='/boclips/videos/5c54c598d8eafeecae17160f' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nShares in mobile service provider begin trading\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eNiarobi 1. Wide of billboard reading \"Nairobi Stock Exchange\"2. Wide of President Mwai Kibaki walking onto the floor of the Nairobi Stock Exchange3. Various of guests at the Nairobi Stock Exchange4. SOUNDBITE (English) Mwai Kibaki,...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eNiarobi \u003cbr/\u003e1. Wide of billboard reading \"Nairobi Stock Exchange\"\u003cbr/\u003e2. Wide of President Mwai Kibaki walking onto the floor of the Nairobi Stock Exchange\u003cbr/\u003e3. Various of guests at the Nairobi Stock Exchange\u003cbr/\u003e4. SOUNDBITE (English) Mwai Kibaki, President of the Republic of Kenya:\u003cbr/\u003e\"We were able to launch the Safaricom IPO on 28th March, the year 2008. The response by Kenyan and international investors was overwhelming, making this IPO the most attractive offering in our history, and possibly in the rest of Africa. I am therefore pleased to be here to welcome this great Kenyan company to the Nairobi Stock Exchange.\"\u003cbr/\u003e5. Cutaway of electronic board\u003cbr/\u003e6. Wide of President Mwai Kibaki ringing bell to officially open trading\u003cbr/\u003e7. Tilt down from electronic board to stock traders\u003cbr/\u003eNiarobi \u003cbr/\u003e8. Various set up shots of Chief Executive Officer of Safaricom Ltd Michael Joseph\u003cbr/\u003e9. SOUNDBITE: (English) Michael Joseph, Chief Executive Officer Safaricom Ltd:\u003cbr/\u003e\"We went out of our way to create as many shares as we possibly could to let people apply. The fact is that (word inaudible) subscribers is an IPO process and that is how it is, there is nothing we could do, that's how things work.\"\u003cbr/\u003eKibera, Niarobi \u003cbr/\u003e10. Wide of Kibera shantytown\u003cbr/\u003e11. Tilt down from hair salon sign reading \"FOUNTAIN OF BEAUTY SHOP\" to women plaiting customer's hair\u003cbr/\u003e12. Customer having hair plaiting hair\u003cbr/\u003e13. SOUNDBITE: (English) Catherine Onyango, hair dresser:\u003cbr/\u003e\"I could not raise the whole amount that I wanted because business was not so good after the post election violence, so I managed to borrow some money from the bank, about half of what I wanted and that is what I invested though I am a bit disappointed right now because I am sure I am not going to get everything. I thought I would get much more than 21 percent.\"\u003cbr/\u003e14. Wide shot of man on phone\u003cbr/\u003e15. Child on phone\u003cbr/\u003eShares in Kenyan mobile service provider Safaricom began trading on the Nairobi stock exchange on Monday in east Africa's biggest-ever Initial Public Offering (IPO), a sign of investor confidence in a country torn apart by post-election violence earlier this year.\u003cbr/\u003e\"This IPO is the most attractive in our history,\" President Mwai Kibaki said on Monday before ringing the bell at the stock exchange to begin trading.\u003cbr/\u003eThe sale of 10 (b) billion shares - a 25 percent stake - in Safaricom, which the government jointly owns with a consortium led by Britain's Vodafone Group, dominated headlines in recent weeks. \u003cbr/\u003eIt energised Kenyans, with some 750-thousand applying for an allotment of shares by lining up at banks and brokerages for hours. \u003cbr/\u003eThe sale was oversubscribed by more than 400 percent as domestic and international investors scrambled for shares.\u003cbr/\u003e\"We went out of our way to create as many shares as we possibly could to let people apply,\" assured Safaricom CEO Michael Joseph.\u003cbr/\u003eThe government is hoping to raise 52.8 (b) billion shillings (833 (m) million US dollars) from the IPO, valuing the firm at about 209 (b) billion shillings (3.3 (b) billion US dollars).\u003cbr/\u003eSafaricom's share price closed at 6.95 shillings (US$0.116), from the initial price offer of 5 shillings (US$0.08), which represents a 40 percent increase, said an associate director of Standard Investment Bank.\u003cbr/\u003eIn the financial year ending March 31, the company made 13.9 (b) billion shillings (231.6 (m) million US dollars) in after-tax profits, up from 12 (b) billion shillings (200 (m) million US dollars) the previous year.\u003cbr/\u003eDuring the same period, subscribers rose to 10 point two (m) million, from six (M) million, Safaricom reported in its March 31 financial results.\u003cbr/\u003eThe company said that rise in customers represented 84 percent of the market share. \u003cbr/\u003eTelecommunications experts estimate that the potential market for mobile phone subscribers is 14 (m) million out of Kenya's population of 34 (m) million.\u003cbr/\u003eThanks in part to high commodity prices, economic growth, debt relief initiatives and recent market-friendly economic policies, so-called \"frontier\" stock markets throughout Africa, from bigger players like Nigeria to Ghana and tiny Malawi, have been yielding big gains for investors.\u003cbr/\u003eThe continent's bull market is being driven in part by a growing African middle class seeking new investment opportunities. \u003cbr/\u003eAlthough some, like hairdresser Catherine Onyango, were disappointed that they were only allowed to buy 21 percent of the shares that they had applied for due to oversubscription.\u003cbr/\u003e\"I managed to borrow some money from the bank, about half of what I wanted and that is what I invested though I am a bit disappointed right now because I am sure I am not going to get everything. I thought I would get much more than 21 percent,\" she told AP Television.  \u003cbr/\u003eWith the US economy wobbling, American and European investment funds are now taking an increased interest in Africa, buying bargain-priced shares of undiscovered companies.\u003cbr/\u003eThe Safaricom sale came as the country struggled to regain its economic footing after December's disputed presidential election. \u003cbr/\u003eThe election laid bare frustrations over poverty, corruption and long-standing ethnic rivalries in Kenya. \u003cbr/\u003eMore than 15-hundred people were killed and hundreds of thousands displaced.\u003cbr/\u003eIn many regions, the violence brought a bloody end to decades of coexistence among Kenya's ethnic groups, transforming cities and towns where Kenyans had lived together, however uneasily at times since independence from Britain in 1963.\u003cbr/\u003eA power-sharing deal between Kibaki and Raila Odinga, who was named to the new post of prime minister under the agreement, ended much of the frenzied bloodshed. \u003cbr/\u003eBut the Kenyan leaders must now try to heal a divided nation and restore one of Africa's most promising economies.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eCurator Rating\u003c/dt\u003e\n\u003cdd\u003e\u003cspan class=\"star-rating\" 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