APRIL 19 2017: CORPORATE NEWS FROM KENYA AND NIGERIA

KENYA:

MARSHALLS (EAST AFRICA) LTD

If all goes as planned, by this time two months hence, Marshalls (East Africa) ltd will be finally delisted from the Nairobi Securuties Exchange voluntarily.

The process has been on for a while and has indeed been approved by Kenya's Capital Markets Authority.

It remains for shareholders to pass a formal resolution on at an annual general meeting billed for May 8.

As required by Kenyan laws, a formal circular letter has been sent to all shareholders about the meeting and the pending all important resolution.

Those who may not be able to attend have until May 6 to submit their proxy forms and formal announcement on the final resolution will be made on May 9.

Meanwhile, for minority shareholders who may not be interested in being part of a delisted Marshalls, the majority stakeholder, Global Ltd will throw open an offer to buy such holdings at 10.75 Ksh per share later in May to close June 7, 2017.

Marshalls is being delisted voluntarily to make room for restructuring of its operations from traditional vehicle sales since its registration in 1947.

The business, says management, is now seriously threatened by imported second hand cars.

STANDARD CHARTERED BANK

When shareholders of Kenya's Standard Chartered Bank ltd meet on May 25 ,2017, high on the agenda will be approval of interim dividends earlier paid to ordinary preference shareholders and declaration of final dividends after considering and approving the annual report 

According to the formal notice issued by the company secretary, N N Oginde, ordinary shareholders were paid 6 Ksh per share last year and the directors are now recommending final of 14 Ksh per share 

On the other hand, preference shareholders who have no voting rights, got interim of 83.76m Ksh total and 84.23m Ksh is now being proposed as final dividend.

Once approved, payment will be on May 26 to those on the register by 25th of this month.

NIGERIA:

GTB TAKES OVER $400M NOTE

Nigeria's Guarantee Trust Bank PLC (GTB) has decided to take full responsibility for the $40m Notes issued by its subsidiary, GTB Finance BV in 2013 and due for repayment next year.

The 6% fixed income note was earlier only fully and unconditionally guaranteed by GTB under a deed executed October 31 2013.

According to GTB company secretary, Erhi Obebedo, the existing deed will have to be reissued to reflect the decision to take over responsibility for the note.

R T BRISCOE:

R T Briscoe PLC has announced the appointment of two new non executive directors to the board of the company.

According to company secretary, Olukayode Adeoluwa & co, they are Mrs Folashade Oluwatoyin Ogunde and Mrs Aderemi O Akinsete Chidi, who is an alternate to Mrs Adeola Adenine Ade-Ojo.

Mrs Ogunde retired from UACN Property Development PLC last year as finance director after joining the group in 1991.

She brings to bear years of experience also working Delloitte Haskins now Akintola Williams Delloitte; and International computers ltd.

A fellow of the Institute of Chartered Accountants of Nigeria, she also holds Bsc Economics from Obafemi Awolowo University. Ile Ife.

On the hand, Mrs Chidi is a Chartered pension administrator and Bsc accounting graduate form Oklahoma city university and post graduate alumnus of School of Management University of Maryland 

She has over 25 years working experience which started with First American bank and spanned top management positions in a number of Nigerian banks.

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