MAY 15: CORPORATE NEWS FROM NIGERIA AND KENYA

NIGERIA:

LA FARGE AFRICA TO ISSUE N140BN RIGHTS.

Nigeria's veteran cement manufacturer, LA Farge Africa, will table a rights issue worth N140bn before shareholders for approval at the next annual general meeting scheduled for June 7, this year.

According to the company secretary, Uzoma Uja, the aim is to reduced the company's exposure to foreign loans in the light of Naira depreciation and optimise expansion in Nigeria.

Shareholders will also be asked to approve the merger of Unicem ltd with LA Farge Africa. LA Farge owns Unicem 100% but the company is currently operating as a subsidiary.

The key to the formal lies in the fact that Unicem is currently exposed to $600m loan which it took to complete line one producing 2.5 metric tons per year and commission line with the same production capacity.

Part of this debt is owed to the parent LA Farge international group and it is planned that this portion will be used to take up the group's rights to be issued once the shareholders ok it.

Other shareholders are then expected totake up their portion in order to maintain their % holding in La Farge Africa.

NEW CHAIRMAN FOR WEMA BANK.

Following the resignation of erstwhile Chairman of the Wema Bank board of directors, Adeyinka Asekun on May 10, a new one has been elected.

According to company secretary, Oluwole Ajimisinmi, he is Mr Babatunde Kasali who was non executive director before his elevation.

Mr Asekun had resigned after the Senate approved his appointment as a non career ambassador.

Mr Kasali brings to bear over 30 years in audit, risk management, compliance and retail banking.

He was general manager and regional head, UBA which he joined in 1996. Other positions he held through the years was chief Inspector, regional director and divisional director.

He was also CEO of Resolution and Restructuring company ltd, a subsidiary of Asset Management company of Nigeria.

He is a fellow of the Institute Of chartered accountants of Nigeria (ICAN) and holds Bsc Economics from Manchester Metropolitan University UK.

KENYA:

LIMURU TEA COMPANY TO CHANGE NAME.

At the annual general meeting of sharehilders scheduled for May 25 at Sarova Panafric Hotel, Nairobi, shareholders will be asked to approve change of name for Limuru Tea Company Ltd.

According to company secretary, Alison I N Kariuki, if approved the new name will be Limuru Tea plc.

Shareholders, as usual will receive and adopt the 2016 report of the company and re elect two directors Mr Collins Bett and Dr Richard C Koir who turned 70 years.

No dividend is being recomended.

SANLAM KENYA PLC RESOLUTIONS

At the annual general meeting of Sanlam Kenya plc held on the 5th of this month, shareholders received, considered and adopted the 2016 annual report.

Also, says company secretary, Emma Wachira, they also reelected Matty's Lodewikus Olivier, Julius Magade and Theuns Botha to the board of directors.

UGANDA:

UMEME TO PAY DIVIDEND

At the annual general meeting of Uganda's power company quoted on the Nairobi securities exchange, shareholders approved the declaration of 7.8 UGx per share as dividend for the year

They also elected Patrick Bitature, Pieter Adrian Falling and Christopher Nicholson as directors of the company.

The meeting was held on May 11 at Sheraton Kampala Hotel, Kampala Uganda


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