JUNE 20 2017: CORPORATE NEWS FROM NIGERIA AND KENYA.

NIGERIA:

NIPCO BIDS FOR MOBIL OIL

After it recent deal that led to majority holding in Mobil oil PLC, NIPCO Investment  ltd has exercised its mandatory right to make take over bid for the listed company 

According to formal notice to the stock market by its stockbrokers, Cordros Securities, the bid has been approved by the Securities and Exchange Commission.

Hence minority shareholders are expected to submit their acceptance forms on or before the 29th of this month.

Such shareholders must be registered in Mobil oil Nigeria books by April 10, this year.

The acceptance forma are to be forwarded to GTL Registrars Ltd 266, Muhammed Way, Yaba before 1pm on that 29th.

Shareholders can also call +244 9049041-2 for more information.

JULIUS BERGER GOES INTO CRUDE OIL PRODUCTION

Nigeria's construction giant, Julius Berger, has decided to diversify into crude oil production.

According to the company secretary, Mrs C E Madueke, to this effect, a strategic partnership and joint venture agreement has been signed with Petralon Energy for the acquisition and development of oil fields.

This alliance, says Mrs Madueke, " is in line with strategic goal of Julius Berger to diversify into the oil and gas sector ".

SEPLAT PETROLEUM CHAIRMAN INCREASES HOLDING

The Chairman of the board of directors of Seplat Petroleum Development PLC Dr Ambrosie Bryant C Orjiako, has increased his stake in the company closer to 10%.

According to mandatory notification from the company, Dr Orjiako  acquired the additional holding while Zenith Securities sold them as directed by Zenith bank with whom they had been vested as collateral by Shebah Petroleum Development Ltd.

The purchase transactions were sealed between May 24 and June 9 this year and led to Dr Orjiako holding directly and indirectly 8.39% of Seplat; a development that must be formally disclosed.

KENYA:

KCB NOT BUYING NATIONAL BANK.

In spite of recent media reports, says Kenya's Capital Market Authority, CMA, KCB Group, to the best of its knowledge, is not not trying to buy majority holding in National bank of Kenya.

In a statement signed by its chief executive, Mr Paul Mathaura, the CMA declared:

" The attention of the Capital Market Authority has been drawn to the continued media reports on possible acquisition of majority shares in National Bank of Kenya ltd by KCB Group PLC"

"We wish to clarify that no regulatory filings have been made to the authority by KCB Group regarding this matter and ci confirmation of the existence of such a transaction has been received"

"In view of this, members of the public are advised to exercise caution when dealing on shares of KCB and National bank".

It added: " An appropriate announcement shall be made in the event that details of such a transaction (if any) are filed with the authority "

KENYA RE'S SEVEN DIRECTORS NOT RE ELECTED.

At it latest annual general meeting held this year, seven out of 10 directors of Kenya Reinsurance ltd seeking re election did not make it back to the board.

According to the company secretary, Charles Kariuki, only three directors got mandatory majority votes of shareholders to get back on board.

They are Mr David K Kemei who got 420,308,553 votes; Mr Main a Mukoma (420,263,230 votes) and Mr Chiboli  Shakaba.

The rest scored less than 300,000 votes each and so were not re elected.

They are Ms Hilda Muchunku; Mr Julius K Koros; and Mr Michael O Monari.

Others are Doctors Iruki Kailemia; Caxton M Munyoki; Jacob Ali and Lambi W M'Nabea.

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