JUNE 29 2017: CORPORATE NEWS FROM NIGERIA AND KENYA

NIGERIA;

CHELLARAMS IN STRATEGIC PARTNERSHIP

After 25 years of importing and selling dairy brands from Deutsches Milkchkontor (DMK) of Germany, Nigeria's Chellarams plc has finally signed an agreement with DMK establishing a partnership to substitute the imports with dairy products produced in Nigeria.

According to the company secretary, Mrs E.D NNoruka, in a notice published on the Nigerian stock exchange website today, June 29, the new agreement will lead to the establishment of a new company; Chellarams DMK Ltd to manage production, marketing, sales and distribution of a full range of dairy products across Nigeria.

It replaces a simple distribution agreement between both companies 25 years ago.

Chellarams DMK Ltd, adds NNoruka, intends to invest in a large distribution network by partnership with key distributors.

Meanwhile, the Exchange has granted Chellarams more time till July 31 this year to file its annual accounts for the year to February 28. 2017 due since May ending 2017. This was to allow the company conclude the partnership agreement with DMK.

RED STAR EXPRESS TO RESTRUCTURE

At the next annual general meeting of Red star Express shareholders will be called upon to approve a new holding structure for the company.

According to the company secretary, Frances Ndidi Akponuka, they will also be asked to approve pals to raise more capital for expansion of the operations of the company.

In addition, after approving the annual report for the previous financial year, a dividend of 40 kobo per share will be recommended for their approval and if approved, it will be paid on September 9,this year to shareholders registered in the books by August 1, this year.

The annual general meeting comes up on Thursday August 31, this year at Welcome Centre Hotel, International Airport Road, Lagos.

CON OIL TO PAY N3.10 PEER SHARE DIVIDEND

When shareholders of Con oil PLC meet soon, amongst the day's business will be recommendation of 310 kobo per share dividend for their approval.

According to company secretary, Conrad Eberemu, if approved payment will be made on August 21 to shareholders registered in the books by July 7.

Meanwhile, says Eberemu, the report for 2016 was filed late because of changes in the board of directors of the company and appointment of a new company secretary.


KENYA

EAST AFRICAN BREWERIES TO ESTABLISH NEW FACTORY

The Board of directors of East African Breweries ltd have approved plans to invest in a new factory in Kisumu, Kenya.

According to a notice issued on the orders of the board, the new factory is estimated to cost 15bn Kshillings and will be executed over two years.

However, modalities for raising the money is still being worked out and investors and the public were, as demanded by quotation rules, asked to exercise caution while dealing in the shares of the company.

KENOL KOBIL GETS NEW DIRECTOR.

A new director has been appointed to the board of Kenol Kobil with effect from the first of next month.

According to company secretary, Lawrence Kibet, she is Ms Elisabeth Klem who is currently also the managing director of Yaya Towers in Nairobi Kenya.

She holds a degree in hotel management from Switzerland with vast experience in hospitality business. Indeed, she has been the CEO of Yaya Towers since February 2006.

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