JULY 28, 2017: CORPORATE NEWS FROM NIGERIA AND KENYA

NIGERIA:

NEW CEO FOR UACN PLC.

From January 1, next year, Abdul Akdor Bello will step into the shoes of Larry Ephraim Ettah as the managing director/CEO of Nigeria's veteran conglomerate, UAC of Nigeria PLC.

According to company secretary Godwin A Samuel, in a formal notice to the Nigerian stock exchange, Mr Ettah, the current CEO proceeds on voluntary retirement from January.

Mr Bello is the current chief financial officer of the group.

Says Board chairman, Dan Agbor, of the out going CEO: "It is on record that UAC of Nigeria PLC under Larry's capable leadership has seen a decade of strong performance, growth and significant transformation..."

Showcading the smoothness of the succession plan of the group, Larry Ettah says of the incoming CEO: "Abdul is an ideal and logical successor given his background in UACN and track record of achievement at various levels in the organisation. He has been a strategic partner since 2010 when he was appointed chief financial officer"

Bello has spent the better part of his working life with UACN since joining the group in October 31, 1989 as chief accountant, Grand Cereals ltd, a member of the group.

Before then he started out as management trainee with Inlaks PLC in 1985 and became chief accountant of Inlaks from August 1987 to September 1989.

He is a fellow of Institute of Chartered Accountants of Nigeria (ICAN)

KENYA:

 LIBERTY KENYA HOLDINGS TO SELL INVESTMET.

 Liberty Kenya Holdings ltd's subsidiary, Heritage Insurance company Ltd has approved the sale of the entire issued share capital of Azali ltd to Emerged Investment ltd.

According to Liberty Kenya's company secretary, Caroline Kioni, the sale involves the entire issued capital of Azali ltd.

Azali ltd is a non-profit company owned by Heritage Insurance company Ltd and which in turn, owns and manages Heritage House.

However shareholders of Liberty Kenya are expected to ratify the deal at the next annual general meeting.

It is also subject to notification to the Competition Authority of Kenya.

DEACONS EAST AFRICA PLC 5.53% TO BE SOLD.

The Kenyan investment company, Centum Investment company ltd is buy 5.53% or about 6.837m shares held by Aureous East Africa Fund ltd(part of the Abaaj group) via a private transaction.

Though subject to formal approval by the Kenya Capital Markets Authority, the agreement reached between the parties to the sale has provision for completion on second business day after satisfaction of all conditions necessary or at such a date the parties may agree to in writing.

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