AUGUST 25 2017: CORPORATE NEWS FROM NIGERIA AND KENYA

NIGERIA:

TRANEX RIGHTS CLOSES NEXT WEEK.

The rights issue of Trans-Nationwide Express PLC, which opened since July 24, this year comes to a close next week on August 30, 2017.

The offer was of 298.23m N0.50 ordinary shares at N0.80 per share to shareholders registered in the company's books by January 25, this year. They were offered to take up three new shares for each two held.

According to Tranex CEO, Chidinma I Iheme, shareholders who are yet to get their circular on the offer should please contact Meristem Securities or the Registrars, Cardinalstone Registrars before the closing date.

Tranex is raising the money to expand operations and, says the CEO, enhance profitabity and shareholder value.

PAINTS & COATINGS TO DELIST

Paints and Coatings Manufacturers PLC, one of the paint makers,quoted on the Nigerian stock exchange, has set in motion machinery to effectively delist from the exchange.

According to the acting Head, Listing and Regulations department of the exchange, Godstime Iwenekhai, the company has formally submitted a scheme of arrangement between it and holders of fully paid shares of N0.50 each that will eventually pave way for voluntary de-listing.

KENYA:

NEW CEO FOR KENYA ORCHARDS

A new managing director and CEO has been appointed by the board of directors of Kenuay Orchards ltd: Mr Vipul Patel.

According to a release from the company, he replaces Mr Sudhir Damodar Vaidya who resigned with effect from July 31, this year.

Mr Patel takes over a company quoted on the Nairobi securities exchange that by half year to June, was finding it difficult to be small and beatiful like it was in 2016 financial year.

NEW CFO FOR TPS EASTERN AFRICA

TPS Eastern Africa ltd has announced the appointment of a new chief finance officer (CFO) with effect from August 16: Mr Nooren Hirjani.

According to the company secretary, Dominic Ng'ang'a, he teplaced Abdulmalek Virani who retired recently after 40 years with the company.

Hirjani is an associate of the Institute of chartered accountants of England and Wales with a BA degree from Manchester University.

He has over 20 years experience  across different countries, companies and industries at senior positions. He worjedy in the UK, United Arab Emirates, Bahrain, and Qatar in diverse sectors like hospitality, asset management, and manufacturing.

Also the company announced the resignation of Mr Jack Jacob Kiss from the board of directors from August 16 after serving for 15 years.

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