SEPT 26, 2017: CORPORATE NEWS FROM NIGERIA & KENYA

NIGERIA:

GTB OFFERS TO BUY $400M NOTE

Guaranty Trust Bank (GTB) has offered to pay cash to holders of its $400m 6% notes it issued and on schedule for repayment by November next year.

According to Company secretary, Erhi Obebeduo, it is voluntary offer and as many holders who are prepared to receive the cash now, instead of waiting till November next year, will be paid.

The offer commenced yesterday September 25 and those who do decide to surrender their holding will be paid by October 5, this year.

To ensure the success of the offer, GTB retained the services of Lucid Issuers Services ltd as tender agent and of Exotix Partners LLP, J P Morgan services and Morgan Stanley & co international PLC as dealer managers of the offer.

NEWREST ASL SELLS SUBSIDIARY

Newrest ASL PLC has sold off its Rwanda subsidiary, ASL Rwanda ltd.

This brings to two the subsidiaries in the group and the company is on the look out for investment opportunities.

KENYA:

SAFARICOM PLC AGM RESOLUTIONS

When the shareholders of Safaricom PLC met at the annual general meeting on September 15, they passed some resolutions that will affect the way the company is run.

First, in future, any resolution that affects approval or modification of business plan; approval of annual budget, appointment of CEO and of the Chief Finance officer and any change company brands must be passed by 75% of shareholders before it can take effect.

Also the number of directors of the company must not be below 7 or above 10, including independent non-executive directors.

Finally, the position of the deputy chairman of the board has been scrapped and from now, once the board chairman fails to show up for a meeting 15 minutes after take off time, the directors present will elect one of the directors to chair the meeting.

According to the company secretary, Kathryne Maudu, the meeting also directed that the board of directors should encourage predominantly Kenyan character in the senior management and executive committee of Safaricom PLC.

BRITAM HOLDINGS GET 14.3% INVESTOR.

Britam Holdings PLC has signed an agreement to sell 14.3% of its shares or 360,880,281 units to Africivinvest 111-SPV.

According to Nancy Kiruki, the company secretary, the agreement was signed yesterday September 25, and the shares will go for Kes 15.85 per share.

However, it remains a proposal until formal approval is given by oversight authorities and by the shareholders.

FLAME TREE GROUP ACQUIRES POLYPLAY Ltd.

Polyplay ltd, manufacturer of playground equipment, has been acquired by Flame Tree Group 100%.

Despite the acquisition, founder and current CEO of Polyplay Mr Derrick Correa will continue in that capacity and oversee the company's new focus to through the Britam connection, reach out business in more countries outside Kenya.
Says Britam Holdings PLC CEO Heril Bangera off the acquisition: " we are excited to add poly play to our .... portfolio of brands" adding that Polyplay has growth potential across Africa.

Presently, Britam Holdings operates in Mauritius, Kenya, Rwanda, Ethiopia, Dubai and Mozambique.

NEW DIRECTOR FOR STANBIC HOLDINGS.

Stanbic Holdings PLC has announced the appointment of Ms Rose Bosibon Osoro to the board of directors as independent non executive director.

According to company secretary Lillian Mbindyo, she was appointed yesterday September 25, 2017.

A certified public accountant, and certified public secretary, she also holds Masters in business administration from University of Nairobi and a Bachelors of Arts from Kenyatta University.

She was a commissioner in Kenya's Commission on revenue allocation and brings to bear years of experience in budgeting and public finance.


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