SEPT 8, 2017: CORPORATE NEWS FROM KENYA AND NIGERIA

KENYA:

ARM CEMENT TO OFFLOAD SUBSIDIARIES

Kenya's ARM Cement is soon to offload its non-cement subsidiaries in good to focus more on its core business of cement production and marketing.

According to formal notice sent to the Nairobi securities exchange, the quoted company has signed an agreement to sell its 100% interest in Mavuno Fertilizer Ltd and through it, in ARM Minerals and chemicals Ltd and ARM Energy Ltd to Omya (Schweiz) AG of Germany and Pinner Heights ltd of Mauritius.

The agreement is still subject to shareholders approval and statutory nod from the Capital Market Authority of Kenya.

Before it comes into effect too, ARM will have to transfer its different non cement business to Mavonu, ARM Minerals and ARM Energy.

NIGERIA:

OANDO TO HOLD AGM ON SCHEDULE 

Oando PLC has been given full go ahead for its annual general meeting scheduled for next Monday, September 11,2017.

According to a notice from the company, this followed the withdrawal of Securities and Exchange Commission of Nigeria's directive that the AGM be postponed 

A shareholder of the company, Alhaji Dahiru Mangai and Ausbury inc.  had petitioned the SEC and to give enough time for the capital market overseer to look into the petition.

But Oando had replied stating its side of the complain maintaining that it will not be in the interest of shareholders to postpone the AGM.

Eventually, a letter dated August 31, 2017 gave its go ahead based on interim report by the special team it set up to handle the compliant.

Oando quoted SEC as writing inter alia, "The commission is of the opinion that it is unable to identify any material findings that would warrant the postponement of the company's 40th Annual general meeting scheduled for September 11 2017"

NEW DIRECTOR FOR LAW UNION & ROCK

Mr Olasupo Sogelola has been appointed executive director operations and technical for Law Union &Rock Insurance PLC.

According to company secretary and head, legal, Stan Chikwendu, the new ED brings to bear over 20 years working experience in the industry.

His career started out in 1991 with Guinea Insurance PLC. By 2010, he joined FBN Insurance as head Corporate division, rising later to become head, brokers and public sector. He even acted as managing director of FBN Insurance from December 2015 to April 2016.

He holds Bsc in Zoology from the University of Ibadan and an MBA from the University of Lagos 

ECOBANK TRANSNATIONAL GETS $250m FACILITY

Ecobank Transnational Incorporated (ETI) has received $250m senior unsecured credit facility from Deutsche Bank AG of Germany.

According to Mirelle Bokpe Anoumou of group communications, the money will be used "primarily to refinance maturing facilities"

Public Investment company of South Africa, a shareholder in ETI, said the notice, " provided support via sub participation of risk.

BETA GLASS GETS NEW DIRECTOR

Dr Zulikat Wuraola Abiola, currently managing director of Management Transformation Ltd, has been appointed to the Board of Beta Glass PLC as independent non executive director.

According to Beta Glass Deputy company secretary, Ms Bola Adebisi, the appointment took effect from July 6, this year.

Dr Abiola has been a management consultant since 1999 and worked with McKinsey & co in New York and later London with primary involvement in strategy and organisation.

She holds a BA from McLaren school of business San Francisco; an MBA from London University and PHD from Imperial College London.

A senior lecturer in Business administration department of the University of Lagos, she serves as lead MT facilitator in strategy, leadership and management training courses.

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