MAY 22, 2018: CORPORATE NEWS FROM KENYA AND NIGERIA

KENYA:

AFRICINVEST NOW OWNS 14.3% BRITAM HOLDINGS PLC.

Finally, Africinvest has acquired 14.3% stake in Kenya's Britam Holdings PLC .

According to Britam's company secretary and legal director, Nancy Kiruki, the deal was fully sealed on May 18 this year and Africinvest now holds 360,883,281 shares in Britam Holdings.

The first public hint of the investment had been made public September 26, 2017 and it was executed through a special vehicle company for the purpose.

The transaction was guided by Stanbic Bank Kenya Ltd as advisers and Coulson Barney LLP as legal advisers 

EAAGADS LTD PROFIT WARNING

Eaagads Ltd has warned that its earnings for the current year will be lower than 2017 figure by at least, 25%.

Based on unaudited figures March 31 2018, Eaagads expects the current year's profit after tax to be loss of Ksh46.7m compared to real profit of Ksh 18.1m in 2017.

This was due, says Eaagads, to low coffee sales volume as low production anf lower quality of harvest occurred. In fact, it says that sales income dropped by Ksh 56.5m as a result of this.

Then the situation was made worse by increase in production costs especially labour cost up 29% and other upkeep costs.

BRITISH AMERICAN TOBACCO PLC DIRECTOR RESIGNS.

Mrs Teddy Mapunda has given notice of her resignation from the board of directors of British American Tobacco with effect from July 1, 2018.

According to the company secretary Ms Waeni Ngea has been non executive director of BAT since 2014 and is resigning to purpose other interests outside Kenya.

NIGERIA:

SEPLAT PETROLEUM'S DIVIDEND RATE

Seplat Petroleum plc, Nigeria's indigenous oil and gas exploration company quoted on the London and Nigerian Stock Exchanges has adopted the exchange rate it will use to convert shareholders entitlements from its dividends payable this year.

According to company secretary Dr Mirian Ken Kachikwu, the rates were adopted from United States Dollar rates ruling on May 16, 2018.

In effect, it will be exchanged $1 equal to N305.35 and 0.722 British pounds.

STUDIO PRESS NIGERIA NEW DIRECTOR

Mr Davis O Onifade has been appointed a non executive director of Studio Press Nigeria PLC.

According to the company secretary, Mrs Adesua Akintemi of Cautious Services Ltd, Onifade was appointed to fill a vacancy on the board.

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