MAY 28, 2018: CORPORATE NEWS FROM KENYA AND NIGERIA.

KENYA:

 KENYA AIRWAYS EQUITY/DEBT 
SWAP

 Kenya Airways has finally got the go ahead of Capital Markets Authority to issue new shares to KQ. Lenders 2017 Ltd as part of the debt owed to it.

According to Kenya Airways, the issuance of the shares will be in batches or from time to time but will in the end aggregate to 663.5m shares.

The debt restructuring strategy was approved by the CMA on May 18. 2018  while formal approval was given by shareholders of the company at an extraordinary general meeting held on August 8, 2017.

This is certainly going to water down the percentage holdings of existing shareholders but it should provide debt relief for the company that could increase its chances of making profit.

STANDARD GROUP CONFIRMS CEO.

Standard Group PLC has announced the confirmation of Mr Olando Lyomu as the group chief executive officer of the company.

According to company Secretary, Millicent Ng'etich, this was with effect from May 25, 2018 and after acting in that capacity since September 2017.

Indeed, while acting as GCEO, says Millicent, he also was the group finance officer and chief operating officer.

Orlando brings to bear 25 years experience at senior management and board levels having worked in the petroleum industry across East Africa: Kenya. Uganda, Rwanda and Tanzania.

He hold Bachelor's of Commerce from University of Nairobi and is a certified public accountant in Kenya.

HF GROUP CEO TO RETIRE

The group managing director of HF Group PLC Mr Frank Ireri has given notice of his retirement from the company come March next year.

According to the Board chairman of the company, Steve Omenge Mainda, Mr Ireri opted not to renew his 4-year contract when it expires by March and has given early notice to that effect.

Hence, says the chair. with the benefit of the early notice, the nomination and governance committee of the board, assisted by Mr Ireri, will start the search for a successor to ensure transition is smooth.

CIC INSURANCE BOARD CHANGES

Major changes have occurred in the composition of the board of directors of CIC Insurance Group resulting in the exit and entry of four directors in all.

Those who have retired were Mrs Veronicah Leseya and Ms Susan Kasinga while new on board were Mrs Jyoti Patel and Mrs Rosemary Sakaja.

The new directors come aboard with effect from June 1 this year as independent non-executive directors.

Mrs Patel brings to bear more than 20 years wealth of experience in financial and risk management, audit and strategy while Mrs Sakaja comes aboard with wealth of experience in finance, banking and project management.

NIGERIA;

CORNERSTONE INSURANCE RESTRUCTURES NETWORK

Cornerstone Insurance Plc has announced the closure, merger and relocation of some of its branches across the country.

According to company secretary , PAC Solicitors, the branches at Surulere and Ikeja in Lagos state have been merged resulting in the closure of the Surulere branch.

Also Kano branch has been relocated to 103 Hadejia road Kano.

Finally, the company's branches at Kaduna and Calabar have been closed down and businesses hitherto handled by them will be taken over by other branches.

CADBURY NIGERIA OPTS FOR DISK FORMAT ANNUAL REPORT

According to company secretary, Fola Akande, CADBURY Nigeria PLC has decided to publish its annual report mainly in the computer disk form for posting to shareholders.

Fola says this was because it is hoped that it will be more convenient and timely; will be environment friendly , provide good storage and indeed reduce cost of production.

Notices of meetings will as usual and by law, will be placed in newspapers and any shareholders who prefers to receive the annual report in paper form can express such wish through cadburynigeria@midz.com.

STERLING BANK TWO DIRECTORS RETIRE.

The retirement of two directirs , Mr Mudathir Kayode Lawal and Mrs Egbichi Akinsanya, from the board of Sterling Bank PLC has been announced.

According to the company secretary, Justina Lewa, they retired by May 22_ this year.

Mr Lawal was executive director of the bank since April 2014 and at different times was in charge of Northern operations, treasury portfolio and corporate and investment banking.

He retired after serving Sterling Bank for 30 years.

On the other hand, Mrs Akinsanya was appointed non-executive director in March 2015 and retired after serving three years.


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