JUNE 27, 2018: CORPORATE NEWS FROM KENYA, NIGERIA, GHANA.

NIGERIA:

KENYA:

ARM CEMENT'S TUNNEL'S LIGHT?

The management of Kenya's ARM Cement has assured stakeholders that there might be light visible at the end of the dark tunnel of the company since 2014.

In a statement issued recently, the company explained that efforts are on to restructure its debt profile and so should be in a position exploit changing fortunes in the industry.

The tough run started in 2014 when ARM decided to invest in a new clinker plant  expected to produce 1.2m metric tonnes of cement for Tanzania, Rwanda and Kenya.

It was ARM's largest investment ever but unfortunately, the facility called Tanga Clinker plant performed grossly below expectations.

At issue, says the management, was power supply rationing, inadequate coal supply and tough competition. Indeed, for three years there was no tangible return on Tanga.

In 2016, in an attempt to restructure the balance sheet  and reduce debt burden CDC Group was incorporated and it is on that platform the light at the end of the tunnel is now visible.

But will it become full bloom? That depends on how long the growth now perceived in the market and improve coal supply stay on course.

NEW DIRECTOR FOR KCB GROUP PLC

A new non executive director has been appointed to the board of KCB Group in the person of Mr Andrew Wambari Kairu.

According to company secretary, Joseph Kania, Mr Kairu holds Bsc Commerce from the University of Nairobi and an alumnus of executive programmes at Wharton School, University of Pennsylvania and corporate governance, Harvard Business school.

BARCLAY'S BANK PLC

COMPANY SECRETARY RESIGNS

The company secretary of Barclay's Bank of Kenya. Paul Kinyanju Thairu Ndungi has resigned.

According to notice from the company, the resignation took effect from June 21 2018.

In his place, Ms Stella Wakiuru Gacharia will act until a substantive one is appointed.

The acting company secretary is a certified public secretary and member of the Public Secretaries of Kenya.

DEACONS (EAST AFRICA) PLC NEW DIRECTOR.

A new non-executive has been named for Deacons (East Africa) PLC: Ms Caroline Anyango Ayugi.

With her appointment, says company secretary, J L. G Maonga Deacons now has a nine member board.

She joins the board from July 1, this year.

EXPRESS KENYA TO DE-LIST

Express Kenya ltd will soon be delisted from the Nairobi Securities Exchange.

This is sequel to the positive poll conducted on June 20 2018 during the annual general meeting held at Pride Conference Centre, Nairobi.

From the poll, 85.31% of shareholders or 22.71m votes went for the voluntary delisting while 14.69% or 3.91m were against it.

Meanwhile, Express Ltd management acknowledged that only one take over offer has so far been received for Express Kenya.

The offer was from Diniz Holdings Ltd and it is possible delisting may be intended to make it happen.

NIGERIA:

NEW CEO FOR DANGOTE SUGAR REFINERY.

Engr Abdullahi Sule has been appointed the substantive Group chief executive officer for Dangote Sugar Refinery plc.

According to company secretary Mrs Chioma Madubuko, the appointment
was made during the board of directors meeting held June 21, 2018.

Sule holds Bsc Mechanical engineering and Masters in industrial technology from Indiana State University, USA.

He was director for business development for Africa for Osyka Corporation Houston; CEO, African Petroleum plc and Sadiq Petroleum Nigeria and country manager Tetra Technologies.

He had his first stint with with Dangote Sugar as MD in 2007; left to be country director for a UK company and rejoined Dangote Sugar December 2011 as MD then in 2013 was made deputy group CEO.

BOARD CHANGES AT NESTLÉ NIGERIA

Mr Kai's Marzouki has resigned as non executive director of Nestle Nigeria plc to be replaced by Mr Rent Ejel from July 1, 2018.

Kais is taking up new appointment in the Phillipines as Market Head thus relinquishing his current position as market head, West Africa.

On the other hand, Ejel who is currently market head Nestle Southern Africa will take over as market head for Central and West Africa.

Thus, he was coming back to West Africa where he was the lead executive between 2002 and 2005 before working as commercial manager for the group in Mali, Burkina Faso, Nigeria, Togo and Benin Republic.

According to company secretary Mr Ejel also once served Oman, Saudi Arabia and Nestle Middle East.

GHANA:

NEW BOSS FOR MTN GHANA

Mr Selorm Adadevoh has been appointed the new chief executive officer of MTN Ghana from June 20, 2018.

He replaced Ebenezer Asante, who had combined the job with his primary role as acting Vice President, MTN Group's Southern, East African and Ghana region.

Prior to his appointment, the new CEO was chief executive officer Digicel Haitian operations after a stint as chief commercial officer and head of mobile financial services for Millicom Ghana.

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