Kakuzi Plc Announces AGM and Ratification of Ksh 14.00 Dividend

Kakuzi Plc Announces AGM and Ratification of Ksh 14.00 Dividend

Agricultural firm Kakuzi PLC says its 92nd annual general meeting (AGM) will be held electronically on Tuesday 9 June 2020 at noon.

Shareholders wishing to participate in the meeting should register for the AGM online or via USSD using shortcode number *384*040# and follow the prompts regarding the registration process.

According to the firm’s notice, shareholders will receive and adopt the financial statements for the year indeed 31 December 2019.

The shareholders will also ratify the payment of a first and final dividend of Ksh 14.00 per ordinary share for the last financial year.

In April, it announced it will pay the dividend ahead of the AGM without receiving approval at the shareholder meeting. The Capital Markets Authority (CMA), on April 3 allowed firms to pay dividends without approval from shareholders.

They will also vote to re-elect directors: Mr Ketan Rameshcandria Shah, Mr Graham Harold Mclean, and Mr Daniel Ndonye who have offered themselves for re-election.

Shareholders will also re-elect members of the Board Audit & Risk Committee to continue serving: Mr Daniel M. Nyonye, Mr Stephen N. Waruhiu, Mr. Andrew N. Njoroge, and Mr Nicholas Nganga.

In addition, they will re-appoint Messrs Deloitte & Touche as Auditors of the Company and to authorise the Directors to fix the Auditors’ remuneration for the ensuing Financial Year.

In 2019, the firm posted a pre-tax profit of KShs 1,014 million against KShs 684 million last year attributed to increased demand and pricing for both avocado and macadamia throughout the year. 

The earning per share increased from KShs 24.57 to KShs 36.40. 

Kakuzi Plc is a dually listed company trading on both the Nairobi and the London Stock Exchange. It engages in the cultivation, manufacture, and marketing of tea, growing, and marketing of avocados, livestock farming, growing of macadamia and forestry development.

Its majority shareholder is Camellia Plc, a UK based corporate, with a 50.7 percent shareholding.