WPP Scangroup Shareholders Approve the Sale of Kantar Business in Africa

WPP Scangroup forecast weaker earnings for its full-year financial results on Thursday as it posted Ksh 31 million profit for its six months ended 30 June 2021 compared to a loss of Ksh 532 million in the prior period.

WPP Scangroup Shareholders have approved the sale of Scangroup’s shareholding in Kantar Business in Africa in a virtual AGM held Wednesday.

According to the results of the voting on the resolution, 99.98 percent (380, 182, 929) of the shareholders cast in favour of the resolution that sale of its business in Africa which includes 100 percent of its shareholding in Millward Brown’s Nigeria, West Africa, and East African business and its 80 percent shareholding in Research and Marketing Group Investment Limited.

62,724 of the cast votes representing 0.02 percent of the shareholders were against the resolution.

“…the resolution was therefore approved,” said the Board of Directors.

The poll was conducted by Image Registrars and Scrutineered by PwC. 

The sale is projected to realize KSh 5 billion after estimated tax and costs. Funds raised from the sale will be used in expansion and capital needs with 40 percent of the proceeds being paid out as a special dividend to shareholders.

Multimedia platform providing analysis of business & financial news in East Africa.

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