Kakuzi Plc’s shareholders have expressed support for the company’s sustainability-focused diversification and expansion plans, which include investments in Ag-Tech, water stewardship, and new commercial produce.
Kakuzi Plc shareholders have supported the company’s diversification and expansion plans.
As part of its sustainability strategy, Kakuzi plans to invest Ksh100 million next year in agricultural technology (Ag-Tech), water stewardship, carbon emissions reduction, waste reduction, and the introduction of new commercial produce like blueberries and expanded livestock.
Kakuzi Board Chairman Nicholas Ng’ang’a says the company’s growth beyond a traditional farm enterprise and its commitment to deepening investor relations.
Managing Director Chris Flowers highlighted the importance of market diversification for Kakuzi, both domestically and internationally.
He acknowledged the challenges posed by global logistics and climate change but expressed confidence in the company’s ability to navigate these obstacles.
“The complexity we face today is greater than it was during the Covid Pandemic, Flowers said. We are now dealing with new significant problems which again are beyond our control, such as complex global logistics, caused by the closure of the Red Sea Shipping routes, and Climate Change which is making agriculture far less predictable.”
Kakuzi’s shareholder base has grown to 1,395 as of December 31, 2023.
Capital Markets Tribunal Rejects Kakuzi’s Challenge to CMA Investigation
The Capital Markets Tribunal has rejected Kakuzi PLC’s bid to block the Capital Markets Authority (CMA) from investigating allegations of financial impropriety and conflict of interest involving the company’s directors.
The CMA initiated the investigation in 2021 following allegations of unsupported payments, conflict of interest, and undisclosed interests in related entities.
Kakuzi’s directors appealed the CMA’s decision but were unsuccessful. The Tribunal ruled that the CMA was acting within its mandate and dismissed the appeal.
“The tribunal upholds the position taken by the respondent (CMA) that the inquiry that was instituted against the appellants (Kakuzi and the directors) and the evaluation of the findings on Corporate Governance dated 15th November 2022 were two separate statutory processes with different legal consequences and the latter could not be held to have determined the inquiry that was still ongoing,” the Tribunal ruled.
“In the upshot, this Tribunal finds no merit in the appeal and the same is hereby dismissed with costs to the respondent.”
The CMA’s investigation is ongoing, and the outcome could have significant implications for Kakuzi and its shareholders.
