Scangroup finance director Manish Kumar Shah resigns

Scangroup finance director Manish Kumar Shah has resigned effective December 31, 2013. FILE 

By SAMUEL NJIHIA, snjihia@ke.nationmedia.com

Scangroup Limited on Saturday announced that its finance director Manish Kumar Shah had resigned his position, effective December 31, 2013, in order to pursue other interests.

"The Board of Directors of Scangroup Limited wishes to advise of the resignation of Mr Manish Kumar Shah as Finance Director with effect from December 31, 2013," said Margaret Kipchumba, company secretary Scangroup, in a notice issued on Saturday.

Mr Shah, who holds a Bachelor of Commerce Degree from the University of Bombay, joined Scangroup in 2003 and served in various roles within the company.

"The Board would like to thank him for his service and contribution to the Group and wishes him the best in his future endeavours," said Ms Kipchumba in the public notice.

The Nairobi Securities Exchange listed advertising company said in August that its net profit for the six months of 2013 dropped 89.2 per cent to Sh43.6 million, hit by a Sh91 million operating loss in Scanad Nigeria.

The Nigerian unit was last year hit by a lawsuit from the country’s Prima Garnet Communications, which sued it and Ogilvy Africa for breach of contract and colluding to lock out smaller competitors.

The court action has stopped the operations of the subsidiary, causing Scangroup to incur a Sh91.3 million loss that contributed to the first half profit fall.