TransCentury appoints former KRA boss to board in turnaround bid

Corporate News

Former KRA commissioner general Michael Waweru. PHOTO | FILE |  NATION MEDIA GROUP

By IMMACULATE KARAMBU, ikarambu@ke.nationemdia.com

In Summary

• Mr Waweru holds a 7.57 per cent stake in the company and is currently the chairman of Alexander Forbes Group in Kenya.
• The changes at TransCentury have also seen Carol Musyoka resign from the board with immediate effect from November 30.

TransCentury Ltd has appointed former Kenya Revenue Authority (KRA) commissioner general Michael Waweru to its board of directors.

Mr Waweru holds a 7.57 per cent stake in the company and is currently the chairman of Alexander Forbes Group in Kenya, the Mwai Kibaki Institute and also serves on the board of East African Cables Ltd.

He joins the listed investment firm's board along with Ambassador Dennis Awori, according to a notice issued by the Nairobi Securities Exchange (NSE).

In November, Mr Awori was appointed to chair the board of directors at national carrier Kenya Airways (KQ) replacing Evanson Mwaniki.

WATCH: Dennis Awori appointed new board chairman of Kenya Airways

Mr Awori, who is also the board chairman of Bank of Africa, was appointed to the Vision 2030 delivery board in October by President Uhuru Kenyatta.

The changes at TransCentury have also seen Carol Musyoka resign from the board with immediate effect from November 30.

“The chairman and the board of TCL take this opportunity to welcome and congratulate the new board members and thank Ms Carol Musyoka for her invaluable contribution to the board during her tenure,” said TransCentury’s company secretary Virginia Ndunge.

Turnaround

The new board entrants are expected to inject fresh blood into the company’s turnaround strategy as it seeks to improve its dwindling fortunes.

In May, it emerged that TransCentury’s top owners had lost more than Sh5 billion of wealth since the company was listed at the NSE four years ago.

READ: TransCentury’s big owners lose Sh5bn in share price fall

TransCentury’s share price remained unchanged by close of trading Friday. The company’s share lost 9.50 per cent of its value last week.

READ: TransCentury to embark on fundraising

ALSO READ: TransCentury narrows first half loss