Monday, July 31, 2017

Cytonn converts into a public company

Cytonn chief executive Edwin Dande. file photo | nmg Cytonn chief executive Edwin Dande. file photo | nmg 
Shareholders and joint venture partners of Cytonn Investments can now freely transfer shares following its conversion to a public company.
Cytonn chief executive Edwin Dande said the conversion is part of its continuing enhancement of corporate governance at the firm.
“If you look at the recent significant losses that investors have incurred in situations such as Uchumi, Nakumatt, Kenya Airways, Chase Bank, Imperial Bank and Mumias Sugar, the common theme has been a failure of corporate governance,” said Mr Dande.
“At Cytonn, we shall continue to hold ourselves to the highest levels of corporate governance for the interests of our investors.”
The investments management firm, with offices in Nairobi and DC Metro in the US, yesterday announced its conversion from a private to public company and changed its name to Cytonn Investments Management public listed company (Plc).
Cytonn said it has more than Sh80 billion in investments and projects under its mandate, mainly in real estate, largely held by high net-worth individuals, global and institutional investors.
The firm’s management said the change would not affect any rights of the existing shareholders or the company’s daily operations.
The board of directors also said all existing share certificates of the company in issue bearing the former name of the company would continue to be evidence of legal title to such shares and will continue to be valid.
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