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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