Kakuzi chairman Graham Mclean has declared that the board of the
Nairobi Securities Exchange-listed firm has no room for additional
directors, slamming the door on billionaire investor John Kibunga Kimani
who has a 30.3 per cent stake in the company.
The
agricultural firm’s board at the annual general meeting yesterday faced
calls by local shareholders to make Mr Kimani a non-executive director
on account of his large stake.
“It is something that is
under continuous review by the board to consider directors for the
future,” said Mr Mclean in response to queries from shareholders on
whether the board would bring Mr Kimani on board.
“However
we are at our maximum capacity of eight directors and currently do not
have a vacancy,” he added at the meeting held in Nairobi.
Mr Kimani, while acknowledging the board’s proclamation, said he was committed to the firm in the long-term.
“They
may think I will be disruptive but I would like to assure them that I
am at the heart of Kakuzi,” Mr Kimani said at the forum.
The
businessman is the second largest shareholder of Kakuzi after UK-based
multinational Camellia Plc, which is the controlling shareholder with a
50.7 per cent equity.
Kakuzi’s articles of association
gives the company’s directors power to appoint new board members, with a
maximum of eight and a minimum of two at any time.
Kakuzi has eight directors, mostly nominees of UK-based Camellia Plc.
Shareholders had questioned failure by the board to tap into Mr Kimani’s potential input.
“Somebody
who has invested quite a lot of money in this company, don’t you think
you can get a lot of value from him? What do you fear that if he comes
to the board, he will do?” posed a shareholder.
Mr Kimani has steadily accumulated his Kakuzi shareholding to the current level from lows of two per cent in 2005.
His
announcement in early 2015 that he would seek to raise his stake
further contributed to a rally in the company’s share price.
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