Kenya Power on Tuesday announced its plans to change the shareholding structures in line with good corporate governance practices and the Government’s transformative growth agenda.
In a statement, the firm said the move aims to safeguard the interests of minority shareholders.
According to the company, the changes will be approved at a shareholders meeting on November 10.
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“In this regard, the Company has issued a notice convening an Extraordinary General Meeting (EGM) that is scheduled to take place on November 10, 2023,” said Kenya Power.
During the meeting, the company will seek shareholders ‘ approval to amend its Memorandum and Articles of Association, specifically on restructuring the Board of Directors.
The Government, as the Majority Shareholder, will nominate five directors in the proposed restructuring, while the remaining shareholders will pick four directors.
“The amendments provide a mechanism for appointing Directors in a manner that proportionately reflects the company’s shareholding structure. Currently, the Government holds 50.093 of the company’s shares,” added the firm.
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