Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
The world's second-largest economy has largely bounced back from strict coronavirus lockdowns last year/ COURTESY


Amana Capital allows investors to withdraw 41pc of their funds, picks New acting CEO in turnaround strategy

NAIROBI, Kenya, Dec 28- Amana Capital Limited has declared that 41 percent of funds currently deposited at Kingdom Bank, Coop Bank and I&M Bank, Sh122million is now available for redemption from first week of December.

The firm through a statement said that this represents 68percent of the funds available to clients.

At the same time, the funds are invested in the above-mentioned institutions and will continue to earn interest that will be distributed monthly as usual if a client will not require the funds to be paid out.

The first tranche of redemptions were paid on 7th December 2020, 9th December 2020, 11th December 2020 and the 14th December.

Thereafter normal redemption timelines of 3-5 business days will resume.

The final tranche will be available for redemption as from the first week of January 2021.

At the same time, during the AGM on 25th September 2020 members approved the remaining 59percent in the Amana Shilling fund class B should be converted into a 30percent equity stake in ACL, which represents the Sh255mn funding gap.

“The objective is to provide the shareholders affected by the funding gap to recover their investment through a dividend policy from profits generated from management fees. The investor and management team are tasked to secure new funds under management over the next year to exceed Sh300million,” reads the firm statement.

Additionally, Amana Capital Limited has also appointed Reginald Kadzutu as its interim Chief Executive Officer.

Advertisement. Scroll to continue reading.

The firm through a statement said that Kadzutu will be tasked with the complete turnaround of Amana Capital Limited to be done in 3 phases over the next 3 years.

Phase 1 which will last for 6 months, includes rebuilding the internal capacity of the organization to recruiting a skilled team setting up internal processes and procedures and completing the digitization process for efficiency in service delivery.

At the same time, the board has confirmed that Kadzutu will formally take up an Equity stake approved at the AGM ,and with the existing shareholders inject the much-needed working capital to support Phase 1 and actively within a reasonable time frame bring on board a strategic institutional investor that will help us fund and deliver phase 2 of the recovery, which begins after phase 1 is complete.


Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...