NAIROBI, Kenya, Oct 18 – Kenya Power is in the process of amending its Memorandum and Articles of Association (MAS), giving minority shareholders a say in the firm’s decisions.
The company yesterday issued a notice convening an Extraordinary General Meeting (EGM) that is scheduled to take place on November 10, 2023.
At the EGM, the utility firm will seek shareholders’ approval to amend its MAS, specifically the restructuring of the Board of Directors.
“The amendments provide a mechanism for appointing directors in a manner that proportionately reflects the company’s shareholding structure,” KPLC announced in a statement.
Currently, the government holds 50.09 percent of the company’s shares.
In the proposed restructuring, the government, which is the majority shareholder, will appoint five directors, while the remaining shareholders will elect four directors.
“The proposed changes are aligned to the Government’s commitment to transform Kenya Power into a commercially viable entity, by delinking development initiatives, in order to allow the Company to operate on commercial principles,” it added.
