[2008-09-02]  AccessKenya Group holds its First AGM amid pomp and good tidings for shareholders
AccessKenya Group, Kenya’s first ICT Company to publicly list and Kenya’s leading Corporate ISP, today held its first Annual General meeting which was attended by over 800 shareholders at the Nairobi Arboretum. During the meeting, the shareholders gave the company a go-ahead to increase share capital of the Company from Kshs 250,000,000 to Kshs 500,000,000 and to make acquisitions in the ICT sector to consolidate its position in the market. Of the available funds, the company will spend Ksh. 200 million in a new residential network in Nairobi and Mombasa and a further Kshs 100million toward the East African Marine Systems (TEAMS). The remainder, Kshs 300 million will go towards strategic acquisitions as the company seeks increased market share of its corporate IT services segment. A resolution was passed to set aside Kshs 2.75million new ordinary shares for Employees Share Option plan. This approval now brings the total share allotment to employees at Shs 10 million, a move meant to motivate and retain the employees. The shareholders will be entitled to a dividend of Shs 0.30 per share which will be paid in one month’s time. This represents 40% of AKG’s profit after tax for 2007 which were Kshs. 150 million up 300% from 47 million the previous year. The AGM was held in the Nairobi Arboretum a breakaway from the traditional AGM venues of hotels and conference rooms. The AccessKenya AGM will make history as the first listed company to hold their AGM in a park. The unique choice of venue geared towards furthering the company’s Corporate Social Responsibility goals which focus on Environmental conservation and education. Breaking another AGM norm, the Group introduced e-mail communication to its shareholders. The company expects to communicate to at least 25% of its shareholders through email. Those not able to receive communication through email will continue to receive by post as the company works to convert them to e-mail.
Source: (C)COMPANY WEBSITE 2008