KCB Group to hold virtual AGM

This follows a Court order issued on 29th April 2020 granting special provisions for any listed firm wishing to conduct a virtual AGM. At present, public health rules restrict any form of public gatherings, a situation that has forced many listed companies to postpone their AGMs.

This virtual AGM is scheduled to take place on 4th June, 2020 at 10.00 am.

Registered shareholders and proxies will receive a short message service (SMS/USSD) prompt on their registered mobile numbers, 24 hours prior to the AGM. A second SMS/USSD prompt shall be sent one hour ahead of the AGM, reminding all registered shareholders and proxies that the AGM will begin in an hour’s time and providing a link to the live stream.

Shareholders wishing to attend the virtual AGM are required to register by dialling * 384* 801# on their Safaricom line or 483 801# on Airtel and Telkom lines followed by respective prompts regarding the registration process. Registration for the virtual AGM opens on Friday 15th May, 2020 at 9.00 am and will close on 1st June, 2020 at 11.00 am. Shareholders will not be able to register after the closure of this registration process.

Shareholders appearing online or their proxies will follow proceedings of the AGM using the live stream platform and may access the agenda. They will also vote when prompted by the Chairman, via the USSD prompts.

Results of the AGM shall be published within 24 hours following the conclusion of the AGM. The agenda of the AGM also includes confirmation of an interim dividend payment of KSh 1.00, paid on 15th November, 2019 and declare a final dividend of KSh 2.50, payable on or before 3rd July, 2019. Dividend for the full year amounts to KSh 3.50 per share.

The meeting will also elect 3 directors, the appointment of one the directors, fix their remuneration and appoint auditors as well as fix their remuneration.

Sh 80 Billion Loans Restructuring

Media reports indicate that KCB Group has restructured loans worth KSh80 billion in Kenya, offering a cushion to customers who found it difficult to repay their loans due to the pandemic. This amount is equivalent to 15% of KCB’s KSh535.3 billion total loan book as of December 2019.

Figures indicate that Standard Chartered Bank has restructured loans amounting to KSh8 Billion compared to Absa Kenya’s KSh 8.3 Billion loans.