×
× Digital News Videos Opinion Special Reports Lifestyle Central Coast Eastern Nairobi North Eastern Nyanza Rift Valley Western Business News Stocks Financial Standard Africa Asia America Europe Weird News Editorial Commentary Letters Crazy World Features Entertainment Money & Careers Health & Science Sci & Tech Home & Away Generation Next Cartoon Education Pointblank Environment Travel & Destination Columns Kipkoech Tanui uReport Kiambu Murang'a Nyandarua Kirinyaga Nyeri Baringo Bomet Elgeyo Kajiado Kericho Laikipia Nakuru Nandi Narok Samburu Trans Nzoia Turkana Mombasa Kwale Kilifi Tanariver Taita Taveta Kakamega Vihiga Bungoma Busia Siaya Kisumu Homabay Migori Kisii Nyamira Nairobi Uasin Gishu West Pokot Sunday Magazine The Hague Trial Kenya @ 50 Education and Training Health and Environment Insurance and Financial Security Housing Current Affairs Humour Makau Mutua David Oginde Clay Muganda Comand Your Morning Mohamed Wehliye Wednesday Life Alexander Chagema Arts & Culture Kamotho Waiganjo Barrack Muluka Xn Iraki Urban Rights - By Steve Ouma Branding Voice KCB Fredrick Ogola Sunday Magazine Wanja Kavengi Njoki Kaigai David Oginde Ken Opalo Daisy Maritim Houghton Irungu Hustle News Group Stages Round of 16 Quarter Finals Semi Finals Finals Third Place play-offs Opinion Dr Pesa Podcasts Round Table Sepetuko Eve Woman Ramadhan Special Fact Check Correction Explainers The Standard Insider Blog E-Paper Lifestyle & Entertainment Nairobian Entertainment Eve Woman Travelog TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS
×

Former Safaricom boss sells 21 per cent stake in telco

By Frankline Sunday | August 5th 2020 at 01:18:37 GMT +0300

Safaricom outgoing chairman Nicholas Nganga. [David Njaaga, Standard]

Safaricom outgoing board chairman Nicholas Nganga reduced his shareholding in the telco by 21 per cent in the last financial year.

Data from the company’s annual report for the year ended March 2020 indicates Nganga, who retired from his position last week, sold 185,900 shares of the 855,100 he owned. 

The shares are valued at Sh4.9 million by the telco’s current pricing at the Nairobi Securities Exchange (NSE) and Nganga’s share sale is the latest by top Safaricom directors in the last two years. 

In 2018, Safaricom incoming board chairman Michael Joseph and Treasury’s representative to the board Esther Koimett both sold their entire stock of 1.1 million and 517,600 shares respectively. 

In an interview with the media, Michael Joseph said he sold off his entire stock valued at over Sh30 million to raise money for constructing his retirement home. 

Safaricom’s by-laws allow the firm’s directors to trade in the company’s shares in the open market as long as none holds more than one per cent of the company’s equity.   

“Directors can purchase or sell shares of the company in the open market,” explains the firm in its report in part. “None of the directors as at the end of financial year under review held shares in their individual capacity of more than one per cent of the company’s total equity.” 

Safaricom’s outgoing chief financial officer (CFO) Sateesh Kamath last year doubled his shareholding from 160,000 shares to 310,000, placing him second to Nganga in the current hierarchy of directors’ individual shareholding. 

Mr Nganga’s retirement last week caps a series of changes at the board that has seen a new CFO, chief executive and board chairman named to the giant telco over the past one year. 

Safaricom is currently the most valuable company at the NSE with a Sh1.143 trillion market capitalisation that accounts for 62 per cent of the market. 

Last week’s annual general meeting (AGM) was Nganga’s last official event as board chair. During the AGM, shareholders approved a final dividend payout of Sh1.40 per share that will be paid out by end of this month.  

Shareholders also okayed a decision to change the company’s official auditors from PriceWatershouse Coopers PWC to Ernst & Young.  

[email protected]    


Nicholas Nganga Safaricom NSE Michael Joseph Safaricom Chairman
Share this story

Read More

Feedback