News Column

Britam Announces Board Changes

May 26, 2014

Kennedy Kangethe

British American Investments Company (Britam) has announced changes in its board. The company has announced the retirement of Bocar Elimane Dia who has retired by rotation and did not offer himself for re-election as a director of the company.

Britam has also announced the stepping down of Tanui Ghulati from the directorship of the company. The management has thanked Dia and Ghulati for their contribution to the company during their directorship.

The company also says dividend for the year ended December 31, 2013 of Sh0.25 per ordinary share will be paid on June 20 upon shareholders approval at the Annual General Meeting (AGM) scheduled on the same day.

The move comes as the company seeks to raise funds through a corporate bond issue subject to regulatory approval aimed at providing long term funding for its future strategic growth. The company also acquired a 99 percent stake in Real Insurance Company in February 2014.

In 2013 the company recorded a 12 percent rise in its profit before tax to hit Sh3.2 billion for its full year ending December 31, 2013.

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Source: AllAfrica

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