In Summary
  • The board at the annual general meeting yesterday faced calls by local shareholders to make Mr Kimani a non-executive director on account of his large stake.
  • Mr Kimani, while acknowledging the board’s proclamation, said he was committed to the firm in the long-term.
  • The businessman is the second largest shareholder of Kakuzi after UK-based multinational Camellia Plc.

Kakuzi chairman Graham Mclean has declared that the board of the Nairobi Securities Exchange-listed firm has no room for additional directors, slamming the door on billionaire investor John Kibunga Kimani who has a 30.3 per cent stake in the company.

The agricultural firm’s board at the annual general meeting yesterday faced calls by local shareholders to make Mr Kimani a non-executive director on account of his large stake.

“It is something that is under continuous review by the board to consider directors for the future,” said Mr Mclean in response to queries from shareholders on whether the board would bring Mr Kimani on board.

“However we are at our maximum capacity of eight directors and currently do not have a vacancy,” he added at the meeting held in Nairobi.

Mr Kimani, while acknowledging the board’s proclamation, said he was committed to the firm in the long-term.

“They may think I will be disruptive but I would like to assure them that I am at the heart of Kakuzi,” Mr Kimani said at the forum.

The businessman is the second largest shareholder of Kakuzi after UK-based multinational Camellia Plc, which is the controlling shareholder with a 50.7 per cent equity.

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