Kenya Power and Lighting company on Wednesday gave a notice convening an extraordinary General Meeting (EGM) that is scheduled to take place on November 10, 2023.
The company intends to seek shareholders’ approval to amend its Memorandum and Articles of Association [MAS], with the intention of restructuring the Board of Directors.
In a statement KPLC announced that, “The amendments will provide a mechanism for appointing directors in a manner that proportionately reflects the company’s shareholding structure,”.
At the moment, the government holds 50.09 percent of the company’s shares. Going by the proposed restructuring, the government, which is the majority shareholder, will appoint five directors, while the remaining shareholders will elect four directors.
The lighting company added that the proposed changes are aligned to the Government’s commitment to transform Kenya Power into a commercially viable entity, by delinking development initiatives, in order to allow the Company to operate on commercial principles,” it added.