Nairobi — The Kenya Power & Lighting Company board is set for changes, days after the firm announced it is gearing to reduce government shares in the firm.

The board, whose constitution is tightly controlled by the ministry of Energy, is slated to shed two members during the forthcoming annual general meeting.

Mr Arum Mbui, who is a member of the Federation of Kenya Employers (FKE), and a director of a machinery supply firm will retire by rotation and "does not offer himself for re-election."

Quitting

Another director, Mr Samwel Mwangi, is quitting under the same circumstances.

He is a member of the Institute of Kenya Surveyors.

It remains to be seen whether the government will give shareholders more leeway to elect their directors during the AGM on December 18.

The private Transcentury Group disposed of its 4.5 per cent share after the ministry declined to allow for more democratic space at the firm.

The investment firm now retains just 0.469 per cent.

Huge sway

With its 40.4 per cent stake, the Government represented by ministry of Energy PS Patrick Nyoike, has a huge sway on board appointments.

National Social Security Fund (NSSF) owns another 7.9 per cent after its stake was reduced via the controversial sale of the 4.5 per cent to Transcentury.

Transcentury was the fourth largest investor before it threw in the towel.

NSSF is now ranked third in the shareholding.

The number two position is held by a nameless account, Barclays Nominees, with over 12 per cent.

The fourth largest shareholder is also a nominee account, KCB Nominees.

State holding is expected to reduce next year, following conversion of its preference shares to ordinary shares and a subsequent rights issue which it will sit out.