17 November 2012

Kenya: Wangu Tells Murang'a Politicians to Keep Off

An investment company associated with former opposition leader Kenneth Matiba has said it will not let strangers take over the firm.

The vice chairman of Wangu Investment Company said there is a plot by some politicians to take over the firm's leadership from the ailing politician.

George Gachugu said some politicians from Murang'a have offered huge sums of money to the farmers for their shares.

The company is owned by some 12,000 farmers.

"We know there are as people who are jealous of our company and have started buying shares from our members so that they can sneak in their agenda," he said.

Gachugu, however, did not name the people trying to acquire the shares.

He warned that the management will not authorise the sale of shares to non-members.

Gachugu was speaking to the farmers at Kenol town during a ceremony to give them their dividends.

The million announced a Sh10 million dividend which translates to Sh50 per share.

The farmer have not earned dividends for two years.

Gachugu said Wangu was not able to pay the dividends because the company embarked on huge projects to increase productivity.

"We constructed two multi-million shillings dams in our Timau farm to increase irrigation aided agriculture and this has paid off well," he added.

Gachugu said the company plans to put up a milk processing plant in its Meru farm to increase it's income.

The company mainly invests in agriculture.

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