2 June 2019

Kenya: Mwalimu National Announces No Dividends for Members

Teachers will go home empty handed after their investment arm -Mwalimu National Holdings Ltd announced that there will be no dividends.

The teachers will meet Monday for their annual general meeting in Nairobi at Mwalimu towers.

SPIRE BANK

The meeting had been scheduled to take place on Friday but was moved to Monday according to a notice by chairman of the board Teresa Mutegi.

"Note that the directors do not recommend the payment of dividends in respect of the year ended December 31 2018," said Ms Mutegi.

The investment company owns Spire Bank which on Friday, for the first time, announced profit of Sh106 million after a loss making streak.

The meeting is expected to adopt audited financial statements for the year ending December 31, 2018 together with the reports of the directors and auditors thereon.

NEW DIRECTORS

Teachers will also elect new directors besides approving the appointment of Ernst &Young LLP as the company's auditors for the year ending December 31 2019.

Ms Mutegi added that shareholders will also discuss the remuneration for new auditors.

Mwalimu National Sacco acquired Spire Bank, then known as Equatorial Commercial Bank, in 2015 from businessman Naushad Merali.

The more than 57,000 teachers who are members of the sacco invested a total of Sh2.4 billion for a 75 per cent stake in the bank.

A string of losses has since devalued it to about Sh400 million, according to industry estimates.

The sacco plans to buy out Meralli and offer the state to a new investor.

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