KFA updates shareholders register

Business Daily Kenya:  Kenya Farmers Association (KFA) has updated its shareholders register ahead of a belated annual general meeting (AGM...

Business Daily Kenya: 

Flower farming

Kenya Farmers Association (KFA) has updated its shareholders register ahead of a belated annual general meeting (AGM). According to KFA’s managing director Francis Cherogony, Deloite Touche, contracted to audit the register, completed the work last month and found that only 55,000 farmers were bona fide members. An AGM, he said, would be called after the August 8 General Election.

Management, he said, will traverse the country to meet shareholders to consult them on AGM dates. KFA, founded in 1923, has been in dire financial straits for about 20 years, forcing it to borrow from commercial banks to stay afloat.

Three years ago, Barclays Bank of Kenya and National Bank of Kenya were on its neck demanding repayments of Sh600 million loan. Cherogony said the two banks are now demanding Sh90 million, adding that the association has managed to bridge the total sum without assistance.

The banks, he added, almost auctioned the association’s assets to recover the loan whose interests were accumulating fast. Shareholders are, however, up in arms after management turned it into a limited liability without consulting them.

They accuse management of allegedly disposing of its moveable and immovable property without holding an AGM. “During the AGM, we will demand an inventory of KFA’s property from management,” said Cheruiyot Koech, a large-scale farmer in Uasin Gishu County who is also a shareholder. But Cherogony said it has leased some its stores and farms, assuring that no property has been sold.

The post KFA updates shareholders register appeared first on Mediamax Network Limited.

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