List of 6 shareholders elected to KenGen board
The Kenya Electricity Generating Company (KenGen) shareholders have elected six members to fill the vacancies in the board.
The six members were elected on Thursday, November 30, 2023, during the company's annual general meeting (AGM).
At least nine candidates had presented themselves for election during the meeting.
"The Election for six vacancies on the Board of Directors of KonGen was held by a poll on Thursday, 30th November 2023 at the 723 Annual General Meeting (AGM) of the Company held virtually via electronic means," KenGen company secretary Austin Ouko.
The six elected to the board include Benard Kang'ethe Ngugi, Frank Konuche, Josephine Kasaba, Umoro Wario, Stephen Mutai and William Rahedi.
During the AGM, the shareholders also approved a Ksh2 billion dividend payout for the fiscal year ending June 30, 2023.
KenGen posted a net profit of Ksh5.02 billion for the same period, reflecting a 48 per cent growth from the previous year’s Ksh3.4 billion.
The dividend of Ksh0.3 per share is considered one of the highest since the company’s 2016 rights issue.
“Our financial results for the year paint a picture of growth and sustainability. Revenue increased by 14 per cent, reaching Ksh53.96 billion, showcasing the financial health and robustness of the company,” Ogamba said.
“Looking ahead, our initiatives to increase generation capacity by more than 154 MW, mostly drawn from pipeline projects in geothermal over the next two years reflect our dedication to meeting the ever-growing demand for clean energy in Kenya.”