Nairobi Securities Exchange listed investment firm, TransCentury has announced the appointment of Mr Shaka Kariuki as the company’s new chairman to take over from Mr Zephania Mbuguah.
Mr Kariuki is the country Chief Executive Officer of US based private Equity firm, Kuramo Capital.
Kuramo recently injected Sh2 billion into TransCentury in exchange for 93.7 million shares, which translates to about 25 per cent stake in TransCentury.
As part of the deal, the PE firm was also entitled to three non-executive director roles out of the six board positions.
Those representing Kuramo in the Board of Transcentury include; Shaka Kariuki the CEO, Wale Adeosun who is Kuramo’s Chief Investment Officer and Kamal Pallan the Chief Operating Officer.
Kuramo representatives have the right to veto decisions such as hiring and removal of TransCentury’s chief executive and chief financial officer, determining the CEO’s compensation, approval of plans relating to sale of company assets, approval of loans to directors in excess of Sh1 million and even the issuance of new shares.
In addition, any business plan by TransCentury must be approved by Kuramo.