Shareholders of listed firm East African Cables will not receive any dividends for the year that ended on 31st December 2019. The company’s virtual Annual General Meeting is scheduled for 3rd September 2020.
The cables manufacturer realized KSh 630.9 Million net earning for the period that ended on 31st December 2019 from a net loss of KSh 568.4 Million in 2018.
In a notice to shareholders, the company announced that registration for the AGM will open on 25th August 2020 and will close on September, 3rd 2020.
East African Cables’ Annual General Meeting is expected to approve the group’s audited accounts for the year ended 31st December 2019. The company also plans to re-elect Michael G. Waweru, Peter T Kanyago and Njinu Nganga as directors.
Additionally, shareholders will approve the re-appointment of KPMG as external auditors of the firm.
East African Cables delayed release of its financial results for 2019 owing to a lengthy debt restructuring process. This debt load is estimated at over KSh3.55 billion.
The firm is engaged in cable manufacturing. It owns four manufacturing plants in Nairobi, Dar es Salaam and in the Democratic Republic of the Congo (DRC).
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