Ms Kendi Ogamba has resigned from the board of Home Afrika, barely three months after another two directors – Peter Nduati and Caroline Kigen- left the board. Home Afrika has been rocked by frequent leadership changes, a signal for trouble in most companies. In 2019, three directors -Linus Gitahi, Ketan Shah, and Rachel Mbai – resigned from the board. The company now only has six members on its board.
Ms Kendi joined the company as a non-executive director in October 2019. She served on the board for one year and four months. Home Afrika did not give a reason for Kendi’s resignation but thanked her for her service.
The real estate firm was established in 2008 with an initial investment of KSh 200 Million contributed by 128
shareholders. Home Afrika joined the Nairobi Securities Exchange in 2013 under the Growth Enterprise Markets Segment (GEMS). Since listing, the firm’s share price has lost 97% of its value trading at KSh0.37 at the close of trading on Wednesday, compared to its listing price of KSh12.
Home Afrika has consistently posted losses since 2015, two years after listing on the NSE. In 2019, the company posted its greatest loss of KSh 888.8 million. In the half-year period that ended on 30th June 2020, Home Afrika’s losses widened to KSh 243 million from a net loss of KSh 76.8 million in the first half of 2019.
