Listed miller Unga Group Limited has notified shareholders that it will hold its 96th Annual General Meeting virtually on 7th December 2023.
In the financial year ended 30th June 2023, Unga Group posted a net loss of KSh 959.3 Million compared to a net profit of KSh 311.4 Million in 2022 while it made an operating loss of KSh 440.6 Million from an operating loss of KSh 502 Million in 2022.
Among other activities, Unga shareholders are expected to elect new directors.
- •On this list are Andrew Ndegwa, Shilpa Haria, and Wangari Murugu, who were directors and are eligible for re-election.
- •The three directors together with Vitalis Ojode, and Ciru Miringu are also seeking to continue serving as members of the Board Audit and Risk Committee.
Unga Group’s businesses have been hit on several fronts including the Russian-Ukraine crisis and foreign exchange scarcity, high manufacturing costs, and well as severe competition from a string of emerging smaller millers.
- •The current share price of Unga Group is KSh 15.20. It closed its last trading day on Thursday, November 16, 2023, at KSh 15.20 per share on the Nairobi Securities Exchange (NSE).
- •It began the year with a share price of KSh 32.00 but has since lost 52.5% off that price valuation, ranking it 62nd on the NSE in terms of year-to-date performance.
The company is hoping for a rebound in the agricultural sector in 2023 to recover its fortunes.
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