TransCentury appoints former tax chief Waweru to East African Cables
Michael Waweru has been appointed a director at East African Cables. Photo/File
What you need to know:
The cable firm told the Capital Markets Authority (CMA) that it replaced Davinder Sikand with Mr Waweru, who retired in March as the commissioner general at the Kenya Revenue Authority after serving nine years.
The board shifts has added another top shareholder of TransCentury to the board of EAC, which has remained on the tight grip of the firm. TransCentury owns 68.3 per cent of EAC.
Mr Waweru is second largest shareholder in TransCentury with a 7.76 per cent stake worth Sh451 million.
Former tax chief Michael Waweru has been appointed a director at East African Cables, deepening the role of top shareholders of investment firm TransCentury in the board of the firm.
The cable firm told the Capital Markets Authority (CMA) that it replaced Davinder Sikand with Mr Waweru, who retired in March as the commissioner general at the Kenya Revenue Authority after serving nine years.
The company did not explain the reasons behind the exit of Mr Sikand, who joined the board of EAC in 2004 after TransCentury bought a stake in the Nairobi Securities Exchange (NSE) listed firm.
“Michael Gitau Waweru was appointed as a director of the company by board (to fill a casual vacancy) with effect from August,” said East Africa Cables in a notice to the CMA dated September 17,” read part of the notice. “Davinder Sikand resigned as a director of the company with effect from July 9.”
Mr Sikand was a representative of TransCentury and his association with the investment firm could be traced to the 1990s when it transformed from a small investment club to a private equity player closing mega deals at the NSE.
Board shifts
He has been the managing partner at PE firm Aureos East Africa Fund since its inception in 1996.
The board shifts has added another top shareholder of TransCentury to the board of EAC, which has remained on the tight grip of the firm. TransCentury owns 68.3 per cent of EAC.
Mr Waweru is second largest shareholder in TransCentury with a 7.76 per cent stake worth Sh451 million. Other top shareholders of the firm in the EAC board are the chairman of the cable firm Zeph Mbugua (6.06 per cent), Peter Kanyago (6.99 per cent) and Gachao Kiuna, the CEO of the investment company. The other non-executive director is Bruno Thomas.
The cable firm is the jewel of TransCentury contributing nearly half of its revenues.
