Safaricom plans to bar the use of retained earnings for share buybacks under proposed changes to its articles of association that will be tabled at its upcoming Annual General Meeting (AGM).
The telco, in a notice to shareholders ahead of the July 31 AGM, has proposed an amendment to Article 134 of its internal rules to redefine how directors can allocate company reserves. The proposal is part of the special business to be considered alongside routine agenda items.
