Eaagads Ltd has appointed coffee specialist Joseph Kimemia to its board as an independent non-executive director.
Listed firm, Eaagads Ltd #ticker:EGAD has appointed coffee specialist Joseph Kimemia to its board as an independent non-executive director.
Eaagads company secretary Sean Omondi said Dr Kimemia would provide fresh coffee knowledge to the board, especially after Eagaads outsourced its 203-hectare farm operations to Coffee Management Services.
The firm said the appointment follows the resignation of two directors, Stephen Kamau and Elijah Ndogo, from the board.
Dr Kimemia has worked at Coffee Research Foundation for 26 years as a researcher, where he rose to be its chief executive. He is currently Kenya Agricultural Research and Livestock Organisation director in charge of planning, performance management and quality control.
The move gives the Eaagads board oversight ability over the farm outsourced to Coffee Management Services early this year in a bid to stem losses and help the company to return to profitability.
Last year, Eaagads reported Sh7.7 million half-year net loss for the year ending September 30, largely due to an unrealised Sh30.2 million value loss on revaluation of assets.
In 2010, the listed firm sold part of its farm (300 acres) to international investors behind the Tatu City project.
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