Eveready East Africa Limited and Rea Vipingo Thursday notified shareholders that the AGMs scheduled for next week have been called off.
On Wednesday, the Capital Markets Authority (CMA) acting CEO Wycliffe Shamiah ordered firms to delay their AGMs in efforts to contain the spread of the disease.
Companies listed on the Nairobi Securities Exchange (NSE) have started cancelling annual general meetings (AGMs) in compliance with the State directive to shun large gatherings for fear of coronavirus infections.
Eveready East Africa Limited #ticker:EVRD and formerly listed Rea Vipingo Thursday notified shareholders that the AGMs scheduled for next week have been called off.
On Wednesday, the Capital Markets Authority (CMA) acting CEO Wycliffe Shamiah ordered firms to delay their AGMs in efforts to contain the spread of the disease.
Their AGMs were set for Thursday and Friday next week respectively, setting the stage for cancellations of more shareholder meetings that were set to run till May.
The suspension of the shareholder meetings are in line with the State directive that prohibit mass gatherings such as weddings and funerals to contain the spread of coronavirus.
The actions mean shareholders will not be able to vote on resolutions like dividend payments, changes to directorships, approval of accounts and on items like share splits and bonus issues.
In the West, online voting at AGMs has jumped since the coronavirus outbreak as investors shun large gatherings because of travel restrictions or fear of infection.
“The decision is based on the evolving Covid-19 public health threat and our ability to ensure the event does not contribute to the spread of the pandemic,” Eveready told shareholders. Kenya has seven confirmed coronavirus cases and the disease has spread to more African countries and killed 7,800 globally.
On Thursday, Health Cabinet Secretary Mutahi Kagwe said there were no new coronavirus cases, but asked Kenyans to stick to hygiene conditions and desist from alarmist statements.
Rea Vipingo advised shareholders not to travel to Nairobi for the meeting.
Both firms said they would pick a new date with advice from health experts when the State lifts the restrictions.
Unaitas Sacco, which boasts 300,000 members, was also to have its AGM next week but has now pushed it back.
Car and General #ticker:CGEN, whose AGM was set for Wednesday, has also issued similar communication advising shareholders that a new date will be announced.
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