Uganda-listed power firm Umeme has made changes to it board of directors following resignation of Christopher Nicholson as the chairman of the audit committee.
Mr Nicholson has served the firm, which is also cross listed on the Nairobi Securities Exchange (NSE), since 2015 , both as a director and as chairman of the committee.
Mr Andrew Buglass, an independent and non-executive director, will act as interim chairman of the committee, the board announced Wednesday.
“The board of directors will review its composition in light of the present and future structure in accordance with the requirements of any applicable governing guidelines, regulations and laws. Any developments in this regard will be communicated in due course,” said the company in a statement filed with the NSE.
Last year, British private equity (PE) firm Actis, sold its remaining 14.3 per cent stake it owned through subsidiary Umeme Holdings. It had previously sold a 45.1 per cent stake in June 2014, scaling down from 60 per cent.
Actis was the principal developer of the Garden City Mall on Thika Road.
As at December 31, 2016, Umeme’s revenue had grown by 13 per cent to USh1.3 trillion (Sh37.1 billion), driven by volume growth at 4.4 per cent and general price increase.
Gross profits increased by three per cent to USh430.4 billion (Sh12.3 billion), explained by a higher increase in cost of sales. The gross profits were affected by delayed approvals by the regulator of investments to the assets base.
Earnings Before Interest, Taxes, Depreciation and Amortisation grew by six per cent to USh262 billion (Sh7.5 billion).