Suntra chairman Wachira Nguru out after decades

The long-serving chairman of Suntra Investments, Mr Wachira Nguru, has left the stockbroker, ending his nearly three-decade stint as a director at the company.

The stock brokerage announced Mr Nguru’s retirement in a statement on Friday.

“Suntra Investment Limited, held a special shareholders’ sessions on January 12, 2019, during which changes in the board of directors was made,” Suntra chief executive Luke Kinoti said.

“Mr Nguru Wachira, the long-serving chairman of the company since inception was replaced by co-founding director David Kinyua Waweru as the new chairman.”

Suntra Investments Ltd was incorporated on March 20, 1990.

Other directors elected include Michael Wanguku Kimondo, Alex Kathyindi Mulwa, Antony Maingi Murithi and Geoffrey Kimani Gathigi. They now await the Capital Markets Authority (CMA) nod.

“The directors will undergo fit and proper vetting by Capital market Authority, which is a requirement by law,” said Mr Kinoti.

The firm has effected changes at a time stock brokerage firms and investment banks have witnessed a reduction or marginal growth in commissions and consultancy fees.

Investment bankers and stockbrokers in Kenya have endured a difficult time in the last two years, posting losses or reduced profitability due to a decrease in corporate deals such as initial public offerings and rights issues, and the slow recovery of the stock market after a charged political environment coupled with interest-rate caps.

Suntra is one of the oldest local stockbroking firms with more than 180,000 retail clients.

Suntra said it recently partnered with Postbank to “improve our services and grow this clientele, and open the rural communities to investment opportunities at the NSE”.

The stockbroker’s biggest shareholder is Fusion Capital with a 9.4 per cent stake in the company.