Embakasi Ranching Company has postponed its annual general meeting as the Land, Housing and Urban Development ministry moves in toreslve disputes at the firm owning extensive land in the Nairobi outskirts.
The ministry’s director of communications Joseph Kamuto said shareholders will soon get deeds to the land.
Land buyers of the plots around Ruai have been unable to secure ownership documents, triggering a host of court and non-court battles.
“The woes bedeviling the ranch’s shareholders are set to finally come to an end. We are on the case and soon we are going to issue title deeds to the genuine shareholders and close for good the messy state of affairs in it.”
The announcement comes hot on the heels of cancellation of an AGM whose main agenda was to re-elect directors who are over 70 years.
Embakasi did not give reason for the cancellation. Mr Kamuto says already Land principal secretary Nicholas Muraguri has met with the directors at Ardhi House to find ways of ensuring all genuine shareholders are issued with title deeds.
“The meeting was on Monday the 28th August 2017. In that meeting, the progress and most current status in the ongoing process of scrutiny of the genuine shareholders list was discussed. We intend to complete the titling process of the 40,000 parcels of land within the vast ranch in the next few weeks,” he said.
Dr Muraguri says the company officials who were led by long-serving chairman Samuel Mwangi Thuita agreed on the way forward to fast-track issuance of titles.
“The land company has over the years been plagued with a myriad of problems ranging from leadership wrangles to double allocation of land. The national government as the duty bearer must intervene, and that is exactly what we will do in this case,” he says.
Dr Muraguri said the government had appointed two senior officers to oversee the full implementation of the action plan in response to shareholders’ complaints.