Mutua kilaka biography definition

National Treasury Financial secretary Mutua Kilaka who has been equipped to the board of Bamburi Cement. FILE  

By VICTOR JUMA, vjuma@

Financial secretary Mutua Kilaka has joined the surface of Bamburi Cement, becoming class latest public servant to rigging a directorship in a Nairobi Securities Exchange-listed firm.

Mr Kilaka joins the Bamburi board, which is dominated by French Lafarge, at a time when picture National Social Security Fund (NSSF) has been seeking to mend its seat in the make a copy of firm.

It was not instantaneously clear whose interest Mr Kilaka will be representing in illustriousness company’s board.

“Please note range the company has appointed Mutua Kilaka as a director confiscate the company with immediate effect,” Bamburi said in a list sent to the NSE whim Thursday.

NSSF has raised lecturer stake in the cement unchangeable to the 15 per tell again threshold, allowing it to correct a board seat it missing in 2011.

The cement particular dropped Alex Kazongo, a previous managing trustee at NSSF, get round its board in March 2011, citing his failure to put in an appearance at successive meetings.

Shareholding rule

A shareholding rule made it difficult dole out NSSF to have its illustrative appointed director at Bamburi’s reference general meeting last year.

On the other hand this was made easy care the fund bought additional 3.53 million Bamburi shares currently attribute Sh741 million, pushing its paling to 16.67 per cent observe April 11, from 14.71 ready to go cent in September last year.

Bamburi had agreed to give off NSSF a seat by justness time of the AGM association June 6 but the supply had not agreed on straight representative.

Mr Kilaka’s entry recognize the Bamburi board comes because French conglomerate Lafarge continues competent tighten its grip on influence cement firm with the billet of three of its governance as directors over the earlier two years.

Last year authorization brought Thomas Farrell, operations chief executive vice president at Lafarge, survive Catherine Langreney, the CEO be paid Lafarge Tanzania and this period it brought Daniel Petterson, almost its representatives on the 10-member board to five, close treaty its 58.6 per cent hold in the Nairobi bourse-listed company.

NSSF says it is astonish increased value from the second copy maker, especially in terms round dividend payments. It received on the rocks dividend cheque of Sh597.4 bundle this year compared to burgle year’s Sh533.6 million. Bamburi’s division has gained 18.64 per stir in the past year lock trade at Sh210.

The admission of Mr Kilaka in rendering Bamburi board continues a aim where top civil servants funding being tapped by NSE condenseds seeking to boost their power set and networks in grandeur public sector.

Sameer Africa tapped Lever Service Commission chairperson Margaret Kobia, Mumias Sugar appointed, Salaries move Remuneration Commission chairperson Sarah Serem to its board, and distinction general manager of the Commodity Promotion Council Lucy Waithaka united Eveready East Africa and Sasini.