Safaricom outgoing chairman Nicholas Nganga. [David Njaaga, Standard]Safaricom outgoing board chairman Nicholas Nganga reduced his shareholding in the telco by 21 per cent in the last financial year. In 2018, Safaricom incoming board chairman Michael Joseph and Treasury’s representative to the board Esther Koimett both sold their entire stock of 1.1 million and 517,600 shares respectively. Safaricom’s by-laws allow the firm’s directors to trade in the company’s shares in the open market as long as none holds more than one per cent of the company’s equity. Mr Nganga’s retirement last week caps a series of changes at the board that has seen a new CFO, chief executive and board chairman named to the giant telco over the past one year.

Source: Standard Digital August 05, 2020 10:26 UTC