This archive report was first published on 18 June 2020.
On 1 July 2020, Jamii Bora Bank will hold a virtual annual general meeting where shareholders will vote on the takeover of the bank by Co-operative Bank Kenya Limited.
As part of the takeover, Co-operative Bank will acquire up to 224,153,541 Class A ordinary shares of KSh 1 each in Jamii Bora, representing 90% of the bank's issued share capital.
The new shares will be credited as fully paid and rank pari passu with existing ordinary shares, giving Co-operative Bank 90% of the voting rights, distributable profits, and the right to appoint the board of directors.
Shareholders will also vote to increase the nominal share capital of Jamii Bora by creating 224,153,541 new Class A ordinary shares of KSh 1 each, which will rank pari passu with existing ordinary shares.
Upon issue of the new shares, Co-operative Bank will be entitled to 90% of the voting rights, 90% of the distributable profits, and the right to appoint all the board of directors of Jamii Bora.
Shareholders will be able to register to follow the meeting, vote electronically by dialling 483816# on their mobile telephone, and appoint a proxy to attend and vote on their behalf.
