This archive report was first published on 14 May 2020.
As the COVID-19 pandemic continues to spread globally, KCB Group has taken proactive measures to ensure the safety of its shareholders and employees. In a notice to shareholders, the bank announced that its 42nd Annual General Meeting (AGM) will be held virtually on June 4, 2020, at 10:00 am.
The decision to hold a virtual AGM follows a court order issued on April 29, 2020, granting special provisions for listed firms to conduct virtual meetings. This move is in line with public health rules that restrict public gatherings.
Registered shareholders and proxies will receive SMS/USSD prompts on their registered mobile numbers 24 hours prior to the AGM and one hour ahead of the meeting. Shareholders can register for the virtual AGM by dialling 384801# on their Safaricom line or 483 801# on Airtel and Telkom lines.
The virtual AGM will allow shareholders to attend the meeting online, access the agenda, and vote when prompted by the Chairman via USSD prompts. Results of the AGM will be published within 24 hours following the conclusion of the meeting.
The agenda of the AGM includes confirmation of an interim dividend payment of KSh 1.00, paid on November 15, 2019, and declaration of a final dividend of KSh 2.50, payable on or before July 3, 2019. The meeting will also elect three directors, appoint one director, fix their remuneration, and appoint auditors, as well as fix their remuneration.
Additionally, KCB Group has restructured loans worth KSh 80 billion in Kenya, offering a cushion to customers who found it difficult to repay their loans due to the pandemic. This amount is equivalent to 15% of KCB's KSh 535.3 billion total loan book as of December 2019.
Other banks, such as Standard Chartered Bank and Absa Kenya, have also restructured loans worth KSh 8 billion and KSh 8.3 billion, respectively.
