Ugandan officials join Kenya Pipeline Company (KPC) Board after UNOC acquires 20pc stake
Ugandan officials join Kenya Pipeline Company (KPC) Board after UNOC acquires 20pc stake
Two Ugandan officials have joined the Kenya Pipeline Company (KPC) Board following the Uganda National Oil Company’s (UNOC) acquisition of a 20.15 percent stake in the firm earlier this year.
The new directors are Ramathan Ggoobi, Uganda’s Permanent Secretary and Secretary to the Treasury, and Irene Pauline Bateebe, Permanent Secretary at the Ministry of Energy and Mineral Development.
Their appointments follow UNOC’s purchase of a 20.15 percent stake in KPC after the company’s initial public offering (IPO) and subsequent listing on the Nairobi Securities Exchange (NSE).
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Following the transaction, the Kenyan Government’s shareholding in KPC was reduced to 35 percent from full ownership. Local investors now hold about 41 percent of the company, including the National Social Security Fund (NSSF) and KPC employees, while foreign investors hold the remaining shares.
The partial sale raised about Sh100 billion for the government.
KPC also announced the appointment of Samson Kipkemboi Burgei, Meshack Otieno Kidenda and CPA Ronald Kenyanya Nyamosi to its Board.
“The Board is confident that their diverse experience and leadership will support the effective discharge of its oversight role and contribute to the continued advancement of KPC’s strategic objectives, long-term sustainability and commitment to the highest standards of corporate governance,” said Flora Okoth, KPC’s General Manager for Legal Services and Company Secretary.
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