Safaricom plans to incorporate a new subsidiary company dedicated to investing in startups, supporting the growth and development of technology entrepreneurs.
The proposed subsidiary will operate independently, with its team responsible for identifying potential startups and managing the investment portfolio.
By streamlining the investment process, Safaricom aims to enhance its ability to support promising early-stage companies and provide them with the necessary resources to thrive.
This proposal is one of the items that will be transacted at the firm’s 2023 Annual General Meeting (AGM) to be held on Friday, July 28th, 2023.
Other proposed items include the approval of a final dividend of KSh 0.62 per share or a total of KSh 24.84 billion.
The payout is expected to be made by August 31, 2023, to shareholders registered as of July 28, 2023.
Payments below KSh 150,000 will be made through M-PESA.
Safaricom re-election of directors and audit committee members
At the AGM, shareholders are expected to ratify the re-election of directors Ms. Winnie Ouko and Ms. Ory Okolloh, and approve the re-election of Ms. Rose Ogego, Ms. Winnie Ouko, Ms. Raisibe Morathi, and Ms. Ory Okolloh to the audit committee.
Other items include fixing director remuneration and reappointing Ernes &Young as auditors.
Shareholder special business
On special business, shareholders are expected to approve the formation of an M-PESA Mobile Financial Services outfit in Ethiopia as a subsidiary of Safaricom Ethiopia Telecommunications.
The Kenyan-based consortium in Ethiopia paid $150 Million to provide mobile financial services in Ethiopia.
Shareholders will also give their nod to the acquisition of the entire share capital of M-PESA Holding Company Limited from Vodafone International Holdings BV.