Billionaire Chris Kirubi’s daughter Mary Ann-Musangi has been named to the seven-member board of K-Rep Bank, a move seen to entrench the family’s presence in the lower-tier financial institution.
Ms Musang’s appointment could be interpreted as part of the emerging corporate culture of enhancing family presence in influential positions, which is aimed at softening decision-making and safeguarding family interests.
K-Rep is over 67 per cent owned by Centum Investments where Mr Kirubi controls a majority shareholding at almost 30 per cent.
Ms Musangi, a graduate from the UK’s University of Surrey, brings to the financial institution over 15 years of corporate experience, most of which was earned in the banking industry.
Mr Kirubi has built his K-Rep ownership gradually over the years.
In September 2013, the billionaire investor sought to acquire additional shares in Centum Investment.
Centum then increased its shareholding in K-Rep from 1.54 per cent to 67.54 per cent in July 2014, putting it tightly under the grip of the Kirubis.
Others appointed to the board include Mr James Mworia, Mr Albert Ruturi, Mr Kimathi Mutua, Mr Katherine Muturi-Wairi, Mr Donald Kipkorir and Mr Tom Kariuki.
Mr Mworia is the chief executive officer of Centum Limited.
The company Monday announced its intention to acquire an additional three per cent in Almasi Beverages Limited.
REVAMP ITS STRATEGY
Almasi has the second largest share of the Coca Cola bottling business in the country through Mount Kenya Bottlers, Rift Valley Bottlers and Kisii Bottlers Limited.
The acquisition will bring Centum’s ownership of Almasi to 50.95 per cent.
In October 2014, Centum Investment revealed plans to reposition K-Rep Bank and revamp its strategy to prepare it for becoming a strong tier II bank.
The bank reported an 84 per cent jump in net profit to Sh360 million in 2013, up from Sh196 million a year earlier.