Business
Custodian & Allied Set To Buy Back Shares
Custodian and Allied Insurance Plc might blaze the trail as the first company to undertake share buy-back as the board meet tomorrow to jumpstart the process.
Directors of Custodian and Allied Insurance are recommending that the company embarks on share buy back, a move that could significantly reduce the company’s current outstanding shares of about 4.8 billion ordinary shares of 50 kobo each.
Shareholders are expected at the yearly generated meeting recently to pass two resolutions empowering the board to embark on share buy back as well as alter the Memorandum and Articles of Association of the company to give the company the powers to buy back its shares.
Under the buy-back rules, Custodian and Allied might be able to buy-back as much as 720 million ordinary shares of 50 kobo each between now and June 2010.
The share buy-back rules released by the Securities and Exchange Commission (SEC) the aggregate number of shares to be bought back by a company shall not exceed 15 per cent of a company existing issued and paid up equity capital in any given year.
Also, any company intending to buy-back its shares must furnish SEC with a resolution of the company authorising the share buy-back as a special resolution as provided in the companies and Allied Matters Act (CAMA).
The notice of the general meeting to authorize the share buy-back shall be published in at least two national daily newspapers and evidence of the publication shall be filed with the commission.
The rules also stated that the shares shall only be repurchased out of share premium account and or accumulated profit of the company which would otherwise be available for dividends and shall be reflected in the latest audited accounts.
The latest audited accounts shall not be more than nine months old.
Also share buy-back shall be either through the open market or through self-tenders offer while the residual debt equity ratio shall not exceed 2:1 after the buy-back. The equity for this purpose is the shareholders funds.

Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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