IDG News Service —
The only Kenyan technology company listed at the Nairobi Stock Exchange (NSE) ISP and broadband provider AccessKenya -- was not affected by the country's post-election crisis and expects 50 percent to 60 percent growth this year, according to Executive Director David Somen.
During the company's annual general meeting held at Arboretum Park this week, Somen said that despite the post-election chaos witnessed in the country after the December 2007 elections, the company would achieve this year’s growth projection. In 2007, company turnover broke the 1 billion shilling mark.
AccessKenya was listed at the NSE last year, a move expected to pave way for more technology companies to list at the bourse.
Within one year of listing, the ICT firm announced that shareholders will receive a total of 61 million shillings ($1 million) in dividends. The shareholders will be entitled to 0.30 shillings per share, Somen said.
During the meeting, shareholders sanctioned an increase in AccessKenya share capital, from 250 million shillings to 500 million shillings. The shareholders also approved 200 million shillings for acquisitions. AccessKenya acquired Open View Business Systems last year and acquired a stake in the TEAMS fiber-optic cable project this year.
AccessKenya is the first listed company to hold an annual meeting at the Arboretum. The firm also uses Internet channels to communicate with shareholders, which has reduced costs. However, unlike other venues, the Arboretum is inaccessible to people without private means because there is no public transport service passing through statehouse. The company had not provided shuttle services because it was anticipated that people would drive to the venue.
During its IPO, AccessKenya offered allotments of 5,000 shares minimum at 10 shillings each, making it beyond the reach of many Kenyans compared to the recently launched Safaricom IPO, which offered a minimum of 2,000 shares at 5 shillings each.
The AccessKenya IPO was oversubscribed so individual applicants ended up getting 900 shares while institutional investors that applied for the minimum 100,000 shares got full allocation.
