Crown Paints major shareholder eyes bigger stake
Monday May 10 2021
By VICTOR JUMA
Summary
The Belize-based institutional investor currently holds a 62 percent stake in the Nairobi Securities Exchange-listed firm and plans to spend more than its minimum allocation of Sh441.3 million in the capital call.
The Capital Markets Authority (CMA) has approved the fundraising plan, noting that the paints manufacturer’s big shareholders are ready to acquire more shares from minority investors who will snub the offer.
Crown Paints’ majority shareholder Barclay Holdings will raise its stake in the company if minority shareholders do not provide their proportionate capital in the impending Sh711.8 million rights issue.
Unilever s net-zero transition plan backed by more than 99% of shareholders
More than 99% of Unilever s shareholders have voted in favour of its plans to become a net-zero business by 2039, the FMCG giant has said.
Shareholder climate resolution votes are becoming increasingly common in the corporate space
The vote took place at a virtual meeting on Wednesday (5 May), covering votes on Unilever’s ‘Climate Transition Action Plan’ among other proposed changes to business strategy and processes.
The Action Plan was published in full in March and details how Unilever plans to reach updated long-term sustainability commitments including net-zero, fully biodegradable product ingredients and eliminating deforestation.
Consumer goods giants team up for greener chemicals drive
Unilever and Crown Paints are among the members of a new task force exploring how to make the polymers commonly used in consumer products - often based on fossil fuel derivatives - more sustainable.
PLFs are found in products including paint, cosmetics, shampoos and adhesives. They are classed as low environmental concern in terms of toxicity, but bear a high carbon footprint and are hard-to-recycle.
Convened by the Royal Society of Chemistry (RSC), the new task force will work to scale up innovation across the field of polymers in liquid formations (PLFs). Such chemicals are the ‘building blocks of many products, from shampoo and cosmetics, to paints and adhesives, but often bear a high carbon footprint as they are typically derived from fossil fuels.
Ex-CEO probe delays Scangroup results
Friday May 07 2021
By VICTOR JUMA
Summary
The move indicates that Mr Thakrar’s departure was related to financial misconduct though the company has not specified the allegations he is facing.
Scangroup missed the April 30 deadline for publishing its results without giving an explanation to shareholders.
The Capital Markets Authority (CMA) disclosed to Business Daily the reasons for the delay.
Investigations into misconduct of former Scangroup #ticker:SCAN chief executive Bharat Thakrar has forced the marketing services firm to delay publishing its results for the year ended December as the auditor awaits the outcome of the probe.
Top brands concoct plan to green the chemicals used in everyday goods
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Polymers in liquid formulations are found in shampoo, as well as a host of other husehold goods | Credit: iStock
Unilever, Afton Chemicals, Scott Bader, and Crown Paints become founding members of taskforce aimed at making polymers used in everyday goods more sustainable
Companies across the consumer goods supply chain have this week teamed up to investigate how polymers in liquid formulations (PLFs) - the widely used chemicals found in shampoo, paint, adhesives, fertilisers,.
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