Carbacid AGM.... the highlights!
-The chaiman announced the recruitment of a new COO Mr Gerald Masese from the Oil Industry. In future Carbacid will play a role in Oil extraction..... though he never elaborated.
-Carbacid is venturing into the rather virgin Ethiopian Market. This market is supplied from Kenya and the biggest challenge is the logistics. The chairman was rather categorical that transport is Carbacid’s 2nd core business and will not outsource it. FYI it takes 5 days to deliver CO2 from Nairobi to Addis Ababa. However, the future looks bright when you take into account that Ethiopia has (i) High growth rate (ii) Huge population and (iii) The market had been closed and is just opening up.
-A new plant is being installed at the Kangwe extraction site to improve on the efficiency of harvesting CO2. It will cost Ksh300mn and it will be funded by internally generated funds.
-The Tanzanian Market had been challenging (the correct word should be shrinking) in the past financial year. This has been attributed to their competitor Tanzania Oxygen Ltd (TOL) completing their new plant. The positive thing is that Carbacid has shareholding in TOL and is looking forward to participating in the rights issue.
-The final dividend will be paid today. CMA has approved the bonus and split and crediting of the bonus is today. I am not sure or did not get it clearly as to when the split will be credited!!!! The debate on when the share split occurred (nov 18) was also raised and addressed.
-Lastly, the employees who have worked for the company diligently were rewarded. Two gentlemen who have worked for over 10years got a certificate and a cheque of 14k each and three gentlemen who have worked for more than 20 years got a certificate and a cheque of 28k each.
History will not remember you for your IQ. It will remember you for what you did. “Genius is 1 percent inspiration, 99 percent perspiration.” Thomas Edison