AfrAsia chief executive Lynn Mukonoweshuro

Published: 15 November 2013

AfrAsia Kingdom Limited minority shareholders forced the postponement of the group's extraordinary general meeting to consider, among other resolutions, a proposal to raise fresh capital, after raising reservations over an unclear resolution.

The reservations pertained to the pledge to transfer the entire share capital of MicroKing Finance Limited to AfrAsia by Kingdom Bank pursuant to a liquidity support agreement between the two.

Minorities were unhappy about the lack of clarity on the rationale behind the arrangement considering that MicroKing is the cash cow of the business.

This has resulted in AfrAsia chief executive Lynn Mukonoweshuro apologising.

The EGM meant to consider a total of 12 resolutions had initially been slated for 11 November 2013 will now be held on the 29th of this month after the shareholders objection.
- herald

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