November 22nd 2017

Top Stories / Counties

Kitui Teachers Sacco invests 75,000 shares with Coop Bank

He announced that their society has invested in the Cooperative Bank of Kenya some 75,000 shares which gave them 71,640 shillings as dividends in 2016 and some 306,000 shares in the Cooperative Insurance Company which gave them 36,744 shillings as dividends.

By Boniface Mulubmulu@kenyafreepress.comWednesday, 30 Aug 2017 18:49 EAT

The share capital of the Kitui Teachers Housing Cooperative Society Limited was Sh3,079,637 as at December 31, 2016, the society’s chairman Joshua Mumo Mutwa announced. He also announced that their fixed assets value was Sh4,433,165.

Mr Mutwa was speaking to hundreds of cooperators during their society’s 42nd annual general meeting held at the Kitui Parkside Villa Hotel in Kitui Town where Kitui District Cooperatives Officer Francis Mutuku was representing Kitui County Trade, Industry, ICT and Cooperatives Development Minister Jonna Mwinzi as the chief guest. He further disclosed that the society currently has a total of 1,592 members who are from the entire Kitui County.

Mr Mutwa said the members who increased their shares were 156, adding that those who topped up their shares to Sh500 were 70. He said their society has continued to be managed by seven elected officials from their electoral zones during their annual general meeting every year on rotational basis.

The zones are Mutomo, Mutitu, Kitui Central, Kitui West, Kyuluni, Mwingi and Kyuso. “The elected representatives then elect those executive among themselves,” the society leader said. The cooperator said the members with incomplete shares stand at 747 partially paid teachers.“Up to-date the addition of shares has not been taken seriously though there are some improvements,” the cooperator added. 

Mr Mutwa further noted: “Let us all pull together for our own success. The last year’s annual general meeting resoluted that each member who has not paid up to ten (10) shares by April 2017 be refunded his or her shares.”

He announced that their society has invested in the Cooperative Bank of Kenya some 75,000 shares which gave them Sh71,640 as dividends in 2016 and some 306,000 shares in the Cooperative Insurance Company which gave them Sh36,744 as dividends.

On the borrowing power, he said: “The society’s management is requesting the members to authorize them to borrow Sh200,000,000.

Boniface is a contributing reporter for the Kenya Free Press based in Kitui County





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