FEATURED STORY

NSSF 14.7% stake in Bamburi Cement earns it a cool Sh534m in dividend

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Bamburi Cement, Kenya’s biggest cement maker, today paid the National Social Security Fund (NSSF) Sh534 million  as dividend for 2011. The cheque was given to the acting NSSF’s Managing Trustee, Mr Tom Odongo, at Bamburi Cement Head Offices at Kenya Re Towers, Nairobi

Bamburi Managing Director Hussein Mansi thanked NSSF for its unwavering   investing in Bamburi, which is listed at the Nairobi Securities Exchange, and promised to build on the investment as a way of supporting NSSF’s objective to provide basic social security for Kenyans and mobilise domestic savings for national development.

“NSSF is one of the largest shareholders in Bamburi,” he said. “We want to build on this investment and continue supporting NSSF as it strives to provide basic social security for Kenyans.”

NSSF owns 14.71% shares in Bamburi Cement and promised to continue working with local industries whose objectives resonate with theirs, as a way of empowering the Kenyan community to be prolific in all spheres of life.

“Our commitment to companies that not only ensure safety of the funds belonging to the Kenyans but also continue to grow the investments will never cease, and Bamburi Cement is one of them,” said Mr Odongo.

NSSF which plans to diversify its investment other sectors such as ICT is also eyeing a comeback to the Board of Directors in Bamburi Cement, after power wrangles that soiled NSSF and led to their ousting from the Board.

“We want to assure Kenyans that soon the power fights that that made Bamburi Cement abandon us as members of their Board will soon be over and we will restore confidence to Kenyans,” said Odongo, who cited that the introduction of 6 Fund Managers as one of the steps they have undertaken to win back Kenyans’ confidence in the Fund.

Mr Mansi urged the government to bring down the cost of power which is a bottleneck to the corporate social activities that the Company offers to Kenyans. “As we strive to build a Kenya free from poverty, power costs limit our funds which we could be offering as Corporate Social Responsibility. I would like to urge the government to lower the power costs, as this will make us invest more,” added Mansi.

Written by
LUKE MULUNDA -

Managing Editor, BUSINESS TODAY. Email: [email protected]. ke

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