Mzima Springs Invest. Co.

mzima-investment-logo

Mzima SACCO was mandated to register a company that would be used to facilitate the acquisition of property (Land and Buildings) for its members. This is because, currently the law prohibits the SACCO from using members funds to acquire land and buildings.

The company was registered and members can now apply and buy shares alongside the contributions they make to the SACCO.

mage-150x150Caro Mage.
Managing Director
Josephine Muli.
Executive Director
Geoffrey Injeni.
Non Executive Director
Big
Dr. David Wang’ombe.
Board Chairman
DanielDaniel Kiilur.
Non Executive Director
mercyyMercy Atieno.
Acting Managing Director
mannJosphat Manani.
Executive Director

1. Company’s Background

As explained in the section for the Annual General Meeting, in the AGM of 2012 held on 21/9/2013, the members mandated the Management committee to register a company that would be used to facilitate the acquisition of property (Land and Buildings) for its members. This is because, currently the law prohibits the SACCO from using members funds to acquire land and buildings.

The company was registered and members can now apply and buy shares alongside the contributions they make to the SACCO.

The name of the company is MZIMA SPRINGS INVESTMENT COMPANY.”

2. Activities

The company will do the following under its memorandum of association:

  •  To carry on the business of an investment company and to buy, undertake invest in and acquire and hold venture capital, shares, stocks debentures, debenture stock bonds obligations and securities issued or guaranteed by any company.
  •  To acquire by purchase, lease, exchange, hire or otherwise lands and property of any tenure or any interest in the same and to buy sell for any persons freehold or any less estate or interest in any house property buildings or land or any share or shares and to transact on commission or otherwise the general business of a land or estate agent.
  •  To erect and construct houses, buildings or works of every description on any land of the company or upon any other lands or property to pull down rebuild enlarge alter improve existing houses buildings or works thereof convert and appropriate any such lands into and for roads streets squares gardens and pleasure grounds and other conveniences and generally to deal with and improve the property of the company.
  •  To sell lease, let, mortgage or otherwise dispose of the lands, houses, buildings and other property of the company and to manufacture buy sell bricks tiles brick earth stone marble slates chalk and other building materials.

The liability of the members is limited.

The share capital of the company is Kenya shillings One Hundred Thousand (K.Shs. 100,000/=) divided into One Hundred Thousand (100’000) Ordinary shares of Kenya Shilling One (K.Sh. 1/=) each.

3. Directors

The following are the acting directors to facilitate the functioning of the company;

    1. Caroline Mage: Executive Director
    2. Dr. David Wang’ombe: Chairman of the Board
    3. Josephine Muli: Executive Director
    4. Josphat Manani: Executive Director
    5. Geofrey Injeni: Non-Executive Director
    6. Daniel Kiilur: Non-Executive Director
    7. Mercy Atieno: Acting Managing Director

4. How does one become a shareholder?

This is done by filling in a membership application form which can be down loaded from the website or can be picked from the office.

Once the form is filled, then payment can be arranged where a member can either buy by cash or by monthly check off. Shares will then be allotted on a period basis.

5. What is the minimum price of one share?

One share has a principal value of sh.1 but should be bought at sh.500.

6. What is the minimum and maximum number of shares that a member can buy?

A member can buy a minimum of one share but the maximum has not yet been established by the management. Once this is agreed then the maximum amount will be communicated.

7. Can I leave the company and what is the procedure?

A member can leave the company, but the law prohibits a company refunding the member their shares. The management can only arrange with proper procedures, for the shares to be transferred to another member who will buy the shares.

If a member dies then the shares are transferred to the next of kin in accordance with the law.

8. How will the company operate?

The company will have a board of directors who will employ a full time person to help run the affairs of the company. Initially the company will rely on the resources of the SACCO until such a time it becomes independent. The directors have to meet on a monthly basis and also meet the other shareholders to provide the financial statements and give an update of the performance of the company.

Please note that the meetings of the company will be separate from those of the SACCO.

9. What are the short term and long term objectives of the company?

Initially, the money received from the application of the shares will be invested in the available securities such as quoted shares, treasury bills, money markets and unit funds. Once the cash is enough, then the directors will start identifying land and can buy and sell to the shareholders who will be given soft loans. Members can also be given loans to construct houses.

10. Can I take a loan from the SACCO and buy shares and other items on offer from the Company?

Yes, a member can take a loan from the SACCO and buys shares from the company and even land and buildings from the company if necessary