Breaking News

06th June 2017

MINIMUM SHARE CAPITAL INCREASE

The 43rd Annual General Meeting passed a Resolution to increase the Minimum Share Capital to Kshs 25,000 for individual membership and chamas, while Corporates minimum Share Capital was increased to Kshs 50,000.

The increase will be effected over a twelve (12) month period effective 1st June 2017. The increase will be effected through the established modes of receiving payments from members i.e. Check Off, Standing Orders etc. Members will have their monthly deduction advice increased as follows:

Membership Category

Current Minimum Share Capital (Kshs)

Newly Approved Minimum Share Capital (Kshs)

Proposed Increase (Kshs)

 

Increase in Monthly Deduction Advice

BIASHARA

1,000.00

25,000.00

24,000

2,000

CORPORATE

10,000.00

50,000.00

40,000

3,333

GROUP

5,000.00

25,000.00

20,000

1,667

IMARA

5,000.00

25,000.00

20,000

1,667

MERIDIAN

1,000.00

25,000.00

24,000

2,000

 

Members making payments through standing orders are advised to increase this accordingly and furnish the Sacco with confirmed instructions received from their respective financial institutions.