KPLC and KenGen staff earn Shs - Kenya Power …
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16th March 2007
STIMA SACCO MEMBERS EARN KSHS.208 MILLION IN
DIVIDENDS
Stima Sacco Society members earned Kshs.208 million in dividends from their
Cooperative Society for the year 2006. The dividends will be paid to members
at a rate of 10 per cent, an increase from 9.5 per cent that was paid in 2005.
The 6,886 members of the Stima Sacco are drawn from the staff of the Kenya
Power and Lighting Co. Ltd. (KPLC) and its sister company KenGen.
The society’s chairman, Mr. Zachary Ayieko announced the dividends during the
33rd Annual General Meeting that was held at the Kenya School of Monetary
Studies on Friday, 16th March 2007. Mr. Ayieko, while addressing delegates
attending the Annual General Meeting in Nairobi, said that the society increased
its revenue by 21 per cent from Kshs. 271 million in 2005 to Kshs. 329 million
in 2006. The chairman also reported that average savings per member rose
from Kshs. 289, 000 to Kshs.319, 000. Overall, members’ shares and deposits
accumulated to Kshs. 2.25 billion during the year, up from Kshs.1.95 billion the
previous year, representing an increase of 12 per cent. Loans held by members
increased to Kshs.2.25 billion during the year up from Kshs. 2.04 billion in the
previous year, the chairman said.
The chairman affirmed the society’s overall commitment to continuous
improvement of their products and services by noting that during the year,
Stima Sacco became the first cooperative society in the country to offer its Page 2 of 2 members Automated Teller Machine (ATM) services in partnership with Paynet,
the owners of Pesapoint ATM machines.
The Minister for Cooperative Development, Mr. Peter Ndwiga, gave the keynote
address at the meeting. The Minister commended the society’s Central
Management Committee for working professionally and leading Stima Sacco to
the rank of a few societies with turnover of over Kshs 2 billion. He said that he
was proud of Stima Sacco for being one for the top ten cooperative societies in
the country.
Ends
