TransCentury firm CEO Ng’ang’a Njiinu at a past press conference. [Photo/businessdaily.co.ke]TransCentury Company which holds a 10.7 per cent stake at the majorly state owned Development Bank of Kenya (DBK) has opposed the move to merge the bank with other parastatals citing lack of consultations.
The Nairobi Securities Exchange (NSE) listed company which deals in infrastructure products acquired the stake in the bank in 2006 and therefore the merger will dilute its say in the company.
In an interview, TransCentury Chief Executive Officer Ng’ang’a Njiinu said that the decision to merge DBK with other government owned companies was arrived at without involving all the stakeholders and therefore as shareholders they expect to be consulted before the move is effected.
“The process is in the initial stages as you have read and expect all stakeholders to be engaged at the appropriate time,” Ng’ang’a said in an interview with The Business Daily.
However, the Chief Executive Officer did not give more details on whether after consultations they will be able to take a role in the new formed mega bank or not.
“We cannot at this stage give a view as the process has just begun as we get more colour on the structure we shall be able to tell our position,” He further said.
The government last week announced that it will merge the Development Bank of Kenya (DBK), Kenya Industrial Estates (KIE), Youth Enterprise Development Fund, Women Enterprise Development Fund among others in to one major bank.