Dividend proposed, ratified and PAID on the spot was Ksh.600.00 Per Share (600 Shillings per share)

Urithi / UNAITAS tag team made it possible to pay the dividend on the spot.
UNAITAS boss was the Guest of Honour and addressed the gathering (He has goooood stuff in store!).

Other Highlights:

- Urithi Sacco was launched (This will be a good source of liquidity to pay for all those plots and developments)

- The 3 year strategic plan was also launched

- There is outright endeavour towards enhanced corporate governance. To this end, the HR manual, The Finance and procurement manual, ICT manual were launched. The documents were prepared by professional consultants well versed with the cooperative movement.

- The members resolved to increase the debt ceiling to Ksh. 2 Billion from Ksh. 500 million

- Deliberate diversification from land and plots to housing, malls and hotels, Hostels

- Housing: There is the ongoing nyumba mia schemes in Juja, Thika, Mombasa

- Malls and Hotels: Ongoing projects are Hill top resort, Nakuru's Highway City, Naivasha's Elementaita Lodge

- Hostels: On going projects are Own a room Juja, Own a room 2 Juja, Own a room Nakuru. Own a room Juja almost complete and handover ceremony will be 25th July 2015 (Earlier photos of this development available in this thread)

- Minimum shares for members were reduced from 5 to 2 shares of Ksh. 7,000.00 each

Thank you for the comprehensive feedback ;)

Corporate governance, conflict of interest blah blah but hey! Did I mention that he was opening a 'big church' the day after the AGM? And all were invited. He also gave a very good sermon though TOEFL hawezi toboa!

I suspected as much.
The church is quite big hapo past Chania village.

But I think the main issue is most of the directors have started their own mini Uriithis.Glad to know they are thinking of Corporate governance otherwise something would have given in along the way.

All in all they are doing well so far.

@Kaigangio, you are a funny man!
By now you should know I share everything I gather. Please also share what you have- there is nothing like having too much information when $$$$ are involved.

The catch there is guarantors which is silent. Like in any SACCO one will need guarantors to cover the loan amount. Good start though and let them keep up.

I will.Lakini unilipe.

Oops, postponed

@Bigchick, please attend and report here.