Safaricom Shareholders Approve Two New Subsidiaries to Empower and Invest in Tech Start-ups in Kenya - IT News Africa | Business Technology, Telecoms and Startup News

At Safaricom’s 15th Annual General Meeting , shareholders approved the creation of two new subsidiaries, marking a significant milestone in supporting tech entrepreneurs, fostering innovation, and solidifying Safaricom’s role as a vital enabler of Kenya’s tech community.Safaricom’s commitment to supporting seed-stage start-ups sees the incorporation of a company limited by guarantee, building on the success of the Spark Fund—an investment entity governed by a Board of Trustees.

This new subsidiary will serve as the primary investment vehicle for all strategic investments undertaken by Safaricom PLC.Safaricom CEO, Mr. Peter Ndegwa, emphasized the company’s commitment to empowering the tech ecosystem in Kenya and beyond. He explained that incorporating these subsidiaries is pivotal in achieving Safaricom’s purpose of becoming a purpose-led technology company.

Safaricom plans to launch a call for applications in the coming weeks to identify and back promising tech start-ups.The approval of the new subsidiaries received unwavering support from shareholders. Additionally, at the AGM, shareholders approved a final dividend of KES 0.62 per ordinary share, amounting to KES 24.84 billion.

The dividend will be payable on or about 31 August 2023 to shareholders on the Register of Members as of 28 July 2023.Despite operating amidst tough conditions, including increased regulatory scrutiny, changes in taxation policies, political uncertainty, economic slowdown, and other challenges, Safaricom exhibited resilience and delivered a solid overall performance during the year.

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