Shareholders of Car & General (Kenya) Plc have approved the termination of the company’s Employee Share Ownership Plan (ESOP), paving the way for the immediate dissolution of the scheme, subject to regulatory approval.
The resolution was passed at the company’s 86th Annual General Meeting (AGM), held virtually on Tuesday, June 23, 2026, with shareholders also authorizing the board to take all necessary steps to effect the termination.
Shareholders overwhelmingly backed the proposal, with 62,890,585 votes cast in favour, while only four votes were recorded against it
They further approved the deletion of Article 7 of the company’s Articles of Association, which relates to the ESOP.
The company said the termination remains subject to approval by the Capital Markets Authority (CMA) and any other relevant regulatory bodies.
Car & General Gets Shareholder Backing to End Employee Share Scheme
In addition to the ESOP decision, shareholders approved the company’s audited financial statements for the year ended December 31, 2025.
They confirmed an interim dividend of Ksh0.30 per share, already paid in September 2025, and declared a final dividend of Ksh3.12 per ordinary share.
During the meeting, Nicholas Ng’ang’a and Pratul Shah were re-elected as directors after retiring by rotation, while Daniel Karuga and Esther Koimett, who had been appointed to the board during the year, were also re-elected.
Shareholders further approved the Directors’ Remuneration Report and Policy, reappointed members of the Audit Committee, and retained Deloitte & Touche as the company’s external auditors until the conclusion of the next AGM.
Also Read: Car and General Kenya Appoints Dan Karuga to Its Board
Audited Financial Results 2025
Car & General (Kenya) Plc more than quadrupled its net profit in 2025, posting a profit after tax of KSh2.4 billion compared to KSh526 million recorded in the previous financial year, driven by a recovery in its core markets and strong regional growth.
According to the company’s audited financial results for the year ended December 31, 2025, turnover rose by 21 percent to KSh25 billion from KSh21 billion in 2024, while earnings before interest, tax, depreciation and amortization (EBITDA) surged by 153 percent to KSh3.8 billion.
The company attributed the improved performance to a rebound in Kenya’s boda boda market, where monthly sales recovered to an average of 8,000 units from 4,600 units in 2024, as well as growth across its product lines and regional operations.
Also Read: Car and General Posts Ksh 637M Profit, Declares First Dividend in 22 Years
Car & General said businesses in Uganda and Tanzania now account for more than 56 percent of group sales, underscoring the increasing importance of regional markets to its operations.
Among the key drivers of growth were strong performance in the consumer business, particularly the two-wheeler segment in Kenya, improved results from its Tanzania distribution and poultry businesses, and continued expansion of Watu Simu across Africa.
Given the improved earnings, the directors recommended a final dividend of KSh3.12 per share, amounting to KSh250 million, in addition to an interim dividend of KSh0.30 per share paid during the year.
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