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{
    "id": 90667,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/90667/?format=api",
    "text_counter": 301,
    "type": "speech",
    "speaker_name": "Mr. James Maina Kamau",
    "speaker_title": "",
    "speaker": {
        "id": 34,
        "legal_name": "James Maina Kamau",
        "slug": "maina-kamau"
    },
    "content": "Mr. Temporary Deputy Speaker, Sir, the 7.85 per cent redeemable non- cumulative preference shares were created in 2003 under debt- equity conversion arrangement approved by the Cabinet in order to strengthen the capital base of the company for following four consecutive years of massive loss making amounting to Kshs13.64 billion. The losses eroded the company’s capital base to a negative position and it was unable to pay its major creditors; that is, the Government and KenGen within the respective contractual credit periods. On diverse dates between 1960 and 1975, the Government bought the KPLC shares totaling 32,853,268 which represent 40.4 per cent of voting shares of the company. The Government has never sold its shares in the KPLC. In October, 2005, the National Social Security Fund (NSSF) sold 2,139,367 of its shares at the Nairobi Stock Exchange (NSE) to Transcentury Limited. This reduced the voting equity shareholding of the NSSF from 10.53 per cent to 7.9 per cent and combined the Government and parastatal voting shareholding from 51.3 per cent to 48.4 per cent. This is the current position as regards Government and parastatal shareholding."
}