Robinson Njeru Githae

All parliamentary appearances

Entries 1581 to 1590 of 2672.

• 16 Feb 2012 in National Assembly: Thank you! view
• 16 Feb 2012 in National Assembly: (a) The total amount of money that was raised by the Government during the Rights issue of the Government of Kenya shares at KPLC, amounted to Kshs123 million. The proceeds of this trading were treated as Ordinary Government of Kenya revenue and, hence, were not tied to any specific project. view
• 16 Feb 2012 in National Assembly: (b) I am not aware of any arrangements to finance the Rural Electrification Authority (REA) through the redemption of Government of Kenya Preference shares at KPLC. However, I am aware that there are ongoing discussions between Kenya Power and REA with a view to determining the best way of implementing rural electrification projects. The very decision of this matter will be made when these modalities are clear and agreed by all parties. view
• 16 Feb 2012 in National Assembly: Mr. Speaker, Sir, there is absolutely no contradiction. The main purpose of this transaction was to remove from the books of KPLC the Preference shares owned by the Kenya Government, which were converted into Ordinary Stock. As a result of that, the shareholding of the Government went up to more than 70 per cent, which was not desirable because we wanted to be a majority owner of just 50 per cent. So, to reduce the Government shareholding in KPLC, a split of eight to one of the shares was done. After the split, there as a Rights issue and it ... view
• 16 Feb 2012 in National Assembly: Mr. Speaker, Sir, I have refused to fulfil anything. The agreement was for the shares to be sold. The shares have not been sold to date. The shares are still owned by the Government of Kenya, and the extent is 50.1 per cent. To me, the issue is not the selling of the shares. To me, the issue is the funding of REA. That is the real issue, and I promise this House that we are going to fund REA. view
• 16 Feb 2012 in National Assembly: Mr. Speaker, Sir, I have explained very clearly that the principle of capital-base restructuring of Kenya Power’s balance sheet was not to raise money. It was to convert the redeemable Preferential Shares of the Government into ordinary stocks, so as to clean up the balance sheet of KPLC. Therefore, the Government of Kenya does not have preference redeemable shares. They are now ordinary stocks of 50.1 per cent. The purpose was to increase the funding of REA, and I promise that we are going to increase the funding for the REA. view
• 16 Feb 2012 in National Assembly: Mr. Speaker, Sir, I repeat that the Kenya Government has not sold its Preference Shares. The shares are still owned by the sovereign Republic of Kenya. What have been going on are discussions by the Ministry of Energy with the Kenya Power and Lighting Company on how to increase funding to REA. The first proposal was that all the dividends received on the Preference Shares should be remitted to REA. That was the first option. However, because of the need to clean up the balance sheet of the Kenya Power and Lighting Company, this did not happen. So, instead, the ... view
• 16 Feb 2012 in National Assembly: Mr. Speaker, Sir, I am not contradicting him. You can do a search right now of the Companies Register. You will find that the Government of Kenya owns 50.1 per cent of the company’s shares. The shares were not sold. They are still with the Government of Kenya. view
• 16 Feb 2012 in National Assembly: Mr. Speaker, Sir, could he repeat the question? I was consulting here. view
• 16 Feb 2012 in National Assembly: Mr. Speaker, Sir, the intention was to sell those shares. But they have not been sold because the prices went down. Since the price of KPLC shares went down, the Government felt that if we were to sell the shares now we will make a loss. So, we are waiting for the prices of shares to go up then we sell. To me, the most important thing is that we need to fund the REA. view