notes to the financial statements for the year ... - Investing In Africa

REPORT OF THE DIRECTORSThe Directors present their report together with the audited fi nancial statements of the Company for the year ended 30 June2009.1. PRINCIPAL ACTIVITIESThe principal activity of the company is the manufacture and sale of cement.2. RESULTSThe results for the year are set out on page 28.3. DIVIDENDSThe company did not pay an interim dividend during the year (2008-nil). The directors recommend the payment of a fi naldividend of KShs 1.30 per ordinary share amounting to KShs 117,000,000 (2008-nil).4. DIRECTORSThe current board of directors is shown on page 14. The following changes have taken place since 1 July 2008:• Mr. Mark K. ole Karbolo was appointed as director and chairman on 4 November 2008 replacing Mr B.S. Ndeta whoresigned as director and chairman on 19 June 2008.• Mr. S. ole Kantai retired as a director on 17 November 2008 and D K Koros was appointed in his place.• Mrs. R. Lumbasyo resigned as director on 4 December 2008 and Mr. J. Akoya ceased to be her alternate. Mr. A. Oderowas appointed director in her place with Mr. D.Z.O Kemoni as his alternate.• Mr. A. Odero ceased being a director on 28 May 2009 and Mr. D.Z.O Kemoni ceased to be his alternate. Mr. A Kazongo wasvappointed Director in his place and Mr. A. Odero as his alternate.5. AUDITORSThe Controller and Auditor General is responsible for the statutory audit of the company’s books of account in accordance withSection 14 and Section 39(i) of the Public Audit Act, 2003, which empowers the Controller and Auditor General to nominateother auditors to carry out the audit on his behalf.Ernst & Young were nominated by the Controller and Auditor-General to carry out the audit for the year ended 30 June 2009.By Order of the BoardEast African Portland Cement Co. Ltd Annual Report and Financial Statements FY 2008/200917JLG MaongaSecretaryNairobiSeptember 29, 2009