Kenya Pipeline Company (KPC) is heading into its first annual general meeting (AGM) since listing on the Nairobi Securities Exchange (NSE), with changes in its shareholder structure set to influence the composition of its board.
The company’s 46th AGM, scheduled for December 2, 2026, will come amid growing attention following the acquisition of a 24.9% stake by Greenview Oil Trading Corp., which now qualifies to nominate a representative to the board.
The development follows Nigerian billionaire Aliko Dangote’s disclosure in October that his investment group had acquired approximately 24.76% of KPC through a KSh42.5 billion ($327 million) transaction involving shares previously held by state-linked institutions.
KPC’s AGM notice confirms Greenview Oil Trading Corp.’s shareholding and board nomination rights but does not identify the company’s beneficial owners or its proposed board nominee.
The ownership shift has also affected the position of the National Social Security Fund (NSSF). The pension fund’s nominated director, CPA Ronald Nyamosi, has ceased to be a board member after NSSF lost its status as the company’s largest institutional investor.
Five other directors — Joyce Emanikor, Mutungwa Wambua, Christopher Karani, Martha Miano and Irene Wachira — are also scheduled to retire at the conclusion of the AGM. They had been appointed to fill casual vacancies.
Shareholders will additionally consider the appointment of independent non-executive directors and members of the Board Audit and Risk Committee, in line with capital markets governance requirements.
KPC proposes KSh5.79 billion dividend
Beyond the boardroom changes, investors will be watching the proposed dividend payout.
KPC’s board is seeking shareholder approval for a first and final dividend of KSh5.79 billion, equivalent to KSh0.32 per share. The distribution represents 50% of the company’s profit after tax for the financial year ended June 30, 2026.
The payment is expected around January 8, 2027, with shareholders required to be on the company’s register by November 30, 2026, to qualify.
The meeting will also consider appointing KPMG Kenya as the company’s external auditor, replacing the Office of the Auditor General, whose term expires at the AGM.
Investors watch the next phase
The changes come as KPC enters a new phase following its privatisation and NSE listing, which opened the state-owned pipeline operator to a wider pool of investors.
Dangote’s investment has attracted particular attention because of his ambitions in Kenya’s energy industry, including plans for a major oil refinery in Lamu.
The billionaire has also indicated plans to invest an additional $1.5 billion in expanding Kenya’s pipeline infrastructure, potentially strengthening the company’s capacity to serve regional petroleum markets.