Safaricom on Wednesday announced that it had changed its name from Safaricom Limited to Safaricom PLC.
In a statement seen by Kenyans.co.ke, the company stated that the change of name had been approved by shareholders during their last Annual General Meeting (AGM) in September 2017.
The giant telco further disclosed that the Certificate of Change of Name issued by the Registrar of Companies had taken effect on January 31, 2018.
It also noted that the change would not affect any contracts it had with its customers, partners and shareholders.
The move caught many social media users by surprise as the company changed its official handle on Twitter, losing the blue verification mark.
[caption caption="The notice from Safaricom"]
[/caption]
PLC means Public Limited Company and Ltd means Private Limited Company.
PLC refers to a company whose securities are traded on a stock exchange and can be bought and sold by anyone. Public companies are strictly regulated, and are required by law to publish their complete and true financial position so that investors can determine the true worth of its stock (shares).
The shares can be brought and sold through the stock exchange in a Public Limited Company. There is no need to consult the owners for selling and buying shares.
For a limited company (Ltd), however, shares are usually sold to close friends and affiliates and can only be sold if all the shareholders agree.
Safaricom is the biggest listed firm in Kenya, with a market valuation that is higher than that of the next nine companies combined.
On Monday, the company announced a new partnership with video-on-demand provider Iflix.
The deal will see Iflix subscribers who use Safaricom internet access free content for two months.
“Today is an important milestone for Iflix. We are thrilled to make our world-class service available in Kenya and partner with Safaricom, one of the country’s leading communications services provider for our launch,” Iflix Co-founder Mark Britt stated.
Subscribers will be allowed to sign up from March 19 to enjoy free access to to the platform for 60 days.
[caption caption="Customers at a Safaricom shop"]
[/caption]
