Hello Co-operators,Today 23rd march 2021 MNS held it’s 42nd Annual Deletes Meeting at Bomas of Kenya. We wish to inform you of the following resolutions that were passed during the ADM.
1 Dividends to be paid at 9.3%
No dividends on 20,000 share capita.No dividends pay out to enable the sacco move towards meeting the core capital ratios as required by the regulator.
The share capital has been moved from previous ksh. 20 000 to ksh 30 000 in 2 years of ksh 5 000 each year . This is to meet the SASRA requirements of 10%.
2. Members who used the 5% PAYE to secure loans will not suffer, MNS has made considerable conditions on how to recover the loans without affecting the members negatively
The board has embarked on the sales of Kisaju houses by reducing the cost . This has been done to ensure that this year 2021 , the SACCO offloads this properties and refocus its energy to the SACCO core business
ii) Spire bank
The board has already received suitors interested in taking up the majority share holding of the bank , discussions are on going and hopefully the matter will be brought to a close during this year 2021.
iii) MNS risk and Insurance Brokers
It is important to note that this subsidiary doesn’t depend on SACCO support and in the year 2020 it performed well
Members to disregard a social media message on members who would not qualify for dividends as it is not official communication from SACCO