@StandardMedia

KenolKobil boss seeks to change rules to make billions - 2 months ago, 9 Nov 00:08

By: Otiato Guguyu

 

Kenol Kobil boss may miss out on a Sh1.12 billion windfall unless the company’s board changes a rule that restricts CEOs to a quarter of employee share scheme.

If KenolKobil Chief Executive David Ohana only picks 25 per cent, he will be able to buy only 22 million shares and make Sh280 million instead of Sh1.12 billion.

According to French firm Rubis, which wants to buy KenolKobil, the board and the regulator will need to bend rules to allow Mr Ohana to earn the billions of shillings.

“Rubis has since established that whereas Mr Ohana was awarded options to purchase 88 million units in the Esop (employee share ownership), there is a limit as to how many units can be awarded to any executive of KenolKobil under Esop rules,” Rubis said in a statement.

“As such, Mr Ohana may only be able to exercise his options to purchase such ...
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