Biashara Sacco To Construct A Sh260 Million Headquarters Building In Nyeri
By Our Correspondent
Worth Noting:
- The Sacco asset base rose from Sh2.4 billion to Sh2.73 billion in 2022 representing 11.1% growth while the loan portfolio rose from Sh2.004 billion to Sh2.25 billion in 2022 representing 12.2% growth.
- “Core capital in the year under review grew from Sh719.3 million to 5 million in 2022 representing 24.2% growth while Net surplus increased from Sh174.7 million to Sh207.4 million in year 2022 representing 18.7% growth. This year members will enjoy dividends at a rate of 18% and interest on member deposits at 12%, ” added the chairman.
- He added that the staff capacity has increased from 191 in year 2021 to 218 in year 2022, a growth of 14.1% while the Sacco Agency increased from 194 Agents to 328 Agents in year 2022, a growth of 69.1 %.
Biashara Sacco Society Limited is planning to erect an eight storey building in Nyeri town at a cost of Sh260 million.
The building which will serve as the Sacco headquarters will be constructed in two phases with the first one involving the first four floors at a cost of Sh150 million.
The project named ‘Biashara Sacco Plaza’ will be undertaken at the place where the current main office is situated along Kimathi Way.
Speaking during this year’s Annual General Meeting in Nyeri town, Sacco Chairman Joseph Njamuku said the project will take about one and a half years to complete.
“We plan to undertake the construction works with minimal disruptions to our operations and services hence our proposal is to relocate our front offices to the rear building for some few months. As we had resolved to start preparation towards construction of an 8-storey building, we procured the services of building professionals and came up with all the necessary plans and drawings for the same. We are glad to report that all the architectural, structural, mechanical, electrical plans and environmental impact assessment report have been approved by the relevant bodies, ” said the chairman.
The chairman said the Sacco is looking for a financier to help in financing the construction of the Sacco building.
The AGM also resolved an issuance of dividend payment of 18 % to be capitalized to nominal shares and interest on member’s deposits of 12% to be posted to members FOAS accounts.
The Sacco asset base rose from Sh2.4 billion to Sh2.73 billion in 2022 representing 11.1% growth while the loan portfolio rose from Sh2.004 billion to Sh2.25 billion in 2022 representing 12.2% growth.
“Core capital in the year under review grew from Sh719.3 million to Sh893.5 million in 2022 representing 24.2% growth while Net surplus increased from Sh174.7 million to Sh207.4 million in year 2022 representing 18.7% growth. This year members will enjoy dividends at a rate of 18% and interest on member deposits at 12%, ” added the chairman.
He added that the staff capacity has increased from 191 in year 2021 to 218 in year 2022, a growth of 14.1% while the Sacco Agency increased from 194 Agents to 328 Agents in year 2022, a growth of 69.1 %.
“The long awaited Nakuru Branch was opened in June last year at the heart of Nakuru city. We opened Runyenjes Satellite mid-march last year. We also managed to relocate our Embu Branch to a more visible location within the town Centre along the Embu-Meru Highway. In the month of July, we opened Githurai Satellite at Githurai 45 town. We also managed to acquire a half-acre Sacco Storage Yard which is along Nyeri – Othaya road, he added.
The Sacco is planning to open three satellite offices in Ruai, Ruiru, Juja, Kiria-ini, Chaka, Narumoru, Lanet, Chuka and Kagumo.
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