Safaricom PLC Safaricom changes its name

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You will have to get used to the new name.

Safaricom Limited is now Safaricom PLC play Safaricom Limited is now Safaricom PLC. (Courtesy)

Kenya's giant telecommunications company, formerly Safaricom Limited will now be called Safaricom Public Limited Company, (Safaricom PLC) effective January 31, 2018.

The change of name, the telecom has said in a notice, will not affect the contracts entered with its clients, and quipped that the change was entirely informed by the Certificate of Change issued by the Registrar of Companies in September, 2017.

“This is to notify the general public that in compliance with section 53 of the Companies Act 2015, and in line with the approval granted by the companies’ Shareholders during the Annual General Meeting held on September 15, 2017, Safaricom Limited has changed its name to Safaricom PLC, effective 31 January, 2018” a notice signed by Company Secretary Kathryne Maundu to shareholders in the local dailies read in part.

 

"A company that is both a limited company and a Registration of public limited public company may only be registered with a name that companies. ends with the words "public limited company" or the abbreviation "plc"," Section 53 of the Companies Act, 2015 states.

play Notice of change of name to shareholders. (Pulselive Kenya)

 

Basically, a public limited company is that entity whose “shares may be freely sold and traded to the public (although a plc may also be privately held, often by another plc), with a specified minimum share capital at the Nairobi Stock Exchange.”

According to Investopedia, "a public limited company (PLC) is the legal designation of a limited liability company which has offered shares to the general public and has limited liability."

A PLC's stock is offered to the general public and can be acquired by anyone, either privately, during an initial public offering or through trades on the stock market.

Services

Safaricom PLC confirmed that the change of name will not, however, affect the services it renders to its clients, nor will it affect the current contracts the form has entered.

“All contractual relationships and obligations that the Company has with its customers, partners and other stakeholders are not affected by the change in name,” it said.

Safaricom in the recent past has diversified its services, launching numerous products especially in entertainment, money transfer and savings. It recently launched a music application, Songa, which enables customers to download music at a fee.

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