92 percent of troubled WPP Scangroup is owned by 10 shareholders, Business Times can authoritatively report.
British firm Cavendish Square Holding is the largest shareholder with 40.94 percent stake, equivalent to 176,903,560 shares.
Cavendish sister company which is registered in Netherlands, Russell Square Holdings, holds 12.33 percent stake (53,290,883 shares) which was acquired in 2018.
Together, the two companies own 53.27 stake, enough to make any decision for the company. The two came in as the WPP group, acquiring the majority stake causing Scangroup to rebrand to WPP Scangroup.
There are four groups of Standard Chartered Kenya nominees holding 11.99 percent stake (51,813,561 shares), 8.21 percent stake (35,479,499 shares), 2.21 percent (9,546,938 shares) and 0.36 percent (1,552,962) for each.
Mr Bharat Thakrar, the suspended CEO, and is the biggest individual shareholder with 10.6 percent stake, which has with time reduced from 28.53 percent. His ownership now has a market-to-market value of about Ksh250 million.
Ogilvy and Mather South Africa (Proprietary) Limited, a communication and PR firm, owns 12,907,856 shares equivallent to 2.99 percent.
Kestrel Capital Nominees Ltd (Krohne Fund) owns 7,844,200 shares (1.82 percent) while Bora Services Ltd-Sers 1 owns 3,293,267 shares or a 0.76 percent stake.
The company first went public on August 29, 2006 in an initial public offering (IPO) that raised Ksh94 million.
On February 19, 2021, WPP-Scangroup Plc board of directors suspended the Chief Executive Officer Mr Bharat Thakrar and the Chief Finance Officer, Mr Satyabrata Das.
In a statement, the company said the move was to allow for an investigation into allegations of gross misconduct and possible offences in their capacity as senior executives and employees of the Company.
The Board delegated authority to an interim Chief Operating Officer Mr Alec Graham to ensure the continued management of the Company with the support of the Board and the senior executives of the Company’s subsidiaries.
Thakrar is the founder of the Scangroup (which started as Scanad Group) in 1982.