UGANDA CLAYS LIMITED - Minutes of the Annual General Meeting 2017 - Adoption of Agenda

Sep 12, 2026

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Minutes of the Annual General Meeting of Uganda Clays Limited held at Kampala Sheraton Hotel on 7 July 2017 record attendees, including directors present and directors absent with apology. The meeting starts with prayer and formally adopts the agenda. It confirms acceptance of prior AGM minutes, considers the chairman’s statement and managing director’s highlights covering profitability, dividends, shareholder loan conversion discussions, land expropriation impacts, revenue growth, product mix, customer structure, sales strategies, and improvements in product handling and drying efficiency.

LanguageEnglish

CategoryLetters

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Pages11

Reading Time4 min

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MINUTES OF THE ANNUAL GENERAL MEETING OF UGANDA CLAYS LIMITED

Directors present

Directors absent with apology

Members present and in attendance

Adoption of agenda

Minutes of previous annual general meeting

Directors’ report and audited financial statements (year ended 31 December 2016)

Chairman’s statement

Managing Director’s statement

U G A N D A C L A Y S L I M I T E D MINUTES OF THE ANNUAL GENERAL MEETING OF UGANDA CLAYS LIMITED HELD AT THE KAMPALA SHERATON HOTEL ON FRIDAY 7TH JULY 2017 AT 2:30 PM DIRECTORS PRESENT 1. Dr. Martin Aliker 2. Mr. Joseph Tukuratiire 3. Dr. Ijuka Kabumba 4. Mr. Bayo Folayan 5. Ms. Peninnah Tukamwesiga 6. Mrs. Marion Adengo Muyobo 7. Mrs Florence Namatta Mawejje 8. Mr. George Inholo - - - - - - - - Chairman Director Director Director Director Director Director Managing Director DIRECTOR ABSENT WITH APOLOGY 1. Mr. Richard Byarugaba - Director 2. Eng. Martin Kasekende - Director MEMBERS PRESENT The list of members who attended the meeting is attached to the minutes. IN ATTENDANCE 1. Mr. Matthias Nalyanya - Lex Uganda Advocates, Secretary 2. Mr. Philmon Dramani - “ “ “ 3. Ms. Gloria Erimu - “ “ “ 4. Mr. Julius Tumuhimbise - Jim Roberts & Associates, External Auditors 5. Mr. James Onyoin - “ “ “ 6. Mr. Julius Okurut - “ “ “ 7. Ms. Grace Acam - “ “ “ 8. Ms. Alice Akech - “ “ “ The meeting started at 2.30pm with a prayer. MIN. 1/AGM/2017: ADOPTION OF AGENDA The following agenda was adopted: 1. Adoption of the Agenda. 2. To receive and confirm the minutes of the meeting held on 9th December 2016. 3. To receive and consider the Directors’ report and audited financial statements for the year ended 31st December 2016 together with the report of the auditors. 4. To rotate and elect Directors in accordance with the Articles of Association of the Company and determine their remuneration. 5. To re-appoint M/S Jim Roberts & Associates as auditors for the year ending 31st December 2017 and authorise the Directors to fix their remuneration. 6. To consider any other business for which notice has been given to the Secretary at least 48 hours before the meeting. MIN. 2/AGM/2017: MINUTES OF PREVIOUS ANNUAL GENERAL MEETING The meeting considered the minutes of the Annual General Meeting held on the 9th December 2016 and adopted them as a true record of the meeting, save for some corrections in the names and contact details of those who attended. MIN. 3/AGM/2017: TO RECEIVE AND CONSIDER THE DIRECTORS’REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2016, TOGETHER WITH THE REPORT OF THE AUDITORS 3.1 Chairman’s Statement The Chairman presented his statement on pages 24 to 26 of the Annual Report and highlighted the following: 3.1.1 Despite 2016 being a challenging year for business generally, the Company performed well and returned a profit of UGX 2,373,375,000 . Profitability of the Company improved from 32% in 2015 to 40% in 2016. 3.1.2 Owing to the improved performance of the Company for the year, the Board of Directors approved the payment of an interim dividend of UGX 1 per share which was paid in March 2017. The Board has recommended the approval of the interim dividend as a final dividend. 3.1.3 The Company and the National Social Security Fund have agreed in principle to convert the NSSF shareholder loan into equity and the details of the transaction will be presented the shareholders once agreed. 3.1.4 The Government of Uganda and Uganda National Roads Authority [UNRA] have compulsorily acquired some land at Kajjansi belonging to the Company for the construction of the Kampala-Entebbe Express Way/Munyonyo Spur. Asa result of the expropriation of the land, the Company lost large amounts of clay. UNRA has paid partial compensation and the Company is still pursuing full compensation for the surface value of the land and the economic loss resulting from the loss of the clay. 3.1.5 To sustain growth the Company will need to make heavy capital investment to replace old machinery and improve drying facilities for green products atthe Kajjansi factory, complete the Kamonkoli plant, and acquire more land with clay deposits at Kajjansi. 3.2 Managing Director’s Statement The Managing Director presented his state

FAQs

Who were the directors present and which directors were absent with apology?

The minutes list multiple directors present by name and also record directors absent with apology, including Mr. Richard Byarugaba and Eng. Martin Kasekende.

What meeting action was taken first under the AGM agenda?

The meeting adopted the agenda, including receiving and confirming minutes from the previous AGM held on 9 December 2016.

What key highlights were covered in the Directors’ report for the year ended 31 December 2016?

The chairman and managing director reported on performance, profit and dividend recommendations, discussions to convert NSSF shareholder loan into equity, impacts of land acquisition for the Kampala–Entebbe Express Way, revenue growth and cost-efficiency initiatives, product contributions, sales strategies, and drying efficiency improvements.

Sep 12, 2026

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