Kakuzi Land Claims
Kakuzi faces NLC recommendation to surrender 3,200 acres; Camellia says no material impact expected.
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Camellia plc ('Camellia') notes the recent announcement by Kakuzi plc ('Kakuzi') relating to adverse recommendations issued by the National Land Commission (NLC), Kenya, in connection with historical land claims which call for the surrender of approximately 3,200 acres of Kakuzi's agricultural land holdings. Camellia has disclosed land claims as a risk in its previous annual reports.
Kakuzi has been advised by legal counsel that it holds clear and valid title to the subject lands, and that its rights to own legally acquired title is protected under the Kenyan Constitution. Kakuzi has consistently contested the claims and does not accept the NLC's recommendations. Acting on legal advice, Kakuzi has commenced proceedings to challenge the NLC's recommendations.
Camellia owns 50.7% of Kakuzi, a company listed on the Nairobi and London Stock Exchanges. Camellia considers that this matter will not affect delivery or outcome of its Value Enhancement Plan or have a material impact on its financial performance.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.