Seaboard, in concert with the Philip Ndegwa family which holds a 50.93 per cent stake in Unga, got the backing of shareholders controlling a total 69.9 per cent equity. The US firm had offered to buy Unga at a price of Sh40 a share. The US firm further says it will call an extraordinary general meeting and ask shareholders to vote for the delisting of the miller -- taking it private. Seaboard, which wants to raise its stake in Unga, could still buy them out after taking the company private. The multinational has a separate 35 per cent stake in Unga Holdings –the investment vehicle through which the miller owns its operating units, including Unga Farm Care East Africa.

Source: Daily Nation July 30, 2018 06:56 UTC