It’s all smiles as society gives sh. 4 million dividends.

Officials and members of Broad Borders Housing Cooperative display a dummy cheque as members' dividends for the year ended 2017.

Over 5,260 shareholders of Broad Borders Housing Cooperative have benefited with close to Sh.4 million dividends for the year ended 2017.

In an annual general meeting held at a hotel in Murang’a town, the shareholders approved dividends at a rate of 12% thus enabling the members to benefit from their share capital.

Broad Borders Housing Cooperative Chairman Jeremy Karemeri termed the move as a remarkable milestone adding that not many cooperatives have surpassed that percentage in issuing dividends to its shareholders.

Karemeri also pointed out that the cooperative is undertaking a Sh.200 million worth project where it is constructing Sh.200 million hostels, which the first phase of 107 units is almost complete. (Videos available if needed)

He said that for the targeted 360 units to be complete, the cooperative might consider getting a partner in accessing loan facility but for now, the cooperative is free from any loan facility.

He said that the final unit of the 360 units will have a swimming pool and other social amenities thus making the place a posh place to live in.

The cooperative will also undertake construction of massionates and bungalows for its shareholders, whose membership have grown tremendously from 1,400 in 2016 to 5,260 this year.

Its turnover has henceforth grown to over Sh. Half Billion which he says are targeting Sh.1 Billion and beyond by next year.

Karemeri thanked the shareholders for supporting the cooperative even through the electioneering period that was so difficult that the sales to the cooperative were so down but picked up after the campaigns.

Joyce Muthoni from Kangema in Murang’a County, Paul Mutwiri (Tharaka Nithi) and Mary Kanyua (Tharaka Nithi) are some of the members who benefited from their shares and attests that it is quite a good deal.

Muthoni said that initially, she had fears in investing in housing cooperatives but she eventually gained confidence after buying two plots that were legal and had no tussles.

Mutwiri on the other hand confirmed that indeed, the members were yearning for the dividends, being a second AGM since the housing cooperative is very young but promising.

Mary on her part lauded women investments saying that majority of shareholders are women who are also the main breadwinners in their respective families.