Technology Company Safaricom has changed its name in compliance with section 53 of the Companies Act, 2015, the Standard reports.
The company will now be Safaricom PLC instead of Safaricom Limited with effect from January 31, 2018.
According to section 53 of the companies act, a company that is both a limited company and public company may only be registered with a name that ends with the words “public limited company” or the abbreviation “plc”.
On the other hand, a company that is both a limited company and private company may be registered only with a name that ends with the word “limited” or the abbreviation “ltd.”
Last year the shareholders of Safaricom approved a resolution to change the company name from Safaricom Limited to Safaricom Plc.
“All contractual relationships and obligations that the company has with its customers, partners and other stakeholders are not affected by this change of name,” said Kathryne Maundu, Company Secretary.
Standard Group, BAT Kenya, KCB and CFC Stanbic are among companies that have changed name to plc in compliance with the new law.