Kenya: Centum (Chris Kirubi) faces legal uncertainty over share buybacks
Tycoon Chris Kirubi’s investment company is increasing its liquidity and selling off debts so that it can buy back its shares and raise its share price. But the law authorising this practice was suspended by the national regulator last year.
18/06/2020 at 16h58, by Valentin Grille
The group created in 1967 by sovereign wealth fund Industrial and Commercial Development Corporation (ICDC) last year liquidated two investments in Nairobi Bottlers, the largest bottler of Coca-Cola and King Beverage, and distributor of Carlsberg beers. This strengthened its cash position over the year (today amounting to 9bn shillings, or €75m, available in cash and marketable securities), enabling it to repay two lines of debt of €66.85m in September, and €55m at the beginning of the month.
Recommended articles
Office Accommodation
06/09/2023 at 14h06, by Africa Business+
James Mworia (Centum) brings IFC on board for his housing programmes in Nairobi
The World Bank subsidiary is providing a $20m loan for a programme focusing on the “affordable” housing...
Bank
20/08/2021 at 14h43, by Africa Business+
Sidian Bank to expand loan offering in Kenya
Centum Investment’s subsidiary is working to strengthen its position among Kenyan SMEs thanks to the...