Centum boss steps down

October 16, 2008

, NAIROBI, October 16 – Centum Investments Managing Director Peter Mwangi has resigned from the helm of one of the largest local fund managers.

Board Secretary David Owino is now the acting MD, following a Board meeting on Wednesday that approved Mr Mwangi’s resignation.

Centum Chairman James Muguiyi has already written to the Nairobi Stock Exchange Chief Executive Chris Mwebesa, and Capital Markets Authority Chief Executive Stella Kilonzo informing them of the move.

“We wish to notify you that Mr Peter K. Mwangi who has been the Managing Director and Chief Executive Officer of the company resigned from the position effective 15th October 2008,” the letter read in part.

The company has also postponed the issuance of dividends that had been scheduled for Thursday October 16, to mid-January next year.

A separate letter to the markets, written by Mr Owino states: “Please be informed that the AGM…….has been rescheduled for Wednesday 14th January 2009. As a result, the first and final dividend of Sh0.45 per share that was declared in September 2008 will be paid on Thursday, 15th January 2009 and not October 16, 2008 as had been communicated to you earlier.”

Mr Mwangi was appointed as MD in 2000 to replace Tony Wainaina under whom he had served as Investment Manager and Company Secretary.

Centum Investment Company Limited makes investments in both public and private companies. It holds investments in banking, insurance, beverages, automotive assembly and dry cell manufacturing. The Company invests in listed and unlisted companies, ranging from agriculture, industrial production to commercial services.

It re-branded in February this year from ICDC Investments Limited, a brand under which it had operated since its formation as a private investment arm of state-owned Industrial and Commercial Development Corporation.

It ushered a new era to one of the oldest and biggest investment funds in the country.

Centum Investments has already ventured into the Ugandan market and intends to diversify at least 20 percent of its investment into the regional and offshore markets. The company crossed the Sh1 billion profitability mark this year recording a pre-tax profit of Sh1.2 billion up from Sh696 million in 2006.

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