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Kenya

Centum plans cross-listing in Rwanda, TZ

NAIROBI, Kenya, Sep 23 – Shareholders of Centum Investment have approved plans to cross-list on the Rwanda Securities Exchange and the Dar-es-Salaam Securities Exchange.

This was one of the special resolutions passed during the company’s 44th Annual General Meeting and which Managing Director James Mworia said offers more investment choices.

“Shareholders also approved the incorporation of three subsidiary companies; two of them are domicile in Mauritius and the other is in Uganda. They will be the vehicles which we will use to invest outside Kenya,” said Mworia.

Mworia said they are also exploring various ways to generate more equity.

“One of the options we currently use is employing internally generated funds and borrowing against our balance sheet,” he explained.

“As to whether we will raise equity, I can definitely say if we are to do so then it will be in the medium term rather than the short term given the current market conditions,” he affirmed.

During the meeting, the shareholders also approved a bonus share of one for 10 shares held.

Mworia declared the company’s strategies may change due to the changing macro-economic environment as well as the foreign exchange rate.

He said the firm had acquired companies that will allow for shareholders to invest in through Centum’s shares.

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Mworia added that shareholders will now receive annual reports by email to allow cost-cutting measures within the company.

The company will not be injecting further investments into government bonds as they are becoming too expensive and unstable and this will allow the company to further diversify their investment portfolios.

Centum will release its half year results for 2011 in November.

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