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Speaking during an investors briefing in Nairobi on Wednesday, Centum Chief Executive Officer James Mworia revealed that the company has concluded the purchase of a 45 percent stake in Platinum Credit - a growing Micro finance lender - with operations across East Africa/FILE

Kenya

Centum sets unassailable heights with re-structuring

NAIROBI, Kenya, Jun 5 – Centum Investment Company has restructured its business to create new subsidiaries from existing business lines and create real tangible wealth at a rate that is above capital and money markets.

Speaking during an investors briefing in Nairobi on Wednesday, Centum Chief Executive Officer James Mworia revealed that the company has concluded the purchase of a 45 percent stake in Platinum Credit – a growing Micro finance lender – with operations across East Africa.

“We have also increased our shareholding in Almasi (the new shareholding company for Rift Valley, Mount Kenya and Kisii Bottlers) with a shareholding of approximately 43 percent,” he said.

Mworia announced that the company has set up Centum Asset Managers (CAM) licensed by the Capital Markets Authority to handle its capital equity portfolio and manage third party funds.

CAM will focus on attracting third party institutional and individual investors to high quality investment opportunities in private equity and real estate across the African continent.

“Our private equity portfolio accounts for 19 percent of Centum’s total assets and has a Sh3.7 billion of Centum assets and another Sh2.4 billion of third party funds under management,” he said.

Mworia also announced that the company has also set up Athena Properties Limited as their wholly owned subsidiary to provide large scale services to property development companies.

Currently Athena has two ongoing projects under its management – Two Rivers Mall that is currently letting and Pearl in Marina, Uganda.

“The funding for the Two Rivers Mall was substantially done and the project has received expressions of interest for more than 40 percent of the gross lettable income,” he explained.

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The Two Rivers Mall (which is located in the Blue Diplomatic Zone in the Gigiri/Limuru Road area of Nairobi) which is expected to be to open in September 2015 once complete has a rental area of 47,000 square metres from retail; 10,600 square metres of offices and in excess of 1,600 parking bays.

Construction works for Two Rivers Mall will commence in September 2013.

“We are in the final stages of securing the necessary stationary approvals of Pearl Marina and it has attracted strong interest both locally and internationally,” he revealed.

Mworia also revealed that the company has also signed to sell development rights for the construction of a 3-star hotel expected to break ground by January 2014.

“We are also in advanced discussions with a range of developers seeking to acquire development rights or partner with Centum for the development of a 5-star hotel, office parks and apartments,” he said.

The company announced more than a double profit before tax of Sh3.2 billion compared to Sh1.3 billion posted in March 2012 while income tripled to Sh3.9 billion from Sh1.3 billion recorded last year.

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