Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
This is the second time Kirubi will be raising his stake in Centum over the past five years/FILE

Finance

Kirubi exempt from making Centum takeover offer

This is the second time Kirubi will be raising his stake in Centum over the past five years/FILE

This is the second time Kirubi will be raising his stake in Centum over the past five years/FILE

NAIROBI, Kenya, Oct 24 – The Capital Markets Authority (CMA) has allowed businessman Dr Chris Kirubi to acquire five percent additional shares at Centum Investment Company without a take-over offer to shareholders.

This makes a clear way for the investor to buy the proposed 32.65 million additional Centum shares, as announced in September.

The move to buy the shares currently worth close to Sh1 billion will push his ownership at the investment firm from 24.99 percent 29.9 percent.

By exempting him not to make a takeover bid, it means that Dr Kirubi will now have to buy the additional shares via the Nairobi Securities Exchange (NSE).

“Capital Markets Authority has by way of a letter dated 14 October 2013 granted him (Dr Kirubi) an exemption from complying with the requirement to make a takeover offer under the Capital Markets (Takeovers and Mergers) Regulations, 2002, with respect to the proposed acquisition of an additional 32,659,909 ordinary shares,” Dr Kirubi said in a public announcement in the local dailies.

Centum’s share price at the close of business on Wednesday at NSE stood at Sh28.50 up from Sh25.50 when he announced the proposed acquisition in September.

The move is seen as a vote of confidence in the investment firm which has raced to diversify and reduce the influence of the NSE on its performance in recent years.

This is the second time Kirubi will be raising his stake in Centum over the past five years.

He bought 6.6 million shares in Centum in the nine months to January.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...