In a statement, Centum says the move will see it have a controlling stake while Almasi becoming its subsidiary.
“Centum is pleased to announce its intended acquisition of an additional 3 percent shareholding in Almasi Beverages Limited (‘Almasi’) bringing our total shareholding to 50.95percent of the issued share capital of the company and resulting in Almasi becoming a subsidiary of Centum Investment Company Limited,” Centum CEO James Mworia said.
However, the intended acquisition is subject to approval by the Competition Authority of Kenya.
Almasi is a holding company of three Coca-Cola bottling companies including Mount Kenya Bottlers Limited, Rift Valley Bottlers Limited and Kisii Bottlers Limited. It also has the second largest share of the Coca Cola bottling business in the country.
Mworia said the intended acquisition of a controlling interest in Almasi is in line with Centum’s strategic objective of expanding its presence in the fast-moving consumer goods sector.
“Centum will continue working with the management of Almasi and of the three bottling companies to deliver improved experience to Almasi’s customers and stakeholders,” he said.
In June 2013, Centum invested Sh426million ($5million) to increase its shareholding in the said holding company from 35 percent to 43.5 percent by buying out minority shareholders.
The investment company bought the minority investors at Kisii Bottlers, Mount Kenya Bottlers and Rift Valley Bottlers who opted to exit rather than take a stake in Almasi Beverages through share swaps.