NAIROBI, Kenya, Nov 21 – Centum Investments has increased its stake in Almasi Beverages to 53.8 per cent from 49.3 per cent during the rights issue by the beverage firm in the third quarter of 2016.
After the rights issue, Centum and Industrial and Commercial Development Corporation, now jointly control 90 per cent of Almasi after injecting an additional Sh1.6 billion in Almasi for expansion and debt servicing. Centum has gradually been increasing its stake in Almasi (which has a 30 percent market in the carbonated drinks category) since 2013 when it had 35 per cent.
Almasi Beverages is the second largest Coca-Cola bottler after Nairobi Bottlers, where Centum has a 28 per cent stake and is the holding company for three Coca-Cola bottling companies – Rift Valley Bottlers, Kisii Bottlers and Mount Kenya Bottlers.
Chief Executive James Mworia had earlier revealed Centum’s strategy of acquiring majority stake in their acquisitions with the view of changing the sectors the companies operate in.
Centum has however indicated its intention to divest in some of its investments as it spreads its portfolio to the health, education and ICT sectors.