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Kenya

Centum divests its stake in Platcorp Holdings

“The proceeds from the sale will be deployed to other investments in our area of focus,” Mworia said/FILE

NAIROBI, Kenya, Mar 19 – Centum Investment Company Plc has exited its five-year investment in Platcorp Holdings Ltd, the parent company of two micro-lenders – Platinum Credit and Premier Credit.

The firm announced that it has completed the sale of its 25 per cent stake to Suzerain Investment Holding.

Centum Chief Executive James Mworia says the investment has delivered a 31 per cent internal rate of return over the period.

“The proceeds from the sale will be deployed to other investments in our area of focus,” Mworia said.

Centum is currently focusing on the education sector with plans to launch 20 educational centres across Africa in partnership with Sabis.

The first school is set to be opened September 2018 in Runda, Kenya.

In 2016 the firm also divested from UAP Holdings by selling its 13.78 per cent stake to Old Mutual Group.

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