Centum Investments is set to sell its stake in Almasi Bottlers Limited (ABL) and Nairobi Bottlers Limited (NBL) to Coca-Cola Sabco East Africa Limited in a deal that could be worth Ksh. 19.5 billion upon approval.
The Nairobi Securities Exchange (NSE) listed company currently holds 53.9 per cent of the issued shares at ABL and a 27.6 per cent stake in NBL which according to the Star Newspaper was acquired in an initial investment worth Ksh. 3.4 billion jointly.
“Centum Investments Company PLC is pleased to announce that it has entered into an agreement to sell all of its shareholding in Almasi and Nairobi Bottlers to Coca Cola Sabco East Africa Limited. The achieved exit valuation speaks to the success of our investment cycle and portfolio management strategy that included consolidation of three bottlers into Almasi Beverages and acquisition of majority stake in the business,” Centum CEO James Mworia said in a statement.
As it stands, Coca Cola Sabco, a subsidiary of Coca Cola Beverages Africa Limited (CCBA), holds a 72.4 per cent stake in NBL and if the Competition Authority of Kenya (CAK) approves the deal, it will control 100 per cent of the company’s shares.
Centum similarly advised shareholders and the investing public to exercise caution when dealing in the shares of the company while the sale transactions are ongoing.
According to the company’s released financial results for the year ended March 2019, the firm made a pre-tax profit of Ksh. 4.1 billion up from the Ksh. 3.16 billion that it reported in a similar period last year which translates to a 48 percent increase. The firm’s total assets also grew by 8 per cent to Ksh. 71.6 billion while the company’s net asset value per share rose from Ksh.73.2 to Ksh.79.1 in the period under review.
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