Centum finalises K-Rep Bank takeover
Centum Investment Chief Executive James Mworia at the Intercontinental Hotel in Nairobi on June 10, 2014. Centum has completed the acquisition of a controlling stake in K-Rep Bank. PHOTO | DIANA NGILA |
What you need to know:
- The acquisition has raised Centum’s shareholding from 7.54 per cent to 67.54 per cent, having been a minority shareholder in K-Rep since 2004.
- The listed investment company said on Thursday that it had completed the purchase of a 60 per cent stake it had offered to buy from other shareholders in the micro-financier in July.
Centum has completed the acquisition of a controlling stake in K-Rep Bank as the investment firm reports a 38 per cent increase in after-tax profit for the half year to September.
The listed investment company said on Thursday that it had completed the purchase of a 60 per cent stake it had offered to buy from other shareholders in the micro-financier in July.
“Completion of the acquisition of a controlling interest in K-Rep is in line with Centum’s objective of expanding our presence in the financial services sector,” Centum said in a statement.
The acquisition has raised Centum’s shareholding from 7.54 per cent to 67.54 per cent, having been a minority shareholder in K-Rep since 2004.
The firm made the disclosure in the release of its half-year financial results, where it posted a 37.8 per cent growth in net profit to Sh1.23 billion from Sh892 million last year. Investment income in the six months to September hit Sh1.89 billion, a 58.8 per cent growth from last year’s Sh1.19 billion.
The K-Rep acquisition, said Centum Investment, was effected through Bakko Holdco Ltd, a non-operating holding company, to conform to Central Bank of Kenya guidelines.
