Money Markets
Centum CEO James Mworia explains the Two Rivers housing project at the company’s investor briefing on June 10, 2014. Photo/FILE
By GEORGE NGIGI
In Summary
- Centum Investments acquired a 73.3 per cent holding in the fund management company in December last year.
Centum Investments has disclosed it paid Sh1 billion for a majority stake in fund manager Genesis Kenya.
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The listed investment company acquired a 73.3 per cent
holding in the fund management company in December last year without
revealing the size of the deal, which is however, contained in its
financial statements.
Genesis Kenya manages funds worth more than Sh103
billion for clients within and outside Kenya and is ranked as the second
largest pension fund in the country after Pinebridge Investments by end
of last year.
“The revenue included in the consolidated statement
of comprehensive income since 1 December contributed by Genesis Kenya
Investment Management was Sh114,359,834 and the profit after tax
contributed by Genesis for the same period was Sh34,071,” reads Centum’s
financials.
Centum has been on an acquisition spree and is currently in a bidding war to acquire listed agricultural company Rea Vipingo
for Sh4.5 billion. It is seeking to have the competing bidders, Robinow
brothers, to be cut out because their offer is not definite.
In December 2012, Centum, through Kilele Holdings,
acquired 45 per cent of Platcorp Holdings, the holding company of
micro-credit organisation Platinum Credit. The financials show Centum
earned an after-tax profit of Sh124 million from the lender.
Centum valued its investment in the company at Sh1.1 billion.
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