Kenyan printing and packaging firm Ramco Plexus has sold a 30
per cent stake to a French investment firm Amethis Finance at an
undisclosed value. It is a subsidiary of Ramco Group.
Amethis
said last week it had acquired the shareholding, which consists of nine
companies and is part of Ramco Group’s plan to enter the East African
market.
“Amethis is delighted and proud to have
entered into such a long term partnership with the Rambhai Family. We
are confident this investment will support Ramco’s regional expansion
and that Amethis European and African network will help to identify
acquisition targets and build strategic partnerships,” Amethis president
and co-founder Luc Rigouzzo said in a statement.
Ramco Group now holds a 70 per cent stake in Ramco Plexus following the acquisition.
The
firm was started in 1948 as a hardware store by the late Rambhai Patel
and since its inception, has grown to be a conglomerate of 34 companies
with a footprint across East Africa.
The family business, which deals in manufacturing, trading and service sectors, has an annual turnover of Sh23.9 billion.
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