Money Markets
Centum selling stocks to fund power, real estate deals
Centum Investment Company chairman Chris Kirubi (left) with CEO James
Mworia and MAF Retail-Carrefour officials after signing a lease deal for
the French retailer to take up space at Two Rivers Lifestyle Centre in
Runda in Nairobi last October. PHOTO | FILE
By REUTERS
In Summary
- James Mworia, the Centum CEO said it was targeting new investments that would maintain growth momentum.
Kenya’s Centum Investment
is working on selling its stakes in several firms to fund new
investments in power plants, real estate and other areas, its chief
executive said.
James Mworia told the Reuters Africa Investment Summit the
company, whose market value has jumped seven-fold over the last five
years to Sh40 billion ($438 million), was targeting new investments that
would maintain growth momentum.
He did not mention what the sales were, adding that such transactions could take 18 months to complete.
“We have a pipeline of investments in areas with
high returns and less competition,” he said, referring to the real
estate and energy sectors.
In recent years, Centum moved into real estate, which now accounts for about 30 per cent of its portfolio.
The flagship Two Rivers shopping mall development
in Nairobi is worth Sh9 billion and will be inaugurated towards the end
of 2015.
The firm has also branched out into power
generation with a 20 megawatt (MW) geothermal plant due to start
production this year and a 1,000 MW coal-fired plant, due to be
completed in three years.
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