Centum completes GenAfrica stake sal

Centum has completed the sale of a 73.4 per cent stake in asset manager GenAfrica. FILE PHOTO | NMG 

By PATRICK ALUSHULA

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Centum Investments has completed the sale of a 73.4 per cent stake in asset manager GenAfrica in a deal estimated at Sh2.3 billion.

GenAfrica announced Thursday that Kuramo Capital, a US-based investment management firm with offices in Lagos and Nairobi, had concluded the purchase of the stake and comes in to offer global experience.

The deal was first made public in March but was awaiting regulatory approvals from the Capital Markets Authority and the Competition Authority of Kenya.

Initially, Centum had hoped to get the deal approved by July. The company had planned to complete the deal and record the gain by its March year-end but missed the deadline, prompting it to issue a profit warning for the period.

This transaction becomes Centum’s second divesture in a year. In March 2018, it sold its 25 per cent stake in Platcorp Holdings Limited to Suzerain Investment Holdings Limited.

In April last year, it had also sold its 26.43 per cent stake in KWA Holding East Africa Limited to Distell International Holdings Limited.