Chris Kirubi Acquires Ksh92 Million Stake In Centum As He Grows His Business Empire -

Chris Kirubi Acquires Ksh92 Million Stake In Centum As He Grows His Business Empire

Chris Kirubi
Chris Kirubi. [PHOTO/ COURTESY]

There is no stopping billionaire Chris Kirubi as he seeks to expand his business empire.

Kirubi, estimated to be worth Ksh30 billion, has acquired an additional 5.75 million shares of Centum Investment Company worth Ksh92.2 million.

The acquisition raises his stake to 205.9 million shares as of December 2020 equivalent to a 30.9 per cent stake.

Kirubi aims to reach a 49.99 stake in the company which has interests in real estate & infrastructure, financial services, Fast Moving Consumer Goods (FMCG), power, education, ICT, agribusiness and health.

Read: List Of Companies Owned By Business Mogul Chris Kirubi

Kirubi’s shareholding in Centum is currently valued at Ksh3.3 billion. As of 2015, his shareholding was valued at Ksh12 billion.

The drop is attributed to the discount in shareprice by  76.4 per cent compared to the firm’s last reported net asset value per share of Ksh68.1.

To reach his goal of attaining 49.99 stake in Centum, Kirubi will have to buy more than 133 million shares with a current market value of Ksh2.1 billion.

The Capital Markets Authority (CMA) allowed Kirubi to acquire the stake in March 2020, without having to make a mandatory take-over offer to other shareholders.

According to the billionaire businessman, the intended additional acquisition indicates his “strong vote of confidence in the future prospects and long-term strategic direction of the company,” adding that his target is to acquire the additional shares subject to their availability in the open market.

Kirubi currently sits on the board of Centum as a director and has been a key shareholder of the company for more than 20 years.

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