Kenya: Centum (Chris Kirubi) faces legal uncertainty over share buybacks
Tycoon Chris Kirubi’s investment company is increasing its liquidity and selling off debts so that it can buy back its shares and raise its share price. But the law authorising this practice was suspended by the national regulator last year.
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▪ Kenya: Centum (Chris Kirubi) faces legal uncertainty over share buybacks
▪ Tycoon Chris Kirubi’s investment company is increasing its liquidity and selling off debts so that it can buy back its shares and raise its share price. But the law authorising this practice was suspended by the national regulator last year.
▪ https://www.africabusinessplus.com/en/804732/kenya-centum-chris-kirubi-confronte-a-lincertitude-juridique-en-matiere-de-rachats-dactions/
The group created in 1967 by sovereign wealth fund Industrial and Commercial Development Corporation (ICDC) last year liquidated two investments in Nairobi Bottlers, the largest bottler of Coca-Cola and King Beverage, and distributor of Carlsberg beers. This strengthened its cash position over the year (today amounting to 9bn shillings, or €75m, available in cash and marketable securities), enabling it to repay two lines of debt of €66.85m in September, and €55m at the beginning of the month.
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