Business mogul Chris Kirubi has purchased 5.75 million shares of Centum Investment Company worth Ksh92.2 million.
Kirubi is planning to buy a 20 percent share in the company, to reach a 49.99 percent stake in the company.
The 20 percent is estimated to cost Ksh2.1 billion as per the current share price of Ksh16.05 per share, as of Tuesday, January 26, 2021. However, this represents a dip of 76.4 percent in share price compared to the firm’s last reported net asset value per share of Ksh68.1.
Kirubi held 205.9 million as of December 2020 equivalent to a 30.9 percent stake, valued at Ksh3.3 billion.
Previously, Kirubi said that he would only sell his shares once the share price hit Ksh100, indicating his confidence in the company.
As of 2015, Kirubi’s shareholding at Centum was estimated at Ksh12 billion.
Kirubi also has a substantial shareholding in International House and Bayer East Africa.
Centum has interests in real estate, private equity, and marketable securities.
In February 2019, French giant Société BIC took over part of Haco Industries Limited operations ran by Kirubi.
The takeover was estimated at Ksh700 million.
BIC acquired manufacturing sites and the distribution business of writing products, lighters and razors which the Kasarani based Company is known for.
On the other hand, Haco remained with its skincare, home care, and hair care line of business whose brands include Sosoft fabric softener and Miadi shampoo.