Longhorn Publishers to sell Sh102 million stake in Law Africa Publishing

Longhorn Publishers Limited Group Managing Director Simon Ngigi during an interview with The Standard. (PHOTO DAVID NJAAGA/STANDARD}

NAIROBI, KENYA: Longhorn Publishers is set to offload its entire shareholding in LawAfrica firm, hardly 17 months after acquiring a controlling stake.

The listed company has said in a cautionary announcement that it has already identified a prospective buyer, even though it did not disclose the price.

"Longhorn Publishers Limited has resolved to enter into negotiations for the sale of its entire shareholding in LawAfrica Publishing Limited following the receipt from a prospective purchaser of a letter of intent to purchase such shares," the company announced.

The deal will see the purchaser get the entire stake, being 92 per cent of the issued share capital of LawAfrica. When completed, LawAfrica will cease being a subsidiary of Longhorn.