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Centum sells bottlers for Sh19.4 billion

By Moses Omusolo | October 5th 2019 at 00:00:00 GMT +0300

 

Centum Investment has made a Sh2.6 billion return from the sale of its stake in a subsidiary of Africa’s largest bottler.

The company, which is associated with billionaire Chris Kirubi, yesterday announced that it has completed the sale of its shareholding in Almasi Beverages and Nairobi Bottlers to Coca-Cola Sabco East Africa. Centum held 53.9 per cent of the issued shares of Almasi Beverages and 27.6 per cent in Nairobi Bottlers.

Centum’s total value in the two firms stood at Sh16.8 billion as of March 31, 2019. Coca-Cola Sabco East Africa paid Centum Sh19.4 billion, meaning the investment firm made Sh2.6 billion return on investment.

Coca-Cola Sabco East Africa, which previously owned 72.4 per cent of the issued shares in Nairobi Bottlers, will become the sole shareholder of Nairobi Bottlers.

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“Centum Plc is pleased to announce that it has completed the sale of all its shareholding in Almasi Beverages Limited (ABL) and Nairobi Bottlers Limited (NBL) to Coca-Cola Sabco East Africa Limited,” said Centum Group CEO and Managing director, James Mworia.

Coca-Cola Sabco East Africa is a subsidiary of Coca-Cola Beverages Africa Limited, which is the largest bottler in Africa, holding several bottling operations across 12 African countries.

Founded in 1967 as Industrial and Commercial Development Corporation Investments (ICDCI), Centum Investment Company Plc is a private equity firm with investments in agriculture, real estate, education, healthcare, energy, beverages and financial services.

As at March 31, 2018, Centum’s total assets exceeded Sh66 billion. The firm’s director Chris Kirubi is the company’s largest shareholder with a 30.5 per cent stake. Kirubi recently sold his stake in Haco to French firm Société BIC.


Centum Investment Chris Kirubi
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