Centum to shun start-ups after selling struggling beer unit

Beer being poured into a glass. [Courtesy]

Centum Investment has sold the entire stake in its alcoholic drinks subsidiary, King Beverage, at a loss after five years of struggling to make the business profitable.

The firm yesterday said it had sold the company, which it started in 2014, to Danish Brewing Company for Sh130 million against the Sh500 million it had invested in the company, resulting in a Sh370 million loss.