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Debt swap ups Aga Khan's stake in Serena Hotel

A section of Serena Hotel, Nairobi. [File, Standard]

Majority shareholder in the firm that operates Serena hotel brand has agreed to a debt swap deal that will see it increase ownership in the hotel.

Aga Khan Fund for Economic Development (Akfed) announced yesterday it has agreed to convert $14.5 million (Sh1.7 billion) loan owed by TPS Eastern Africa into equity.

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