Scangroup Results, Announcement

Integrated marketing and communications firm, Scangroup has posted a 40 percent rise in first half pre-tax profit to 265.5 million shillings after advertising spend picked up from the 2009 lows. At the same time, the firm’s shareholders have unanimously approved a proposed deal to buy into Ogilvy Africa, while also endorsing the creation and allocation of 13.88 million new shares to be swapped under the deal. The deal itself is subject to regulatory approval, but both the CMA and NSE have approved the issuance and eventual listing of the new shares.