Centum puts on hold plan to buy stakes in companies
Thursday July 29 2021
By PATRICK ALUSHULA
Summary
Centum chief executive James Mworia said the firm has opted to put billions of shillings in government papers to navigate the pandemic without losing capital.
Mr Mworia said the environment that Centum faced between 2009 and 2019 is totally different from the current one.
Centum Investment Group #ticker#CTUM has put on hold plans to buy stakes in companies and is shifting money in government bonds to avoid losses in Covid-19 environment.
The listed investment firm has sold stakes in firms such as Almasi Beverages Limited, Nairobi Bottlers Limited and King Beverages Limited and delayed fresh acquisitions following disruption triggered by the pandemic, that has made it difficult for deal makers to value firms on the strength of future earnings.
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THE STANDARD By
Frankline Sunday |
December 12th 2020 at 00:00:00 GMT +0300
Businessman Chris Kirubi is investing billions of shillings in affordable housing in a move that will further spread his portfolio and that of his companies across more sectors.
This comes as the investment firms, Two Rivers Development and Centum Investment Group, in which Mr Kirubi holds majority stakes, move to divest from commercial property development and into residential housing.
In a regulatory filing yesterday, Two Rivers Development revealed it plans to construct affordable home units within its property in Ruaka, along the Northern Bypass.
“The project comprises of 1,650 units of one, two and three-bedroom apartments in 14 blocks of 17 floors each,” said the notice.