Centum Ltd States Intent to Fully Buyout Almasi Beverages

Equities

Thursday’s trading was characterized by varied trends across the market indicators. The NSE 20 Share Index slid by 0.14% to close at 4003.11 points, on account of poor performance of the large counters. The NSE All Share Index was on a similar trajectory, declining by 0.05% to settle at 146.74 points whilst the NSE 25- Share Index soared by 0.09% to close at 4210.28 points. Market capitalization and equity turnover posted diverse trends, with the former contracting by 0.05% to KES 2.064Tn, while the latter extended by 0.78% to close at KES 341.91Mn. The A/D ratio weakened to 0.58x from 1.22x, owing to the higher number of decliners (26), compared to the advancers (15).

Centum Investment Ltd (NSE: ICDC) announced its intentions to buy more shares in Almasi Beverages, after it acquired a proportionate shareholding of 50.95% in 2015. The listed investment company has signalled its intention to possibly take full ownership of the holding company of the three Coca cola bottlers; Mt. Kenya Bottlers, Rift Valley Bottlers and Kisii Bottlers.

The firm has made a limited offer to a section of Almasi’s minority investors to buy their shares at KES 6 each. Centum has avoided making a block offer for all the remaining shares, preferring to acquire the stock in bits from willing sellers. This buyout is set to grow the company’s diversified portfolio in the FMCG sector.

Equity Market Highlights

Banking sector recorded the highest activity during today’s trading session. Equity Group Holdings Ltd (NSE: EQTY) posted a turnover of KES 109.39Mn to contribute 31.99% of total market activity. Kenya Commercial Bank Ltd (NSE: KCB) followed with a turnover of KES 86.50Mn, accounting for 25.30% of total market turnover.

Express Kenya Ltd (NSE: XPRS) capped the gainers chart, increasing by 10.00% to close at KES 4.95. Sasini Ltd (NSE: SASN) posted a 9.97% rise, to close the day as the second best gainer at KES 18.75. Home Afrika Ltd (NSE: HAFR) continued the losing streak, shedding another 9.76% to close at KES 1.85, as investors engaged in profit taking activities. CFC Stanbic of Kenya Holdings Ltd (NSE: CFC) lost 8.99% to close at KES 81.00.