Centum Investments to buy 5.53pc stake in Luxury fashion brand Deacons
By David Indeje / Published July 29, 2017 | 10:55 am
Centum Investments is set to buy a 5.53 per cent stake in Luxury fashion brand Deacons East Africa following an agreement to purchase Aureos East Africa Fund’s entire stake.
Aureos, through a public announcement notice sent by the Nairobi Securities Exchange to investors, indicated a proposed sale of 6,837,548 ordinary shares of Deacons via a private transaction.
Aureos, is a part of the Abraaj Group that bought the coffee chain Java. However, the completion of the transaction is subject to several conditions including:
“The Capital Markets Authority (CMA) approving the transfer of the shares via a private transaction,” Deacons says in a statement to investors.
“The completion date for the private transaction shall be the second business day after the satisfaction of the conditions precedent in the agreement between Aureos and Centum or such later date as the parties may agree in writing.”
Deacons has more than 40 stores spread across the East African region including Kenya, Rwanda, Uganda, and Mauritius and the firm has not indicated which stores are going to be affected. Deacons have been going through some financial turmoil with an operating loss of 385 million shillings for the 2016 Financial Year from an operating profit of 141.6 million shillings in the 2015 Financial Year.
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