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Africa Mega Agriculture Center eyes 84% stake in Kenya Orchards

Derrick Omwakwe by Derrick Omwakwe
June 20, 2024
in News
Reading Time: 1 min read

Africa Mega Agriculture Center (AMAC) Limited has proposed acquiring 84.42 percent of the total issued share capital of Kenya Orchards Limited (KOL), an agricultural company listed on the Nairobi Securities Exchange (NSE).

The acquisition will proceed through a private transaction involving 10,863,537 shares if the main shareholders of KOL decide to divest.

AMAC, an agribusiness company specializing in farming equipment leasing, agro-processing, storage solutions, co-farming, and market facilitation, aims to enhance KOL’s financial performance by diversifying its business lines.

According to a statement by KOL, AMAC does not intend to acquire all the voting shares in KOL, and the company will remain listed on the Nairobi Securities Exchange.

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“In its Notice of Intention, AMAC, a strategic investor, notes that it plans to diversify KOL’s business line in order to improve KOL’s financial performance while leveraging on the strong household brand and long heritage of KOL,” read the statement by KOL. The transaction is subject to regulatory approvals.

Kenya Orchards reported an 8.1% drop in profit after tax for the financial year ending December 2023, with profits decreasing to KES 1.8 million from KES 1.9 million the previous year due to challenging operating conditions. The stock closed the previous trading session at KES 19.50.

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