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Centum sells off nearly 39% of Sidian Bank stake

Brian Murimi by Brian Murimi
October 9, 2023
in News
Reading Time: 1 min read

Centum Investment Company has sold part of its stake in Sidian Bank Limited to other shareholders, reducing its ownership to 44.52 percent, the company announced Monday.

Centum subsidiary Bakki Holdco Limited, a licensed bank non-operating holding company, entered an agreement to sell 38.91 percent of its 83.43 percent stake in Sidian Bank to shareholders exercising preemptive rights, according to a statement.

The transaction, valued in line with Centum’s latest carrying amount for its Sidian investment, received approval from the Central Bank of Kenya and will take effect October 20, the company said.

Read more: Standard Group seeks more job cuts with voluntary early retirement offer

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“Consequently, and in accordance with the Regulations, Centum hereby notifies the public that Sidian will cease to be a subsidiary of Centum,” the statement said.

Centum said the sale will not have a material impact on its net asset value because the carrying value of its Sidian stake was already adjusted to an uplift based on the market value of Sidian’s shares as of March 31, the end of Centum’s last financial year.

“The price for this transaction is in line with Centum’s latest carrying value of Sidian in its books as at 31 March 2023 (being the latest financial year-end),” the company said in the statement signed by Managing Director James Mworia.

Mworia said the deal allows Centum to “monetize part of our investment in Sidian Bank at a valuation on par with our current book value.”

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Brian Murimi

Brian Murimi

Brian Murimi is a journalist with major interests in covering tech, corporates, startups and business news. When he's not writing, you can find him gaming, watching football or sipping a nice cup of tea. Send tips via bireri@thesharpdaily.com

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