Centum Investment to increase stake in K-Rep bank
By Ruth Mutegi
Centum Investment Company has announced its intention to have majority shareholding at K-Rep Bank.
The investment firm intends to acquire 66 percent shareholding in K-Rep Bank a move which will bring its total shareholding to 67.54 percent.
Centum Investment Company says it intends to effect the acquisition through a Non Operating Holding Company as provided for in the Banking Act.
Centum investment has been a minority shareholder in K-Rep bank since 2004, with a 1.66% stake.
In a statement, Centum says the acquisition process is expected to be completed within the next four months subject to regulations provided in the Banking Act which includes acquiring the shareholding through a non–operating holding company.
K-Rep was licensed to as a full service commercial bank in Kenya in 1999 by the Central Bank and has since grown to 36 branches across the country.
K-Rep group also intends to increase its shareholding in the bank to 22% leaving only 10% for the other shareholders who include the African Development Bank, International Finance Corporation, as well as Netherlands Development Bank among others.
The firm says: “The intended acquisition of a controlling stake in K-Rep is in line with Centum’s strategic objective of expanding our presence in the financial services sector.”
Meanwhile, Andrew Mghanga is the proud winner of the Sh5.3 million SportPesa jackpot.
Mghanga, a jobless accountant, was announced the winner after managing to guess right all the 13 required games correctly to win the full value of Sh Sh5,351,700 for the week.
But before making away with the handsome cheque, Mghanga had made numerous unsuccessful bets.