Centum has agreed to acquire a 5.5 percent stake in fashion retailer Deacons after it went ahead to purchase all of Aureos East Africa Fund’s stake in Deacons.
Aureos revealed in a communique to the Nairobi Stock Exchange that it had decided to relinquish its stake in Deacons, which currently stands at 6.8 million shares, Business Daily Africa reported.
As at this transaction, Aureos—a member of the Abraaj family—was the seventh largest shareholder in Deacons.
“Completion of the above 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.”
Aureos recently invested in a coffee restaurant chain called Java, which operates a number of coffee shops across Kenya and East Africa.