KENYA – Centum Investment has confirmed that it earned Sh1.1 billion ($10 million) from the sale of its 26 percent stake in Kenya Wine Agencies Limited (Kwal). It sold the stake to South African brewer Distell in March.
“During the year, we successfully exited our 26.4 stake in Kwal, which was a legacy asset in our portfolio that was no longer aligned with our … strategy, realising a gain of Sh1.1 billion,” the company says in its latest annual report.
Centum also earned Sh432 million ($4.2 million) from the sale of its 8 percent stake in microcredit firm Platcorp, a deal that was reportedly one of its most profitable during the financial year.
Centum, however, retained a 27.63 percent ownership in the microcredit firm after the deal, Business Daily Africa revealed.
“We also partially exited our stake in Platcorp, realising a gain of Sh432 million.”
The investment firm noted that both deals were key drivers of its impressive performance over the course of the year. “Notably, realised gains from our exits from Kwal and Platcorp (partial exit) were key drivers of our performance.”