Mauritian fund to retain ApexAfrica staff in takeover
Mr Kassim Bharadia, ApexAfrica Capital’s long-serving CEO. Mauritian fund manager, Axys, has committed to retain the staff the stockbrokerage firm — which it is acquiring — and also appoint Mr Bharadia as a consultant for the group. PHOTO | FILE
What you need to know:
Mauritian fund manager, Axys, has committed to retain the staff of Kenyan stockbrokerage firm ApexAfrica — which it is acquiring — and also appoint the CEO Kassim Bharadia as a consultant for the group.
The acquisition will see Axys enter the Kenyan stockbrokerage market for the first time, betting on its solid base of individual and corporate clients in East Africa to build on ApexAfrica’s existing clientele base.
Sources familiar with the deal told Business Daily that Axys had hunted for a takeover candidate among several Nairobi-based stockbrokers and settled on ApexAfrica mainly because of its strong base of local corporate and high-net-worth individual clients.
Mauritian fund manager, Axys, has committed to retain the staff of Kenyan stockbrokerage firm ApexAfrica — which it is acquiring — and also appoint the CEO Kassim Bharadia as a consultant for the group.
“Post-acquisition of Apex, all staff will continue in their respective roles,” Axys said Tuesday in a statement.
“Mr Kassim Bharadia will step down as the chief executive officer and become a senior adviser to the business while the current directors of Apex will be retained.”
The Mauritian multinational is taking over ApexAfrica through its local unit, Mauritius Kenya Investment Holding.
The acquisition will see Axys enter the Kenyan stockbrokerage market for the first time, betting on its solid base of individual and corporate clients in East Africa to build on ApexAfrica’s existing clientele base.
Axys offers a wide range of financial services, including fund management, investment advisory, stockbroking and establishment of trusts in Mauritius.
“The acquisition of Apex will see Axys enter the stockbroking market in Kenya and is expected to benefit local clients through their experience as one of the leading stockbrokers in Mauritius,” said Axys.
“Some of the new initiatives envisioned are the opening of foreign markets to Kenyan investors, provision of research services and a greater distribution network for clients.”
Sources familiar with the deal told Business Daily that Axys had hunted for a takeover candidate among several Nairobi-based stockbrokers and settled on ApexAfrica mainly because of its strong base of local corporate and high-net-worth individual clients.
ApexAfrica’s long-serving CEO, Mr Bharadia, has been behind the building of a network of wealthy clients, including entrepreneurs in Mombasa.
Like other stockbrokers, the firm offers research and trading in bonds and stocks on the Nairobi Securities Exchange for commissions capped at 2.1 per cent of the transaction value.
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