This brings the cumulative amount that the parent company has received from Scangroup Mauritius Holding since 2014 to Sh178.3 million.
The company’s CEO Bharat Thakrar told Business Daily the sums represent surpluses at the subsidiary which are being returned to the parent firm.
The refund saw the parent company’s investment in the Mauritian unit drop to Sh315.3 million in the year ended December compared to Sh365.5 million the year before.
Scangroup Mauritius in turn fully owns seven foreign subsidiaries including Scanad Burundi and JWT Uganda.
Marketing services firm WPP Scangroup #ticker:SCAN has received a refund of Sh50.1 million from one of its subsidiaries after the Nairobi Securities Exchange-listed firm was not allotted shares in the unit.
This brings the cumulative amount that the parent company has received from Scangroup Mauritius Holding since 2014 to Sh178.3 million.
“Equity investment in subsidiary amounting to Sh50.17 million for which shares were not allotted was refunded during the year (ended December 2016),” Scangroup says in its latest annual report.
The company’s CEO Bharat Thakrar told Business Daily the sums represent surpluses at the subsidiary which are being returned to the parent firm.
He added that Scangroup fully owns the subsidiary. The refund saw the parent company’s investment in the Mauritian unit drop to Sh315.3 million in the year ended December compared to Sh365.5 million the year before.
Scangroup Mauritius in turn fully owns seven foreign subsidiaries including Scanad Burundi and JWT Uganda.
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