CMA exempts Kirubi from making a takeover offer on Centum
Mr Chris Kirubi. CMA has granted him an exemption from complying with a requirement to make a takeover offer, paving the way for the acquisition of additional Centum Investment shares. Photo/FILE
What you need to know:
The Capital Markets Authority (CMA) has granted Chris Kirubi an exemption from complying with a requirement to make a takeover offer, paving the way for the investor to acquire additional Centum Investment shares.
Mr Kirubi in mid-September issued a notice to buy 32.65 million additional shares in Centum shares that were as at the close of trading on Tuesday worth Sh930.8 million, a move that is expected to push his ownership to 29.9 per cent from 24.99 per cent.
The Capital Markets Authority (CMA) has granted Chris Kirubi an exemption from complying with a requirement to make a takeover offer, paving the way for the investor to acquire additional Centum Investments shares.
Mr Kirubi in mid-September issued a notice to buy 32.65 million additional shares in Centum shares that were as at the close of trading on Tuesday worth Sh930.8 million, a move that is expected to push his ownership to 29.9 per cent from 24.99 per cent.
The shares closed at Sh28.50, having more than doubled from its opening price of Sh12.35 at the beginning of this year.
“Capital Markets Authority has by way of a letter dated October 14, 2013 granted an exemption from complying with the requirement to make a takeover offer under the Capital Markets (Take-over and Mergers) Regulations, 2002 with respect to the proposed acquisition of an additional 32,659,909 ordinary shares,” said Mr Kirubi in a public notice published in the local dailies on Wednesday.
CMA requires investors who own more than a quarter of a Nairobi bourse-listed firm to state whether they intend to take full control of the company when buying stocks equivalent to at least five per cent.
The 32.65 million shares comprise of 5 per cent of the company which is also cross listed at the Uganda Securities Exchange.
