Rea Vipingo has delisted at the Nairobi Securities Exchange (NSE) following acquisition by two British brothers.
More than 90 per cent of the Rea Vipingo shareholders agreed to sell their shares to Richard and Jeremy Robinow of the UK in June. The stakeholders were offered Sh85 per share which was three times the Sh27.50 last trading price at the NSE.
“Notice is hereby given on the delisting of Rea Vipingo Plantations Limited from the Nairobi Securities Exchange, with effect from September 17. This follows the successful take-over of the company by R.E.A Trading limited,” said NSE in a notice.
The route to the delisting was dogged by a bidding war after Centum Investments and Vania Investments countered the initial offer by the Robinow brothers which stood at Sh40 a share.
Centum dropped its bid in exchange of 10,546 acres of prime Rea Vipingo land at Sh2 billion. Vania’s bid was ruled out on technicality after late submission.