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Kenyan industrialist Chris Kirubi will pocket more than $2.3 million in dividends from profits made by listed private equity firm Centum Investment in 2018.
On Wednesday, Centum Investments released its financial results for the period ending March 2019, reporting a full year pretax profit of Ksh. 4.44 billion ($43.7 million), a 41% increase from KES. 3.1 billion ($30.5 million) in the last financial period.
During the period, the company reports that its sales in 2019 increased to Ksh. 10.8 billion ($106.4 million) from KES. 10.1 billion ($99.5 million) in 2018, while it grew its asset base from KES. 28.8 billion ($283.7 million) to KES. 71.6 billion ($705.4 million).
Centum’s board proposed a dividend payment of KES 1.20 ($$0.012) per ordinary share, which is to be approved by the shareholders during the Annual General Meeting later this year. Kirubi, who owns roughly 30.21% (or 201 million ordinary shares) of Centum Investments held in his name and through his wholly-owned holding company, International House Limited, stands to pocket more than KES 241.2 million – around $2.37 million, using the prevailing exchange rate of $1 = KES 101.5.
Centum Investment Company Limited is a private equity firm that makes both direct and fund of fund investments. It has investments in agriculture, real estate, education, healthcare, energy, beverages and financial services. Chris Kirubi is the company’s largest shareholder, with a stake currently valued at more than $67 million.
77-year-old Kirubi is one of Kenya’s most prominent businessmen. Apart from his holdings in Centum Investments, he owns Haco Brands, a leading manufacturer of consumer goods; media company Capital Group, and an extensive real estate portfolio.
Contact me via email at mfon.nsehe @ gmail.com or via Twitter @MfonobongNsehe
June 12, 2019 at 09:32AM
Forbes – Entrepreneurs