NSE Listed Centum Investment has doubled its stake in Longhorn Publishers to 60% but it does not intend to takeover the company, it said on Friday.
Centum, which invests in a range of real estate, energy projects, listed and private firms, said it acquired 118.3 million ordinary shares of Longhorn during a just concluded rights issue.
“Centum hereby announces to the public that following the recently announced concluded rights issue by Longhorn publishers and with the approval of the Competition Authority of Kenya, Centum has acquired effective control over Longhorn by acquiring 118,314,853 new shares in Longhorn,” it said in a regulatory notice on Friday.
Centum said it had applied to regulator Capital Markets Authority to be exempted from making a takeover offer for Longhorn in line with regulations.
Longhorn Publishers is also a listed firm that specialises in publishing text books for schools.
Previously, Centum held 45,699,225 ordinary shares in Longhorn and now with the latest acquisition of the new ordinary shares, Centum directly controls 164,014,078 ordinary shares which represent 60% of Longhorn.
Centum’s Share Price Performance
On Friday, Centum Investment Company closed at Ksh 43.00, 10.97% above 1 year low of 38.75 set on May 19, 2016.