Centum Investment Company has completed the sale of it 73.35%stake in GenAfrica Asset Managers to New York based equity fund Kuramo Capital Management LLC.
“Through this sale we have created tangible wealth for our shareholders demonstrated by a 29% holding period internal rate of return on our investment. The proceeds from the sale will enable us to deploy capital in other investment opportunities in our pipeline across our various sectors of focus.” reads a notice sent to market participants by Centum.
Centum reported a 66.4 per cent dip in full year net net earnings to Ksh 2.8Bn mainly attributed to lower realized gains on disposal of investments and reduced profitability from the financial and investing segment of its business.
Centum invested in GenAfrica in December 2013 by acquiring a 73.35% shareholding and in 2015 rebranded to GenAfrica Asset Managers as a reflection of its renewed pan-African focus.
GenAfrica has been operating in the Kenyan capital markets for the past 22 years (for 17 years as Genesis Kenya Investment Management Limited).
Kuramo Capital holds the single largest stake in TransCentury and a minority shareholding in Sterling Capital and provides investment management services to institutional clients and high net worth individuals.
