Centum Shareholders have approved the sale of Centum’s shareholding in two Beverage companies. The shareholders voted unanimously to sell shareholding in both beverage companies in an AGM held earlier this month.
On one hand, 99.96% of Centum shareholders voted to sell Almasi Beverages Limited (ABL) shares to Coca Cola. Additionally, 99.98% of the investors voted to sell King Beverage Limited to Danish Brewery Company EA.
The bid to sell its 53.9% stake in Almasi Beverages Limited ( ABL) dates back to June 2019. By March 2019, Centum’s assets in ABL had jumped to a gross internal rate of return of 27.15%.
The company plans to sell its ABL stake worth Kshs 19.5 billion to Coca Cola Sabco East Africa Limited following CAK‘s and Shareholders’ approval.
On the other hand, King Beverage Limited will cease to be Centum’s subsidiary after the transition of 100% Centum shareholding to Danish Brewery Company EA Limited.
However, the sale of the brewery comes with a loss of Kshs 370 million. Centum’s investment in the Carlsberg distributor amounted to Kshs 500 million. Nevertheless, the company received only Kshs 130 million from the buyer.
Other essential decisions from the AGM include the announcement of a final dividend of Kshs 1.20 per share.
