James Mworia walked into Centum Investment Company in 2001 as a 23-year-old intern with a law degree from the University of Nairobi,
- •Despite already being a certified public accountant midway through his Chartered Financial Analyst exams, he took the entry-level filing role anyway, studied every document he processed, and within four years had risen to head of investments.
- •In late 2006 he quit, frustrated by what he described as a conservative institution not moving fast enough, and joined TransCentury as head of investments.
- •About 18 months later, when Centum's board came looking for him, he told them he would only return as CEO, presented a strategic plan to grow the company several times beyond its 40-year track record, and they hired him on those terms.
In December 2008, at age 30, Mworia was appointed chief executive officer and managing director of Centum Investment Company, becoming the youngest CEO of a listed company in Kenya. Centum had been trading on the Nairobi Securities Exchange (NSE) since 1967. The asset base he inherited was approximately KSh 6 billion.
What followed was one of the most aggressive expansion and capital recycling programmes in the firm's history. Over 17 years, Mworia deployed capital into beverages, banking, real estate, energy, education, manufacturing, asset management, and financial services.
He exited positions worth a combined estimated KSh 35 billion in proceeds across confirmed transactions, wrote off over KSh 2 billion in a failed coal project, absorbed a KSh 469 million loss on a beverage distributor, and built a real estate portfolio now carrying at over KSh 35 billion. As at 31 March 2025, total portfolio carrying value stood at KSh 50.577 billion, against an inherited base of approximately 6 billion shillings.
2008
BUY: Longhorn Publishers: 31.25% minority stake
Centum made an initial minority investment in Longhorn Publishers, a Kenyan educational publishing house, holding 45,699,225 ordinary shares representing a 31.25% stake. In 2012, Centum supported Longhorn's listing on the NSE, the first time a Centum portfolio company had been brought to public market under Mworia's tenure. See 2016 for the stake build to controlling position.
2011
BUY: Two Rivers land: 106 acres, Limuru Road, Nairobi
Centum acquired approximately 106 acres of land along Limuru Road in Nairobi for an undisclosed price. The site anchors the Two Rivers development, comprising Two Rivers Mall, a 67,000 square metre retail and lifestyle centre opened in 2017, and the Two Rivers International Finance and Innovation Centre (TRIFIC), gazetted as Kenya's first privately owned services-focused Special Economic Zone in June 2023, occupying 64 acres within the precinct.
At an early stage of development, Two Rivers Development Limited attracted USD 155 million (over 14 billion shillings) in third-party debt and equity from three investors: AVIC International of China, which invested USD 70 million in equity; the Industrial and Commercial Development Corporation, which invested USD 5 million in equity; and Co-operative Bank of Kenya, which provided USD 80 million in local debt financing.
TRIFIC separately raised KSh 6.1 billion from Vantage Capital in June 2024 for office tower construction. As at 31 March 2025, Centum's 80.5% stake in Two Rivers Land Co. SEZ Ltd carries a value of KSh 10.503 billion on a cost basis.
Image: An aerial Picture of Two Rivers Mixed-Use Development by Centum Real Estate
BUY: Pearl Marina: 300 acres, Entebbe, Uganda
Centum acquired 300 acres on the shores of Lake Victoria in Entebbe, Uganda. The site is being developed as Pearl Marina, a residential and mixed-use estate. Acquisition cost undisclosed.
2012
SELL: Rift Valley Railways: 10% stake sold to Qalaa Holdings
Centum exited its 10% stake in Rift Valley Railways, the consortium managing the Kenya and Uganda parastatal railway networks, to Qalaa Holdings of Egypt. Proceeds undisclosed.
BUY: NAS Servair: 15% via SIA Holdings
Centum acquired a 15% stake in SIA Holdings, the holding company for NAS Servair, the airport catering operator serving over 30 international airlines at Jomo Kenyatta International Airport and Moi International Airport in Mombasa. As at 31 March 2025, the stake is valued at 1.065 billion shillings on an EBITDA multiple basis.
BUY: Helios Fund II and CAPE III: LP stakes
Centum invested in two fund LP positions: Helios Fund II, a pan-African private equity fund, and CAPE III, operated by Nigeria-based African Capital Alliance. Both were exited in 2014. Per Centum's own disclosures, total investments in the two funds were valued at KSh 500 million at exit. Audited exit proceeds are not separately stated in Centum's financial filings.
2013
CAPITAL RAISE: KSh 4.2 billion private placement bond
Centum raised KSh 4.2 billion through a private placement bond, the largest private placement in Kenyan capital markets history at the time. Proceeds funded acquisition activity in the Centum 3.0 strategy period. The bond was redeemed in full in September 2017.
BUY: Akiira Geothermal: 37.5% stake
Centum invested in Akiira Geothermal Limited, a proposed 70 megawatt greenfield geothermal power project in the Greater Olkaria area near Naivasha, partnering with DI Frontier of Denmark, RAM Energy of the United States, and Marine Power Generation.
Centum held its stake through Investpool Holdings, a Mauritius vehicle that wholly owned Mvuke Limited, the Kenya SPV. Centum's disclosures indicate cumulative investment of approximately 1.97 billion shillings for its 37.5% stake, reflecting capital deployed across multiple tranches rather than a single entry payment.
Note: Centum's own history page records the initial stake as 36.5%; all project documents and the arithmetic of the 2024 buyout confirm 37.5%.
Two exploratory wells drilled from 2015, at a cost of approximately 1.2 billion shillings per published reporting, failed to reach production capacity. By FY2025, the equity value of Akiira in Centum's books was nil, with KSh 1.095 billion carried entirely in shareholder loans. See 2024 for the stake consolidation.
BUY: Platcorp Holdings: 35.6%
Centum acquired a 35.6% stake in Platcorp Holdings, the investment holding company for Platinum Credit and Premier Credit, microfinance lenders with operations across Kenya, Tanzania, and Uganda. Entry cost undisclosed. See FY2017 and FY2018 for exits.
2014
SELL: Helios Fund II and CAPE III: full exit
Centum exited both fund LP positions. Per Centum's own disclosures, total investments in the two funds were valued at KSh 500 million at exit. Audited proceeds are not separately stated in Centum's public filings.
BUY: Sidian Bank (K-Rep Bank): majority acquisition
Centum's exposure to K-Rep Bank dated to 2004, when it held 1.66%, rising to 3.8% by 2008 and 7.54% by 2014. In November 2014, Centum acquired a majority stake, raising its holding from 7.54% to 67.54% in a single transaction, making Sidian a Centum subsidiary.
The bank was recapitalised with 1.2 billion shillings in 2015 and rebranded Sidian Bank in April 2016 at a cost of approximately 500 million shillings. The stake rose to 74.8% by March 2018 and peaked at 83.43%. Estimated total investment across all tranches was approximately KSh 4.7 billion, per analyst estimates confirmed directionally by Mworia in 2022 reporting; this figure does not appear as a single audited line in Centum's financial statements. See 2023 to 2026 for the exit.
2014 to 2016
BUY: Almasi Beverages: 53.9% controlling stake, plus 27.6% in Nairobi Bottlers
Centum consolidated three Coca-Cola franchise bottlers, Rift Valley Bottlers, Mt Kenya Bottlers, and Kisii Bottlers, into Almasi Beverages Limited, acquiring a 53.9% controlling stake. It simultaneously held a 27.6% stake in Nairobi Bottlers Limited. Combined acquisition cost across both positions was approximately KSh 3.4 to 3.5 billion. See 2019 for the exit.
Image: Almasi Beverages CEO, Mrs. Joyce Macharia, Almasi Board Chairman and Centum Group CEO Dr. James Mworiaand DT Dobie & Co. (K) Ltd Director of Sales, Commercial Vehicles Mr. Mike Duder flag off Almasi’s newly acquired fleet of trucks 2017.
2015
SELL: UAP Holdings: 13.75% stake sold to Old Mutual
On 8 January 2015, Centum announced the sale of its 13.75% stake in UAP Holdings Limited, one of East Africa's leading insurance and financial services groups, to Old Mutual Group of the United Kingdom.
Centum had first invested in UAP in 2002 at an original cost of approximately KSh 245 million and had held the position for over a decade, growing its stake to 23.7% at one point before trimming prior to the exit. Proceeds to Centum from the sale were approximately KSh 5.2 billion, per Centum's FY2015 annual report and the exit generated a gross IRR of approximately 39.9% over the holding period.
Alongside the Centum sale, chairman Chris Kirubi sold his personal 9.58% stake, bringing Old Mutual's combined acquisition to 23.33% of UAP at that stage. Old Mutual subsequently acquired further stakes from other shareholders to reach a controlling position.
CAPITAL RAISE: KES 6.0 billion listed bond
Centum raised KSh 6.0 billion through a five-year bond listed on the NSE, oversubscribed at 138%. Proceeds funded the Two Rivers development and the Vipingo land acquisition.
BUY: Vipingo Development: 10,254 acres, Kilifi County
In March 2015, Centum acquired 10,254 acres of land in Kilifi County from Rea Vipingo Plantations Limited and Vipingo Estates Limited through its subsidiary Vipingo Development Limited. The acquisition price was approximately KSh 2 billion per secondary reporting; this figure is not confirmed in Centum's audited financial statements. The site is being developed as a large-scale mixed-use project combining industrial, residential, and commercial components, anchored by a 3 million litre per day sea water desalination plant.
BUY: Greenblade Growers: 100%
Centum established Greenblade Growers Limited, a wholly owned subsidiary producing premium herbs for export to Europe and the United States, including fine beans, chives, basil, mint, tarragon, rosemary, chervil, and thyme. As at 31 March 2025, carried at KSh 302 million on a net asset value basis.
BUY: ACE Holdings: education consortium, 40% initial stake
In July 2015, Centum signed a partnership agreement with Investbridge Capital of Dubai and SABIS of Lebanon to form Africa Crest Education, targeting 20 schools across sub-Saharan Africa. The holdco, ACE Holdings, was incorporated in Dubai.
The first project, SABIS International School Nairobi in Runda, opened in September 2018. ACE Holdings appears in Centum's portfolio at 40% by FY2018, revised to 16.4% by FY2025, carried at KSh 436 million on a cost basis.
Image: On January 17, 2018, James Mworia, CEO of Centum Investment Company, East Africa’s leading investment company, visited the SABIS® International School – Runda (SABIS® Runda) start-up office that has been set up at the Two Rivers Mall in Nairobi, Kenya, while the school campus is under construction
BUY: King Beverage Limited: 100%
Centum invested in King Beverage Limited, the exclusive distributor for Carlsberg and Tuborg brands in Kenya, at a carrying value of KSh 616.341 million. See 2019 for the exit at a loss.
2016
BUY: Amu Power: 51% stake, Lamu coal joint venture
Centum and Gulf Energy formed Amu Power Company as a special purpose vehicle to develop a 981.5 megawatt coal-fired power plant in Lamu County, awarded by the Kenyan government in September 2014. Centum held a 51% majority stake, with Gulf Energy as developer and co-sponsor at 49%. Centum's investment was approximately KSh 2.1 billion.
The project encountered successive fatal setbacks: the National Environment Tribunal revoked the environmental impact assessment licence in June 2019 after finding insufficient public participation; ICBC, which had committed USD 1.2 billion in financing, withdrew in November 2020; and General Electric exited the coal power market. See FY2020 for the full impairment.
BUY: Longhorn Publishers rights issue — stake raised to 60.2%
Centum participated in Longhorn's rights issue, acquiring 118,314,853 new shares at a cost of KSh 390 million, raising its stake from 31.25% to 60.2% and becoming the controlling shareholder. As at 31 March 2025, the 60.2% stake is carried at KSh 495 million at market price.
Image: Longhorn Publishers Bell Ringing after Rights Issue
SELL: AON Insurance Brokers (Minet) — 22% stake sold
Centum exited its 22% stake in AON Insurance Brokers Kenya, also referred to as Minet Kenya, after an 85-month holding period. Proceeds were approximately 1 billion shillings on an estimated entry cost of approximately KSh 200 million, per industry analysis. Buyer was undisclosed.
FY2017 (year ended 31 March 2017)
SELL: Platcorp Holdings — partial exit
Centum sold a portion of its Platcorp Holdings stake in FY2017, realising proceeds of 813.4 million shillings and recording a gain of KSh 432 million.
SELL: Kenya Wine Agencies Limited (KWAL) — 26.4% stake sold to Distell
Centum exited its 26.4% stake in Kenya Wine Agencies Limited, a leading manufacturer, distributor, and importer of wines and spirits in East Africa, to Distell Group of South Africa. Centum had first acquired shares in KWAL in 1977 under the predecessor entity at an original cost of KSh 12.2 million, holding the position for approximately four decades. Exit proceeds generated a gain of approximately KSh 1.1 billion.
FY2018 (year ended 31 March 2018)
SELL: Platcorp Holdings: full exit to Suzerain Investment Holdings
In March 2018, Centum sold its remaining Platcorp stake to Suzerain Investment Holdings Limited, completing the full exit from the position. Combined FY2017 and FY2018 total exit proceeds are not separately disclosed as a single audited figure in publicly available Centum filings beyond the FY2017 partial figures.
SELL: GenAfrica Asset Managers: 73.35% stake sold to Kuramo Capital
Centum sold its 73.35% controlling stake in GenAfrica Asset Managers, formerly Genesis Kenya Investment Management and one of the largest pension fund managers in Kenya and Uganda with approximately KSh 157 billion in assets under management, to Kuramo Capital Management of New York.
The deal was announced in March 2018 and completed later that year following CMA and Competition Authority approvals. Proceeds were approximately KSh 2.3-2.4 billion on an investment of approximately KSh 1.1 billion, generating a gross IRR of approximately 24.4% over a 53-month holding period. Centum stated the sale was driven by a need to raise liquidity.
2019
SELL: Almasi Beverages and Nairobi Bottlers: sold to Coca-Cola Beverages Africa for 19.5 billion shillings
Centum exited its 53.9% stake in Almasi Beverages and its 27.6% stake in Nairobi Bottlers Limited to Coca-Cola Beverages Africa in 2019, generating combined proceeds of KSh 19.5 billion against a combined entry cost of approximately KSh 3.4-3.5 billion shillings.
The Almasi investment generated an IRR of 27.15% and the Nairobi Bottlers position an IRR of 38.97%, per Centum's own disclosures. This remains the largest single exit by proceeds in Centum's history.
SELL: King Beverage Limited: sold at a loss to Danish Brewing Company
On 19 August 2019, Centum sold 100% of King Beverage Limited to Danish Brewing Company East Africa Limited, a subsidiary of Bounty Global Management. Proceeds were KSh 147.532 million against a carrying value of KSh 616.341 million, crystallising an audited loss of KSh 468.809 million.
This was a separate and concurrent transaction from the Coca-Cola beverages deal and was concluded at a material loss.
FY2020 (year ended 31 March 2020)
WRITE-OFF: Amu Power: full impairment of KSh 2,097,549,000
Centum recognised a full impairment provision of KSh 2,097,549,000 against its investment in Amu Power Company in the year ended 31 March 2020, per the company's audited FY2020 annual report. This represented the entire amount invested in the Lamu coal project.
The charge was triggered by the cumulative loss of environmental approval, Chinese financing, and the GE technical partnership.
2021
BUY: Jafari Credit — civil servants payroll lending
An entity operating as Centum Business Solutions existed in Centum's portfolio from at least FY2016. It was repositioned and renamed Jafari Credit, a non-deposit-taking microfinance company licensed by the Central Bank of Kenya to provide check-off loans to civil servants employed by national and county governments.
The FY2023 annual report is the first Centum primary document to refer to the entity by the Jafari Credit name. Secondary sources place the relaunch in Q3 2021, though this has not been confirmed from a Centum primary document. By FY2025, Jafari operated 24 branches with a carrying value of KSh 1.433 billion on a discounted cash flow basis.
2023 to 2026
SELL: Sidian Bank: full exit concluded 12 March 2026
Centum's exit from Sidian Bank was among the most protracted and structurally complex disposals in the company's history under Mworia, spanning three and a half years and involving a failed first attempt, a multi-buyer restructure, and a final holdco disposal.
The exit process began formally in June 2022, when Centum announced a binding agreement to sell its entire 83.43% stake to Access Bank of Nigeria for KSh 4.3 billion. That deal collapsed in January 2023 after the parties failed to fulfil all conditions precedent by the extended long stop date of 9 January 2023. Centum cited Access Bank's insistence on deferred payment, with KSh 1.7 billion payable two years after closing, as the breaking point.
Centum pivoted to a multi-buyer local sale. In October 2023, it sold 38.91% of Sidian directly to Pioneer General Insurance Limited (20%), Wizpro Enterprises Limited (15%), and Afram Limited (3.91%). This reduced Centum's stake from 83.43% to 44.52% and triggered Sidian's formal deconsolidation as a Centum subsidiary. The total cash received for these direct stake sales was KSh 3.2 billion, confirmed by Mworia to Business Daily in August 2025, a 59% premium to Centum's carrying value of Sidian at the time.
Centum's residual economic interest was held through Bakki Holdco Limited, a licensed non-operating holding company. Between October 2023 and early 2026, Centum's effective Sidian exposure was progressively diluted through successive Sidian rights issues, raising over KSh 3 billion in new capital from other shareholders, in which Centum did not participate. By early 2026, Bakki Holdco held approximately 27.2% of Sidian.
On 12 March 2026, Centum completed the sale of its entire 50% equity stake in Bakki Holdco Limited to an undisclosed buyer, following receipt of approvals from the Central Bank of Kenya and the Competition Authority of Kenya. The announcement, signed by Mworia and issued pursuant to Regulation 64 and Part D of the Capital Markets (Public Offers, Listing and Disclosures) Regulations 2023, stated explicitly that the transaction marked the conclusion of Centum's exit from Sidian Bank Limited.
Bakki Holdco ceases to be a Centum subsidiary upon finalisation of post-completion filings. The financial effects will be reflected in Centum's FY2026 results. Centum expects to record a modest financial gain relative to the carrying value of Bakki Holdco in its books at the time of sale, which stood at approximately KSh 1.031979 billion in the FY2025 annual report. Consideration was not disclosed. The identity of the Bakki buyer has not been confirmed from any public filing as at the date of this record.
Total confirmed cash received across both exit phases: 3.2 billion shillings for the direct 64% stake sales in 2023, plus undisclosed consideration for the Bakki Holdco disposal in 2026. Cumulative estimated total recovery: in the range of KSh 4.2-5.0 billion, against an estimated total entry cost of approximately KSh 4.7 billion across all tranches from 2014 to 2018. The exit represents a recovery of capital over a decade of ownership, not a capital gain in any meaningful sense, and excludes the cost of capital deployed over the holding period.
2024
BUY: Akiira Geothermal: stake raised from 37.5% to 85%
In July 2024, Centum acquired DI Frontier Market and Carbon Fund's entire 37.5% stake in Akiira Geothermal for 193.98 million shillings, raising its holding from 37.5% to 75%. It subsequently acquired RAM Energy's 10% stake for KSh 38.808 million, bringing the total to 85%. Total consideration for both acquisitions: KSh 232.788 million (approximately USD 1.8 million). The remaining shareholder is Marine Power Generation at 15%.
Centum's cumulative investment in Akiira across all tranches now stands at approximately KSh 2.2 billion. The equity value in Centum's books is nil; KSh 1.095 billion is carried entirely in shareholder loans. Centum is seeking new strategic and financial partners to fund fresh exploratory drilling and the eventual 70 megawatt first phase construction.
Other portfolio holdings as at 31 March 2025
Four further holdings appear in Centum's FY2025 portfolio. Their precise entry years under Mworia's tenure are not separately disclosed in public filings.
- •Isuzu East Africa (17.8% stake, carrying value KSh 5.621 billion on an EBITDA multiple basis) has been a Centum holding since before Mworia's appointment, predating 2008. It is the largest non-real estate holding in the current portfolio and has been retained throughout Mworia's tenure as a core position.
- •Nabo Capital (100% stake, carrying value KSh 470 million on a net asset value basis), formerly Centum Asset Managers, received Capital Markets Authority approval to manage third-party funds and serves as the group's fund management and marketable securities vehicle. As at 31 March 2025, Nabo managed the group's KSh 1.948 billion marketable securities portfolio.
- •Tribus Group (100% stake, carrying value KSh 269 million on an EBITDA multiple basis) is Centum's security and facilities management subsidiary.
- •Tier Data (100% stake, carrying value KSh 13 million at cost) is an IT outsourcing business serving medium-sized enterprises.
Portfolio as at 31 March 2025: total carrying value: KSh 50.577 billion
Real estate dominates the current portfolio. Centum Real Estate Land Co (21.820 Bn), TRIFIC SEZ (10.503 Bn), and Centum Real Estate Dev Co (3.451 Bn) together account for KSh 35.774 billion, representing approximately 70.8% of total portfolio value.
The largest non-real estate position is Isuzu East Africa at 5.621 billion shillings. Total marketable securities stand at KSh 1.948 billion.
Deal scorecard: Mworia era, December 2008 to March 2026
The three largest exits by proceeds were:
- •Almasi Beverages and Nairobi Bottlers combined at KSh 19.5 billion (cost approximately KSh 3.4-3.5 Bn; IRRs 27.15% and 38.97%)
- •UAP Holdings at approximately KSh 5.2 billion (original cost approximately KSh 245 million; gross IRR approximately 39.9%)
- •Sidian Bank at an estimated 4.2 to 5.0 billion shillings total recovery (cost approximately KSh 4.7 billion; effectively a capital recovery rather than a gain).
The two most significant losses were:
- •The Amu Power full impairment of KSh 2.097549 billion in FY2020, representing the entire investment written off
- •The King Beverage disposal at an audited loss of KSh 468.809 million in 2019.
Other notable exits include:
- •GenAfrica Asset Managers at approximately KSh 2.3-2.4 billion shillings (gross IRR approximately 24.4%)
- •KWAL at an approximate 1.1 billion shilling gain on a KSh 12.2 million original cost.
- •The Minet/AON exit at approximately KSh 1 billion.
- •Platcorp at KSh 813.4 million partial proceeds in FY2017, with the FY2018 final tranche proceeds undisclosed.
Against an inherited asset base of approximately KSh 6 billion, the portfolio carrying value as at 31 March 2025 stood at KSh 50.577 billion, a nominal increase of approximately KSh 44.5 billion over 17 years.
The composition of that portfolio, however, shifted materially over the period: from a diversified mix of quoted equities, financial services, and consumer businesses generating recurring income and dividends, toward a concentration in illiquid real estate development assets and early-stage projects whose carrying values depend heavily on appraisal assumptions rather than market transactions.
