Nairobi Business Ventures (NBV) has finalised the acquisition of four businesses linked to Dubai-based Delta International FZE valued at KSh3 billion.
The firm now fully controls Delta Automobile; a heavy commercial vehicle maintenance company in Kenya, Air Direct; a newly established aviation firm in Kenya, Aviation Management Solution Limited, and an 11.33 hectares parcel of land in Machakos County to be used to set up a cement manufacturing facility.
The venture firm was suspended from trading on the Nairobi Securities Exchange in October last year and later reinstated in November after a successful buy-out by Delta at a cost of KSh83 million.
The infrastructural and industrial conglomerate operating across the East African region obtained 415,000 ordinary shares of the NSE listed firm at Sh0.50 per share, translating into 84 per cent shareholding.
Nairobi Business Ventures (NBV) full-year net profit for the period that ended on 31st March 2021 rose to KSh32.9 million from a net loss of KSh39.4 million last year. The company achieved sharp growth in profit after restarting its trading business during the year.
NBV posted KSh45.4 million in revenue at the end of March this year, compared to zero revenue a year ago when it had closed down its operations.
Incorporated in March 2012, NBV started as a distributor of shoes in Kenya through the ‘KShoe’ brand name but exited the retail business in the wake of losses that saw it close down stores.
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