Victoria Bank, which owns 24.90% shareholding of Montessori Learning Centre, purchased additional shares of an upmarket Nairobi-based Kindergarten at a cost of KSh 20,075,000.
- •In its latest Annual Report 2023, Victoria Bank said these additional shares did not result in any changes in the percentage of ownership by the Bank.
- •The Victoria Commercial Bank report shows that Montessori Learning Centre’s loss after tax for 2023 attributable to the owners of the Company was KSh 93.9 million compared to KSh 30.5 million in 2022.
- •While the lender’s total revenue in Montessori Learning Centre increased from KSh 151.8 million in 2022 to KSh 155.7 million in 2023, losses to equity shareholders in the school increased from KSh 30.5 million in 2022 to KSh 93.9 million in 2023.
The lender’s share of losses at the School increased significantly from KSh 7.6 million in 2022 to KSh 23.4 million in 2023.
Victoria Commercial Bank first made an acquisition of 24.90% shareholding of Montessori Learning Centre for a sum of KSh 200 million in 2021. At that time, Montessori Learning Centre’s net loss for 2021 attributable to its owners was KSh 44 million.
The School’s total revenue at the time of this acquisition was KSh 135.3 million and made a net loss of KSh 44.1 million with the lender’s share of the loss for the year standing at KSh 10,97 million.
ALSO READ: Kenya’s Victoria Commercial Bank Secures $20 Million Loan from Arab States Owned Bank
