Kenya-based Centum Investment Company has agreed to buy 73.4% shareholding stake in Genesis Kenya Investment Management for an undisclosed sum.
Centum said that the acquisition is in line with its strategic objective of growing third-party funds.
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Centum together with the experienced management team at Genesis will deliver significant value to Genesis clients by offering a broader range products that shall address the different investment requirements of the clients and offer more diverse investment opportunities.
The deal is subject to approval by regulators including the Capital Markets Authority and the Retirement Benefits Authority.
The acquisition comes four days after the company, based in Kenya’s capital, Nairobi, said it registered four companies that will invest in the energy, real-estate and beverage industries.
The Nairobi-based company is expected to back the projects financially either through equity stakes or loans.
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By GlobalDataCentum seeks to provide investors with access to a portfolio of otherwise inaccessible, quality and diversified investments through the firm’s Private Equity, Real Estate & Infrastructure and Quoted Private Equity business lines.
Genesis manages funds worth over KES 100 billion belonging to clients within and outside Kenya. Centum has recorded an average return of 29% over the last four years and has grown shareholder wealth by KES 10.25 billion; a cumulative growth of 175%.
In June, Centum has received regulatory approval to create an asset-management unit, Centum Asset Managers, which is headed by Pius Muchiri.
