Monday, February 11, 2008

ICDCI now Centum Investments

name change
The former ICDCI will officially become Centum Investment Company Ltd. at the end of the month after the company’s AGM – ending years of confusion with ICDC – its former parent company.

Other than the name change, they are also adjusting their financial year end from June to March which means the year 2007-8 will end in March 08 – just 9 month long).

Last year was active for their investments, but the abbreviated year results could be badly hit by the post-election events. They had acquired shares in KQ, KPLC, Mumias, lightened on Eveready (largest shares block now KCB, Kenya Airways, EABL and Mumias) and sold off real estate (Kimathi House and Consulate Chambers) to improve liquidity. On the unlisted front, they acquired 10% of Rift Valley Railways (and will acquire another 10% from IFC over the next four years) and increased their stake in Kisii bottlers to 24% - so unlisted portflio is mainly two insurance and four coca cola bottling companies.

7 comments:

MainaT said...

What is their fascination with bottlers all about? Do they really understand the business? At least with TC, some of the principal shareholders are knowledgable on the electricity sector...

coldtusker said...

Endgame is to list the unlisted firms... and sell the shares...

Only thing is I do not trust kirubi...

bankelele said...

MainaT: don't know, but they are long term businesses with political partners around the country and seem to have US links

coldtusker: but the bottlers are mature compnies, from as far back as the 1970's. Also a General Motors minority shareholding is in their portfolio. Aaah, Kirubi could be the Centum's largest shareholder!

Concept said...

Banks, ICDCI also owns a 3.5 % stake of K-rep Bank.

http://www.k-repbank.com/index.php?option=com_content&task=view&id=71&Itemid=85

coldtusker said...

Banks: Uchumi was mature... very profitable & paid good dividends... kirubi took 5 years to rip its guts out...

kirubi is centum's largest shareholder thru his holding entities e.g. international life house.

Ssembonge said...

Mwangi has been spoted in Manhattan looking for investors. I'm not sure if he was successful but at the time I was told he had not secured money.

Anonymous said...

I am investor in Centum and over the last 2 years I have watched the value of my shares decline steadily, courtesy of one self-styled DJCK. The corporate governance in this company leaves a lot to be desired when you have a supposedly distinguished director appearing in the skin magazine called Pulse hugging the bottoms of a famous musician. To make matters worse, Mr Kirubi and Mr. Isaac Awuondo (another Centum director who also happens to be the MD of CBA Bank, an upmarket clientele bank) are in court over allegations of corruption in Uchumi, which went bust just after Centum sold off its entire stake. I don't know what the CMA and Central Bank are doing sleeping on the job. These regulators should both demand the resignation of these 2 directors from their positions in listed companies and banks with immediate effect. I am gathering a shareholder petition to force their resignations at the AGM. Who will join me?

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