Wednesday, August 13, 2008

Scangroup sellout, new bank?

Scangoup takeover WPP acquires effective control over Scangroup which was listed on the NSE in 2006, by buying 27.5% of the company, but not taking over or de-listing. They also have pre-emptive rights over a chunk of CEO Bharat Thakar (and largest shareholder) stake when his lock up period expires in 2011. Aly Khan (Rich.co.ke) points out that the slumping NSE offers cheap company shareholding buy opportunities e.g Scangroup and Unilever Tea (going private)

More Libya: 2010 may see another bank to Kenya this time Libyan / Ugandan Tropical bank. Does Kenya need another bank really? And $19 million share capital won’t go very far these days.

Entrepreneur Opportunity: The 2008 Pioneers of Prosperity Africa Awards rewards six business leaders of Africa who serve as role models to Africa’s aspiring entrepreneurs and demonstrate business excellence, innovation and profitability. Submissions will be accepted from Botswana, Cameroon, Cote d’Ivoire, Ghana, Kenya, Namibia, Nigeria, Rwanda, South Africa and Uganda and a total of $350,000 will be awarded to the winners. D/L 31 August 2008.

3 comments:

MainaT said...

Scangroup managed to keep that quite very well.
For them, its like Equity's move with Hellios i.e. institutionals will now be more secure about owning some.

pesa tu said...

@Banks:, i differ with aly-Khan most of these takeovers were planned long before the slump.There execution during the slump is merely coincidental.
they are strategic/tactical moves by large global players e.g. WPP wants to be in growing markets.

Juma said...

WPP has a stake in major advertising firms.
It wd be interesting if they were all put under one roof.
But again Bharrat is getting old, probably building a retirement home somewhere for a quiet life.

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