Over 10 years we help companies reach their financial and branding goals. Maxbizz is a values-driven consulting agency dedicated.




411 University St, Seattle


Kenya's Centum Investment to buy back shares, first half pre-tax loss widens – Reuters

[1/2]  Women work at the front desk of the Centum Investment Company Limited in Nairobi, Kenya November 11, 2015. REUTERS/Siegfried Modola/File Photo
NAIROBI, Nov 29 (Reuters) – Kenya's Centum Investment (CTUM.NR) plans to buy back up to 10% of its issued shares, it said on Tuesday after reporting a wider first-half loss.
The group, which invests in listed firms and private companies, said it planned to buy the shares from the market over a period of 18 months at a maximum of 9.03 shillings per share and a minimum of 0.50 shillings.
Centrum's shares were trading at 8.00 shillings by 0723 GMT, up 1.3% on the day.
"The share buyback is expected to provide liquidity to shareholders who may not have been able to trade due to the current depressed market conditions," said James Mworia, Centum's chief executive officer.
Centum's performance is keenly watched by investors as it offers exposure to opportunities such as shopping mall developments and companies across East Africa.
The group's pretax loss widened to 1.24 billion shillings ($10.14 million) in the six months to end-September from a loss of 697 million shillings in the same period a year earlier.
"This performance was primarily driven by the impact of unrealised foreign exchange losses on U.S. dollar liabilities and currency translation losses on Uganda shilling," Mworia said.
The Kenyan shilling has fallen 7.6% versus the dollar so far this year and 2.7% versus the Ugandan currency.
Unrealised foreign exchange losses rose to 517 million shillings from 48 million shillings in the same period of 2021, the company said in a presentation.
Group results include the performance of Centum's subsidiaries, associates and joint-venture investments.
Centum said company net asset value per share, a key measure of performance for investment firms, fell to 59.77 shillings from 62.10 shillings.
It said it expected the sale of its 83.4% stake in Kenya's Sidian Bank to Nigeria's Access Bank, for 4.3 billion shillings, to be completed in December.
($1 = 122.3500 Kenyan shillings)
Our Standards: The Thomson Reuters Trust Principles.
German Economy Minister Robert Habeck said on Tuesday he was happy with the 15-year term of a deal struck with Qatar to deliver liquefied natural gas (LNG) to Germany.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved



Joseph Muongi

Financial.co.ke was founded by Mr. Joseph Muongi Kamau. He holds a Master of Science in Finance, Bachelors of Science in Actuarial Science and a Certificate of proficiencty in insurance. He's also the lead financial consultant.