Centum Investments has raised its stake in Coke bottler, Almasi Beverages to 53.8 per cent. This follows a strategic plan by the firm, whose majority single shareholder is billionaire Chris Kirubi, to raise its holding by investing Sh. 1 billion in the bottling company.
Centum now becomes the single majority owner in the firm. The investment was done through a rights issue that took three months to mid-September. The cash call saw Almasi receive Sh. 600 million than it had asked for.
Following the rights issue, Centum Investments and ICDC now hold at least 90 per cent stake in the bottling firm. According to Centum CEO James Mworia, over the past two years, Centum has invested Sh. 3.6 billion into Almasi.
In December 2015, Centum bought a 3 per cent fresh stake at Sh. 100 million. This effectively increased its holding in the firm to 50.95 per cent.
