Billionaire Naushad Merali is set to sell one of his restaurants at Sh. 70 million. The billioniare will make the sale through his firm Sasini, which owns the coffee restaurant, Sasini Coffee House.
This is the latest sale move to be made by the millionaire in the last few years. In 2015 for instant, Mr. Merali oversaw the sale of the Sasini House building on Nairobi’s Loita Street in a sale deal that fetched Sh. 600 million.
According to a financial report by Sasini, the firm will dispose its 60 per cent stake valued at Sh. 70 million.
“The group entered into a contract with Sheb Investments Limited to sell off its entire shareholding in Sasini Coffee House for a consideration of Sh70 million,” Sasini said in its latest annual report.
Currently, the Sasini Coffee House runs a series of restaurants on Nairobi’s Loita Street, Ralph Bunche Road, Muthangari Road and Mombasa Road. The subsidiary had net assets of Sh. 36.9 million in the year ended September when it recorded a net loss of Sh. 7.4 million, reversing a profit of Sh. 958,051 the year before. Its sales declined 14 per cent to Sh.105.6 million in the review period.
Sasini recently raised Sh1 billion from sale of its land in agricultural operations it says are unprofitable, recording large capital gains from the properties it bought decades ago.
These include land in its two coffee estates in Nyeri — Mweiga and Wahenya — that it said had been running losses for six consecutive years.
