Centum invest company Plc has reached an agreement with other shareholders in Sidian Bank Limited to sell part of its shares in Sidian.
This transaction is conducted through its wholly owned subsidiary, Bakki Holdco Limited, which is a licensed non-operating holding company.
Retained Ownership at Sidian Bank
Despite the sale, Bakki Holdco Limited, originally holding 83.43% of issued shares in Sidian Bank Limited, will retain ownership of 44.52% of the issued shares at Sidian.
Ceasing Subsidiary Status
Following this transaction, Sidian Bank Limited will cease to be a subsidiary of Centum, as per regulatory requirements.
The sale price aligns with Centum’s latest carrying value of Sidian as of 31 March 2023, which was determined based on the market value of Sidian’s shares.
This transaction is not expected to have a significant impact on Centum’s net asset value.
Effective Acquisition Date
According to a Gazette notice by Central Bank of Kenya Governor Kamau Thugge, the acquisition will be effective from the 20th of October this year, as stated in the public announcement.
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