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Centum Investment Company

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Centum Investment Company Plc
Company typePublic Limited Company
KN: CTUM
USE:CENT
IndustryInvestments
Founded1967
HeadquartersNairobi, Kenya
Key people
Donald Kaberuka (Chairman)[1]
ProductsPrivate Equity, Real Estate Development, Agribusiness, Publishing, Banking, Power Generation etc
RevenueIncreaseAftertax:US$4.3 million (KES:556 million) (FY:2024)[2]
Total assetsUS$371.5 million (KES:48.1 billion) (March 2024)[2]
Number of employees
30 (2024)
Websitewww.centum.co.ke

Centum Investment Company Plc, commonly known as Centum is the largest listed investment company in East Africa. Centum is a public company listed on both the Nairobi Securities Exchange (NSE) and the [[Uganda Securities Exchange]] (USE). The company is a private equity and secondary investing firm specializing investing in middle market, emerging growth, growth capital, developmental capital, industry capitalization, recapitalization, and buyouts.

Overview

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Centum is a publicly owned investment company with headquarters in Nairobi, Kenya. Its shares are listed on the Nairobi Securities Exchange (NSE), where they trade under the symbol: CTUM.[4][5] The company shares are also cross-listed on the Uganda Securities Exchange (USE), where they trade under the symbol "CENT".[6] Centum is an investment channel providing investors access to a portfolio of inaccessible, quality, diversified investments.

Centum's mission is to create real, tangible wealth by providing the channel through which investors access and build extraordinary enterprises in Africa. As of March 2019 Centum's total assets were KSh KES:48.1 billion (US$371.5 Million) with shareholder's equity of KSh41 Billion [2]

History

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Centum was founded in 1954 as a government parastatal, whose primary objective was to provide a vehicle for Kenyans to invest in the economy of newly independent Kenya by investing in Kenyan companies. In 1967, ICDC formed the subsidiary ICDC Investment Company Limited, whose shares were listed on the NSE.

In 1998, with the Government of Kenya having sold some of its majority shareholding, ICDC Investment Company adopted a new management structure, handing over day-to-day management to an independent professional managerial team, supervised by an independent board of directors elected by the shareholders.

In 2008, the shareholders changed the name of the company to Centum Investment Company Limited.[7] The shares of Centum Investment Company Limited have been publicly traded on the NSE since 1967 and on the USE since 10 February 2011.[8] Over time, Centum's strategy has evolved in line with the company's growth with Centum currently in its 2014 – 2019 strategic period dubbed "Centum 3.0".[9] Under Centum 3.0, the company maintains focus through 4 distinct business lines namely Real Estate, Private Equity, Development and Marketable Securities.[10]

Investment Overview

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Centum's investments are organized into four key verticals:

Real Estate Portfolio

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This division is involved in real estate development in Kenya[11] and Uganda,[12] with an eye to expanding into other countries in the African Great Lakes region.[13] These include:[14]

  • Centum Real Estate – 100 shareholding – A premier regional developer specializing in expansive mixed-use projects.
  • Vipingo Development – 100 percent shareholding – 10,254-acre[15] development off the Kenyan coast.[16]
  • Pearl Marina – 100 percent shareholding – 389-acre development located in Ntabo Peninsula, popularly known as Garuga, by the shores of Lake Victoria in Uganda.

Private Equity Portfolio

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This division acquires equity positions in either publicly or non-publicly traded companies, mainly in the African Great Lakes region, but increasingly in other parts of the continent as well.[17] Investments under this segment include the beverage, publishing, financial services and utilities businesses. Per its March 2018 annual report, these included:[18]

Financial Services

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Others

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  • [Tribus-TSG] – 80 percent shareholding – Tribus is a social enterprise dedicated to fostering sustainable value across four key verticals: Facility Management & HR, EdTech, Technical Services and Manufacturing.
  • [Tier Data] – 100 percent shareholding – a Kenyan-based IT firm dedicated to serving as the foremost IT systems integrator for growing medium-sized businesses facing the intricate challenges inherent to expansion.
  • [Greenblade Growers Limited] – 100 percent shareholding – A vertically integrated grower, processor and exporter of fresh herbs, vegetables and fruits from Kenya.
  • Longhorn Publishers – 60.2 percent shareholding – A publishing company listed on the Nairobi Securities Exchange with subsidiaries in Kenya, Uganda, and Tanzania and distribution in DRC and Rwanda.[19][20]

Marketable Securities Portfolio

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The Marketable Securities Portfolio comprises investments in securities and fixed income instruments managed by Nabo Capital. The portfolio is broadly diversified across various stock exchanges in Africa and primarily invests in large and mid-capitalization equities while maintaining sizeable allocations to fixed income and cash.[21] This segment represents 8.2% of Centum's portfolio value.[22]

Development Portfolio

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This represents investments, outside from real estate, that are still under development. As of March 2024 the development portfolio consists of;

  • [TRIFIC - 80.5 percent shareholding - The only services-focused Special Economic Zone (SEZ) in Kenya, offering new and exciting prospects for global, regional, and Kenyan service-oriented business enterprises seeking a competitive and advantageous base to access international markets.
  • Akiira Geothermal Limited – 75 percent shareholding – The first private sector greenfield geothermal development in Sub-Saharan Africa.

Former investments

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  • In 2014, Centum exited two investment funds Helios and Nigeria-based African Capital Alliance where total investments were valued at KShs 500 million.[23]
  • Rift Valley Railways – 10 percent shareholding previously held – A consortium that was established in 2005 to manage the Uganda Railway parastatal railways of Kenya and Uganda. This investment was exited in 2012[24] to Qalaa Holdings.[25]
  • UAP Holdings – 14 percent shareholding previously held – An investment, retirement, and insurance services group that operates mainly in East Africa. Centum exited this investment in 2015 through a direct sale to Old Mutual.[26]
  • Kenya Wine Agencies Limited – 26 percent shareholding previously held – A leading manufacturer, distributor, and importer of wines and spirits in East Africa. This investment exited this investment in 2017 through a direct sale to Distell.[27]
  • Carbacid Investments – 22 percent shareholding previously held – A manufacturer and marketer of carbon dioxide gas for industrial and medical use as well as dry ice. This investment ended in 2011.[28]
  • GenAfrica Asset Managers – 73.4 percent shareholding – The second largest fund manager in Kenya. This investment was exited in 2018.[29]
  • Aon Insurance Brokers – 22 percent shareholding – An insurance brokerage and consulting services company and the Kenyan subsidiary of Aon Plc.This investment was exited in 2016.[30]
  • Platcorp Holdings – Owner of Platinum Credit. 45 percent shareholding. A short term financing company with subsidiaries in Kenya, Uganda, and Tanzania.[31] This investment was exited in 2018.[32]
  • Almasi Beverages Limited – 53.8 percent shareholding[33][34] – The second largest Coca-Cola bottling franchise in Kenya.
  • Nairobi Bottlers – 27.6 percent shareholding – The largest of the Coca-Cola franchises in Kenya.
  • King Beverage Limited – 100 percent shareholding – Sole distributor for Danish beer manufacturer Carlsberg brands and select Edrington Products and Grays spirits in Kenya.[35][36][37][38][39]
  • Sidian Bank – 77 percent shareholding – A commercial bank in Kenya, licensed by the Central Bank of Kenya, the national banking regulator.[40][41][42] The bank was sold to Access Bank Group of Nigeria in June 2022, for US$37 million and merged into Access Bank Kenya.[43]

Ownership

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As of 30th November 2024, the company stock was owned by corporate entities and individuals. The ten largest shareholders are listed in the table below:[2][44]

TOP 30 SHAREHOLDERS
Rank Name Domicile Total Shares %
1 KIRUBI, CHRISTOPHER JOHN LI 205,908,205 30.94%
2 KENYA DEVELOPMENT CORPORATION  LIMITED LC 152,847,897 22.97%
3 KIMANI, JOHN  KIBUNGA LI 63,013,285 9.47%
SUB-TOTAL (TOP 3) 421,769,387 63.38%
4 CENTUM INVESTMENT COMPANY LIMITED LC 10,777,200 1.62%
5 STANDARD CHARTERED KENYA NOMINEES LTD A/C KE004326 FC 8,265,856 1.24%
6 STANDARD CHARTERED KENYA NOMINEES LTD A/C KE000954 LC 6,000,000 0.90%
7 UGANDA SECURITIES EXCHANGE LI 5,724,737 0.86%
8 MWIRIGI, JAMES MWORIA LI 5,701,994 0.86%
9 STANBIC NOMINEES LIMITED A/C NR1031313 FC 5,574,800 0.84%
10 STANBIC NOMINEES LIMITED R6631578 LC 5,483,600 0.82%
SUB-TOTAL (TOP 10) 469,297,574 70.52%
SHARES SELECTED 469,297,574 70.52%
SHARES NOT SELECTED - (Other Shareholders) 196,144,140 29.48%
SHARES ISSUED 665,441,714 100%

See also

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References

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  1. ^ Mutegi, Mugambi (16 November 2016). "Ex-AfDB boss Kaberuka to head Centum Board". Business Daily Africa. Nairobi. Retrieved 16 November 2016.
  2. ^ a b c d Centum Investment Company (31 March 2024). "Centum Annual Report and Financial Statements for the Year Ending 31 March 2024" (PDF). Nairobi: Centum Investment Company. Retrieved 10 July 2024.
  3. ^ {{{{|Newspaper= |url=https://www.businessdailyafrica.com/bd/corporate/companies/centum-appoints-risper-alaro-as-finance-director-3739792%7Ctitle=Centum appoints Risper Alaro as finance director|last= James|first= James Kahongeh|date=7 March 2022 |website=Business Daily |publisher=Business Daily |access-date=7 March 2022}}|access-date=7 March 2022|url=https://www.businessdailyafrica.com/bd/corporate/companies/centum-appoints-risper-alaro-as-finance-director-3739792 |date=7 March 2022|newspaper=Business Daily Africa}}
  4. ^ Yonga, Romuald (25 October 2019). "Nairobi Securities Exchange Updates Issuer Codes". african markets. Retrieved 27 August 2021.
  5. ^ Michira, Moses (6 October 2010). "Kenya: Centum's New Shares Begin Trading". Business Daily Africa via AllAfrica.com. Nairobi. Retrieved 14 April 2014.
  6. ^ "Listed Equities on Uganda Securities Exchange". Kampala: Uganda Securities Exchange (USE). 4 August 2017. Archived from the original on 5 August 2017. Retrieved 4 August 2017.
  7. ^ "Centum: Our History". Centum Investment Company Limited. Retrieved 14 April 2014.
  8. ^ Ojambo, Fred (29 December 2010). "Ugandan Exchange Approves Secondary Listing by Centum Investment of Kenya". Bloomberg News. Retrieved 14 May 2014.
  9. ^ "Centum's Strategic Evolvement".
  10. ^ "Business Model".
  11. ^ Thiong'o, Peterson (14 June 2014). "Centum Shares Hit New Highs on Improved Profits, Mega Projects". The EastAfrican. Nairobi. Retrieved 14 June 2014.
  12. ^ Ojambo, Fred (12 April 2013). "Kenya's Centum to Invest $22 Million in Ugandan Luxury Marina". Bloomberg News. Retrieved 14 June 2014.
  13. ^ Kamau, Scola (30 November 2010). "Centum Ventures into High Return Markets". The EastAfrican. Nairobi. Retrieved 10 February 2016.
  14. ^ "Centum Investment Company Limited FY18" (PDF). Centum Investment Company Limited. 31 March 2014. Archived from the original (PDF) on 29 November 2014. Retrieved 20 November 2014.
  15. ^ "Vipingo Development Website".
  16. ^ "Centum breaks ground for Sh100 billion industrial park".
  17. ^ CENTM. "Private Equity". Centum Investment Company Limited (CENTM). Archived from the original on 18 October 2014. Retrieved 20 November 2014.
  18. ^ "Centum Annual Report FY18" (PDF).
  19. ^ Longhorn Publishers Annual Report & Financial Statements 2018.
  20. ^ "Others Portfolio".
  21. ^ "Marketable Securities".
  22. ^ Centum Annual Report FY18 (PDF).
  23. ^ Mutegi, Mugambi (18 June 2015). "Centum's profit jumps to Sh7.9bn on sale of UAP". Business Daily Africa. Nairobi. Retrieved 22 September 2017.
  24. ^ "Centum Exits From RVR". Nairobi: Centum Investment Company Limited. 21 January 2012. Archived from the original on 9 February 2015. Retrieved 2 September 2015.
  25. ^ Investors inject $US 250 million into Rift Valley Railways International Railway Journal May 2010 page 5
  26. ^ Juma, Victor (27 January 2015). "Old Mutual Raises Stake in UAP After KSh14 Billion Buyout". Business Daily Africa. Nairobi. Retrieved 27 January 2015.
  27. ^ "Centum books gain from KWAL".
  28. ^ RIKE (11 May 2011). "Centum Confirms Carbacid Share Sale" (PDF). Nairobi: Rich.co.ke (RIKE). Retrieved 12 February 2015.
  29. ^ "Centum sells stake in asset management firm".
  30. ^ "Centum exits AON".
  31. ^ Mugwe, David (25 February 2013). "Centum Gets Uganda's Approval on Real Estate Project". The EastAfrican. Nairobi. Retrieved 21 June 2015.
  32. ^ "Centum gains Sh1bn from Platinum sale".
  33. ^ "Centum Annual Report FY18" (PDF).
  34. ^ Juma, Victor (8 December 2014). "Centum buys majority stake in bottling firm". Business Daily Africa. Retrieved 9 December 2014.
  35. ^ Herbling, David (10 February 2015). "Centum Enters Beer Market With Danish Carlsberg Franchise". Business Daily Africa. Nairobi. Retrieved 10 February 2015.
  36. ^ "FMCG Portfolio".
  37. ^ "Private Equity Track Record".
  38. ^ "History".
  39. ^ Obura, Fredrick. "Centum investment sells all shares in King Beverage". The Standard. Retrieved 27 August 2021.
  40. ^ "Central Bank of Kenya: Commercial Banks & Mortgage Finance Institutions". Central Bank of Kenya (CBK). Archived from the original on 1 July 2014. Retrieved 31 July 2014.
  41. ^ Mwaniki, Charles (20 May 2015). "Centum To Inject KSh1.2 Billion Bond Proceeds into K-Rep Bank". Business Daily Africa. Nairobi. Retrieved 21 May 2015.
  42. ^ "Financial Services Portfolio".
  43. ^ Otiato Guguyu (8 June 2022). "Centum sells Sidian Bank for Sh4.3bn to Nigerian lender". Business Daily Africa. Nairobi, Kenya. Retrieved 8 June 2022.
  44. ^ "Centum Integrated Report and Financial Statement FY2022" (PDF). Centum Investment Company Limited. Archived (PDF) from the original on 5 December 2022. Retrieved 18 June 2023.
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