NAIROBI, KENYA, MAR 19 — Investment firm Centum has sold its 25 per cent stake in Platcorp Holdings Limited, ending its five years presence at the firm.
The Nairobi Securities Exchange listed firm on Monday announced it has sold its share to Suzerain Investment Holdings Limited, a consortium of Platcorp’s management team and a current shareholder.
Platcorp is the holding company of Platinum Credit and Premier Credit.
“Centum Invested in the business in December 2012 and it has delivered a steller 31 per cent holding period internal rate return,” Group CEO James Mworia said in a statement, “The proceeds from the sale will enable us to deploy capital in other investment opportunities in our pipeline across our various sectors.”
Platinum is a non-banking, non-deposit taking microfinance institution which provides emergency loans to customers and has operations in Kenya, Uganda and Tanzania.
Premier on the other hand is a credit only microfinance institution that offers loans to individual small and medium-sized businesses to cater for unforeseen immediate working capital needs.
The sale is a close of an offload process that commenced last year, when Centum sold eight per cent of its then 33 per cent stake.
“The sale of our stake will lead to increased management ownership of the business, which is an affirmation of their continued confidence in the business,” Mworia noted.