{"id":82874,"date":"2023-02-06T15:44:10","date_gmt":"2023-02-06T15:44:10","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/centum-to-spend-sh600-8m-on-share-buyback"},"modified":"2023-02-06T15:44:10","modified_gmt":"2023-02-06T15:44:10","slug":"centum-to-spend-sh600-8m-on-share-buyback","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/centum-to-spend-sh600-8m-on-share-buyback","title":{"rendered":"Centum to spend Sh600.8m on share buyback"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>Centum Investment on Monday commenced a buyback of 66.5 million shares in an effort to stabilise the price and market valuation of the company. This follows approval by shareholders on Friday. Centum has set aside Sh600.8 million to finance the purchase.<\/p>\n

On Friday the company\u2019s share price closed the day trading at Sh8.74. However, with the share buyback going live on Monday, the firm opened the day\u2019s trading at Sh8.84 a 0.69 percent gain.<\/p>\n

The market closed at Sh8.90, having gained two per cent compared to Friday’s trading. The authorisation allows the company to buy up to 66,544,178 ordinary shares, which is 10 per cent of the total issued and paid-up share capital.<\/p>\n

A second resolution to authorise directors of the company to re-allot shares acquired through the buyback also received the shareholders’ approval. \u201cWe will now, beginning Monday, February 6, start buying the shares through on-market purchases at the Nairobi Securities Exchange as authorised by the regulator and our shareholders,\u201d said the Centum Group CEO James Mworia.<\/p>\n

He said the share buyback is expected to provide liquidity to shareholders who may not have been able to trade due to the currently depressed market conditions.<\/p>\n

\u201cIt will reward long-term shareholders whose net asset value per share will improve as a result of the reduction in shares,\u201d said Mworia.<\/p>\n

The maximum purchase price has been set at Sh9.03 per ordinary share and a minimum of Sh0.50 per share, as per the Capital Markets Authority regulations. The buyback will be conducted over a period of 18 months from the date of the resolution, closing on August 8, 2024.<\/p>\n

All shareholders are free to cash in through the buyback programme, subject to the authorised limit on the Company to buy back 10 percent of its ordinary shares.<\/p>\n

Shareholders who opt to remain will potentially benefit from improvement in the share of future earnings of the company as well as capital gains. The Centum board of directors has reserved the right to terminate the buyback on certain conditions.<\/p>\n

These include when the programme is no longer deemed to be in the interest of the company and shareholders, in the event of changes to economic and market conditions and in the event of a material change in the company\u2019s financial position.<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. Centum Investment on Monday commenced a buyback of 66.5 million shares in an effort to stabilise the price and market valuation of the company. This follows approval by shareholders on Friday. Centum has set aside Sh600.8 million to finance the purchase. On Friday the company\u2019s share price closed the day trading at […]<\/p>\n","protected":false},"author":84,"featured_media":82872,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6857,7003,544],"class_list":["post-82874","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nCentum to spend Sh600.8m on share buyback - kenya<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/centum-to-spend-sh600-8m-on-share-buyback\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Centum to spend Sh600.8m on share buyback\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Kenya. Centum Investment on Monday commenced a buyback of 66.5 million shares in an effort to stabilise the price and market valuation of the company. This follows approval by shareholders on Friday. Centum has set aside Sh600.8 million to finance the purchase. 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