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Nairobi Business Ventures completes Sh3b entities buyout

BUSINESS
By Moses Omusolo | October 19th 2021

The transaction was overseen by ABC Capital Ltd. [Courtesy]

Nairobi Business Ventures (NBV) has completed the acquisition of four new business lines valued at Sh3 billion.

This comes weeks after the listed shoe firm received shareholders’ nod to proceed with the acquisition of business entities dealing in cement manufacturing, vehicle and aircraft repairs.

In a public notice yesterday, the firm announced the transactions had been completed for the acquisitions of 100 per cent of the issued share capital in Delta Automobile Ltd, a heavy commercial vehicle maintenance firm, together with 100 per cent of the issued share capital in Delta Cement Ltd.

NBV has also fully acquired Air Direct Connect Ltd and Aviation Management Solutions Ltd, both in the business of aircraft maintenance.

NBV company secretary Lawrence Kibet said the deal had duly satisfied all regulatory requirements.

“Following the exemption granted by the Capital Markets…, approvals granted by the Competition Authority of Kenya and the shareholders, the board of directors proceeded to implement the transactions in accordance with the terms of the shareholder circular,” said Kibet.

The transaction was overseen by ABC Capital Ltd as transaction advisor while MW & Company Advocates acted as legal advisor, according to the notice. “The board wishes to notify key stakeholders and the general public that the transactions have been completed,” said Kibet.

Incorporated in March 2012, NBV started as a distributor of shoes in Kenya through the ‘KShoe’ brand name but exited the retail business in the wake of losses that saw it close down stores.

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