Centum Investment Company Limited
| Public Limited Company | |
| Traded as |
KN: ICDC USE:CENT |
| Industry | Investments |
| Founded | 1967 |
| Headquarters | Nairobi, Kenya |
Key people |
|
| Products | Equity Ownerships, Real Estate Development |
| Revenue |
 Aftertax:US$34.2 million (KES:3.05 billion) (FY:2013/2014)[1] |
| Total assets | US$341.7+ million (KES:29.4 billion) (March 2014) |
Number of employees | 50 (2013) |
| Slogan | Tangible Wealth |
| Website |
www |
Centum Investment Company Limited, commonly known as Centum or Centum Investment, is a private East African investment company. It operates as an affiliate of the Kenyan government-owned Industrial and Commercial Development Corporation (ICDC).
Overview
Centum is a private, publicly owned, investment company, with headquarters in Nairobi, Kenya. Its shares are listed on the Nairobi Stock Exchange (NSE), where they trade under the symbol: ICDC.[2] The company shares are also cross-listed on the Uganda Securities Exchange (USE), where they trade under the symbol:CENT.[3] The company is a medium-sized investment company. As of March 2014, total assets were valued at about US$341.7 million (KES:29.4 billion), with shareholders' equity valued at about US$266.2 million (KES:22.9 billion).[4]
History
Industrial and Commercial Development Corporation 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 a subsidiary called 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 2007, the shareholders opted to change the name of the company to Centum Investment Company Limited.[5] The shares Centum Investments Company Limited are publicly traded on the Nairobi Stock Exchange since 1967, and on the Uganda Securities Exchange, effective 10 February 2011.[6] Plans are underway to crosslist the company stock on the Dar es Salaam Stock Exchange and on the Rwanda Stock Exchange.[7]
Investment structure
Centum's investments are organised into three divisions:
Quoted Private Equity
This is the division that invests in publicly traded companies in various stock exchanges on the African continent. This segment represents 19% of Centum’s portfolio value.[8] These include:[9]
- Longhorn Kenya Limited - 34.9% Shareholding - A publishing company listed on the Nairobi Securities Exchange with subsidiaries in Kenya, Uganda and Tanzania and distribution in Malawi and Rwanda.[10]
Private Equity
This division acquires equity positions in non-publicly-traded companies, mainly in the African Great Lakes region, but increasingly in other parts of the continent as well.[11] These include:[9]
- Centum Asset Managers Limited - 100% Shareholding - A fund manager in Kenya.
- King Beverage Limited - 100% Shareholding - Owner of a franchise marketing contract with Danish beer manufacturer Carlsberg.[12]
- Genesis Kenya Investment Management Limited - 73.35% Shareholding - The second largest fund manager in Kenya.
- K-Rep Bank - 67.54% Shareholding - A commercial bank in Kenya, licensed by the Central Bank of Kenya, the national banking regulator.[13]
- Almasi Beverages Limited - 50.95% Shareholding[14] - The second largest Coca Cola bottling franchise in Kenya.
- Platinum Credit - 35.6% Shareholding - A short term financing company with subsidiaries in Kenya, Uganda and Tanzania.
- Nairobi Bottlers - 27% Shareholding - The largest of the Coca Cola franchises in Kenya.
- KWAL Holdings - 26.43% Shareholding - Kenya Wine Agencies Limited is a leading manufacturer, distributor and importer of wines and spirits in East Africa. Other shareholders of KWAL Holdings are ICDC, Distell Group and KWAL Employee Stock Ownership Plan.
- Aon Insurance Brokers - 21.5% Shareholding - An insurance brokerage & consulting services company in Kenya. The Kenyan subsidiary of Aon PLC.
- General Motors East Africa - 17.8% Shareholding - A motor vehicle retailer in Kenya. A local subsidiary of American based GM.
- NAS Servair - 15% Shareholding - An on-site airport catering facility supplying over 30 International airlines that fly into and out of JKIA in Nairobi and MIA in Mombasa.
Real Estate and Infrastructure
This division is involved in real estate development in Kenya[15] and Uganda,[16] with an eye to expanding into other countries in the African Great Lakes region.[17] These include:[9]
- Athena Properties Limited - 100% Shareholding - A real estate management, ownership and development company. Athena Properties Limited is currently overseeing the Two Rivers Project near Ruaka near Nairobi and Pearl Marina in Entebbe, Uganda.
Exited Investments
- UAP Holdings - 13.75% 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.[18]
- Rift Valley Railways - 10% Shareholding previously held - A consortium that was established in 2005 to manage the Uganda Railway parastatal railways of Kenya and Uganda. Investment Exited in 2012.[19]
- Carbacid Investments - 22% Shareholding previously held - A manufacturer and marketer of carbon dioxide gas for industrial and medical use as well as dry ice. Investment Exited in 2011.[20]
Ownership
As of March 2013, the company stock was owned by the following corporate entities and individuals:[21]
| Rank | Name of Owner | Percentage Ownership |
|---|---|---|
| 1 | Industrial and Commercial Development Corporation | 22.97 |
| 2 | Christopher John Kirubi | 18.36 |
| 3 | CFC Stanbic Nominees (Kenya) Limited Accounts: A & B | 5.52 |
| 4 | Kiruma International Limited | 4.82 |
| 5 | Standard Chartered Nominees: Account 9389 | 1.50 |
| 6 | USE Shareholders | 1.49 |
| 7 | CFC Stanbic Nominees (Kenya) Limited: Account 1030624 | 0.83 |
| 8 | International House Limited | 0.81 |
| 9 | Jubilee Insurance Company of Kenya | 0.78 |
| 10 | John Kibunga Kimani | 0.75 |
| 11 | Over 37,000 Other Investors on NSE | 42.16 |
| Total | 100.00 | |
See also
References
- ↑ Ngigi, George (10 June 2014). "Centum Sticks to Zero-Dividend Policy In Shift to New Growth Plan". Business Daily Africa. Retrieved 10 June 2014.
- ↑ Michira, Moses (6 October 2010). "Kenya: Centum's New Shares Begin Trading". Business Daily Africa (Nairobi) via AllAfrica.com. Retrieved 14 April 2014.
- ↑ "Listed Equities On Uganda Securities Exchange". Uganda Securities Exchange. Retrieved 14 April 2014.
- ↑ Jacks, Mzwandile (10 June 2014). "Centum Posts Improved Annual Profit After Tax". Ventures Africa Magazine. Retrieved 10 June 2014.
- ↑ "Centum: Our History". Centum Investment Company Limited. Retrieved 14 April 2014.
- ↑ Ojambo, Fred (29 December 2010). "Ugandan Exchange Approves Secondary Listing by Centum Investment of Kenya". Retrieved 14 May 2014.
- ↑ Ojambo, Fred (10 February 2011). "Centum Investments Starts Secondary Trading In Uganda". Retrieved 14 April 2014.
- ↑ "Quoted Private Equity". Centum Investment Company Limited. Retrieved November 20, 2014.
- ↑ 9.0 9.1 9.2 "Centum Investment Company Limited 2013/14 Annual Report". Centum Investment Company Limited. March 31, 2014. Retrieved November 20, 2014.
- ↑ Longhorn Kenya Limited - About Us
- ↑ "Private Equity". Centum Investment Company Limited. Retrieved November 20, 2014.
- ↑ Herbling, David (10 February 2015). "Centum Enters Beer Market With Danish Carlsberg Franchise". Business Daily Africa (Nairobi). Retrieved 10 February 2015.
- ↑ CBK, . "Central Bank of Kenya: Commercial Banks & Mortgage Finance Institutions". Central Bank of Kenya (CBK). Retrieved 31 July 2014.
- ↑ Juma, Victor (December 8, 2014). "Centum buys majority stake in bottling firm". The Business Daily. Nation Media Group. Retrieved December 9, 2014.
- ↑ Thiong'o, Peterson (14 June 2014). "Centum Shares Hit New Highs On Improved Profits, Mega Projects". The EastAfrican. Retrieved 14 June 2014.
- ↑ Ojambo, Fred (12 April 2013). "Kenya’s Centum to Invest $22 Million In Ugandan Luxury Marina". Bloomberg News. Retrieved 14 June 2014.
- ↑ Kamau, Scola (30 November 2010). "Centum Ventures Into High Return Markets". The East African. Retrieved 14 April 2014.
- ↑ Juma, Victor (27 January 2015). "Old Mutual Raises Stake In UAP After KSh14 Billion Buyout". Business Daily Africa (Nairobi). Retrieved 27 January 2015.
- ↑ "Centum Exits From RVR". Centum Investment Company Limited. 2012-01-21. Retrieved 2015-02-09.
- ↑ RIKE, . (11 May 2011). "Centum Confirms Carbacid Share Sale" (PDF). Rich.co.ke (RIKE). Retrieved 12 February 2015.
- ↑ "Shareholding In Centum Stock". Centum Investments Company Limited. Retrieved 14 April 2014.