Kenyan tycoon makes whooping Sh3.2 billion in one sale
His online company is one of the most recognisable fashion businesses with a presence in the United States, Europe and Australia.
Most investors however have to wait for decades to really strike it rich, getting small profits along the way to keep them going as running cost keeps rising.
A Kenyan-born investor has strike it rich in one whooping single sale.
The founder of Britain’s fast-rising online fashion company, Boohoo, has made a whooping Sh3.2 billion from selling part of his shares in the firm, cementing Nairobi’s reputable standing as one of the most robust business hub in the world, producing world class enterpreneurs.
Mahmud Kamani, a joint CEO of Boohoo, concluded the transaction on Monday to take advantage of the company’s skyrocketing share price on the London Stock Exchange’s alternative investment market (AIM).
“Boohoo announces that, further to the announcement made on June 8, 2017 (successful fundraising of £50 million and successful placing of 36,570,632 existing shares each at 220p per share), Mahmud Kamani, joint chief executive officer, has sold 11,252,502 ordinary shares at a price of 220p per share,” the firm said in a filing with London regulators.
Adding that “the transaction has now completed as the shares have been admitted to trading on AIM.”
Boohoo’s sales rose 51 per cent to £295 million (38.8 billion) in the review period and the firm is now hoping to hit a turnover of £3 billion (Sh395 billion) in seven years.
The transaction came a week after Boohoo raised Sh6.5 billion by selling new shares to investors to fund its growth.
Mr Kamani was born in Kenya and is one of four children born to Abdullah Kamani, who left the country in 1968 and moved to Manchester, UK.
His Father used to sell handbags in Nairobi before investing in property and textile industry.
He co-founded Boohoo in 2006 together with Carol Kane.
Mr Kamani’s company is now priced at four times as much as one of the UK’s largest high street clothing chain Debenham’s, reflecting investors’ confidence that online retailers will continue to grab market share compared to brick-and-mortar stores.
Boohoo is one of the most recognisable online fashion businesses in the UK, with a presence in the United States, Europe and Australia.
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