4 Kenyans who walked away with billions of shillings after selling their companies
The latest company to be acquired is popular coffee house, Java House for billions of shillings.
Kevin Ashley is set to pocket a cool Sh1.3 billion from the sale of his 10 per cent stake.
In 2012, Kevin sold his 90 percent stake to Africa-focused ECP for an undisclosed amount although he had previously said Java’s annual revenues had crossed the Sh4 billion mark.
Sources familiar with the transaction said Abraaj group acquired East Africa’s largest coffee chain at an estimated price of Sh13 billion.
Here are four other Kenyan companies which were also acquired at billions of shillings.
#1. Interconsumer Products by L’Oreal
The world’s leading cosmetic company acquired the health and beauty division of Interconsumer Products one of Kenya’s largest manufacturers of personal care and beauty products in 2013 for at the very least, Ksh 3billion ($35.3 million).
Kenyan businessman Paul Kinuthia, who founded the company in 1995 with start-up capital of Ksh 3,000 ($40).
#2. SuzieBeauty by the Flame Tree Group
Suzie Wokabi, the Founder of SuzieBeauty Cosmetics, smiled all the way to the bank in 2016 after selling her seven-year-old SuzieBeauty Cosmetics company to a listed firm, known as Flame Tree Group.
When asked about how much she made after selling her company worth billions of shillings she had this to say.
“I will give you only one answer. Yes, I made some good money, but can’t talk figures. I mean I did not make ‘nothing,” she said.
#3. Buzeki Dairies by Brookside Dairies
The maker of Molo Milk and Kilifi Gold was acquired by Brookside Dairies in 2013 for billions of shillings.
Sources familiar with the deal said Business man, Zedekiah Kiprotich Bundotich alias Buzeki the brainchild behind Buzeki dairies pocketed a whooping Sh1.1 billion from the deal.
Brookside Dairies is owned by the wealthy Kenyatta family.
#4. Giro Commercial Bank Ltd by I&M
Kenyan shareholders were a happy lot early this year after Giro Commercial Bank Ltd was acquired by Kenya’s I&M.
As per the deal, I&M was to pay USD 250 million in cash and offer owners of Giro Bank a minority stake in a USD 250 million share sell deal.
IMF created 21,043,330 new shares valued at Sh121.05 each, to be used in the transaction.
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