A year after Centum took control of K-Rep Bank, Almasi Beverages and Genesis Kenya, they are now seeking more shares of Almasi.
In December, they were reported to have made an offer of Kshs 6 per share to minority shareholders of Almasi, a sum that they term as a 20% premium to when the company was formed in 2013. Payment will be within 10 days of the closing date f the offer to shareholders who accept and provide original share certificates.
This came after Centum shareholders had ratified the acquisition of an additional shareholding of 3% in Almasi (for Kshs 182 million) – resulting in Almasi Beverages becoming a subsidiary in which Centum holds an aggregate of 50.95% of the issued share capital.
$1 = Kshs 102.
Almasi, the holding company for three Coca Cola bottling plants (Mt. Kenya Bottlers, Rift Valley Bottlers, Kisii Bottlers), had 2014 revenue Kshs 6.7 billion (up from 5.8 billion) and a pre-tax profit of Kshs 516 million (up from 256M). The company, which is 51% owned by Centum Investments, will pay out a dividend of 0.12 per shares (total Kshs 92 million) to shareholders.
The company has installed a new, and faster, glass bottling line and will launch a plastic bottling one at Nyeri in 2016, in line with trends in the beverage business where plastic, not glass bottles, are the preferred buy choice by consumers.
Almasi distributed about 29% of the Coca Cola products in Kenya, equally spread by the three plants and they see the governments plans for Northern and Eastern Kenya where improvements in infrastructure (around LAPSSET) and security over the next few years as an opportunity to open up new markets for their products.
The company also has a few tax claims from the Kenya Revenue Authority, but the directors don’t feel they will materialize.
$1 = Kshs 102