Centum Investment Company to Launch Share Buyback Programme

The Centum Investment Company is set to hold an Extraordinary General Meeting (EGM) on February 3rd, 2023 starting at 9:00am. At the meeting, the company will be discussing a share buyback programme targeting 66,544,178 ordinary shares at a maximum price of Kes 9.03/share and a minimum price of Kes 0.50/share over 18 months. The share buyback programme is part of Centum’s efforts to create value for its shareholders by increasing the number of outstanding shares and reducing the amount of capital in circulation. This will lead to higher returns for existing shareholders as well as provide potential investors with an opportunity to invest in the company at attractive prices. Centum’s Chief Executive Officer (CEO), Mr. James Mwangi, said that this move was part of their long-term strategy to increase shareholder value and reward loyal investors who have been with them since inception. He added that this would also help strengthen their balance sheet by reducing debt levels and improving liquidity ratios which are essential for any successful business venture. The EGM is expected to be attended by key stakeholders including institutional investors, retail investors, government representatives and members of the media who will all get an opportunity to ask questions about the proposed share buyback programme before it is approved or rejected by shareholders present at the meeting. This move comes just weeks after Centum announced plans to launch its first ever Initial Public Offering (IPO) which was met with great enthusiasm from both local and international investors looking for opportunities in Kenya’s growing economy. It remains unclear if these two initiatives are related but it certainly shows that Centum is committed to creating value for its shareholders through innovative financial strategies and prudent investments decisions going forward into 2023 and beyond.