Investments

Kenya’s Centum Funding to purchase again shares, first half pre-tax loss widens

NAIROBI, Nov 29 (Reuters) – Kenya’s Centum Funding (CTUM.NR) plans to purchase again as much as 10% of its issued shares, it stated on Tuesday after reporting a wider first-half loss.

The group, which invests in listed corporations and personal firms, stated it deliberate to purchase the shares from the market over a interval of 18 months at a most of 9.03 shillings per share and a minimal of 0.50 shillings.

Centrum’s shares have been buying and selling at 8.00 shillings by 0723 GMT, up 1.3% on the day.

“The share buyback is anticipated to supply liquidity to shareholders who could not have been capable of commerce because of the present depressed market circumstances,” stated James Mworia, Centum’s chief govt officer.

Centum’s efficiency is keenly watched by traders because it presents publicity to alternatives reminiscent of shopping center developments and firms throughout East Africa.

The group’s pretax loss widened to 1.24 billion shillings ($10.14 million) within the six months to end-September from a lack of 697 million shillings in the identical interval a 12 months earlier.

“This efficiency was primarily pushed by the influence of unrealised overseas change losses on U.S. greenback liabilities and forex translation losses on Uganda shilling,” Mworia stated.

The Kenyan shilling has fallen 7.6% versus the greenback to this point this 12 months and a couple of.7% versus the Ugandan forex.

Unrealised overseas change losses rose to 517 million shillings from 48 million shillings in the identical interval of 2021, the corporate stated in a presentation.

Group outcomes embody the efficiency of Centum’s subsidiaries, associates and joint-venture investments.

Centum stated firm internet asset worth per share, a key measure of efficiency for funding corporations, fell to 59.77 shillings from 62.10 shillings.

It stated it anticipated the sale of its 83.4% stake in Kenya’s Sidian Financial institution to Nigeria’s Entry Financial institution, for 4.3 billion shillings, to be accomplished in December.

($1 = 122.3500 Kenyan shillings)

Reporting by George Obulutsa; Modifying by Alexander Successful, Kirsten Donovan

Our Requirements: The Thomson Reuters Belief Rules.

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