The family of the late businessman Chris Kirubu is still eying the 126.8 million shares in Centum Investment Company Plc currently valued at Ksh2.1 billion.
Kirubi, by the time of his death, had approval from the Capital Markets Authority (CMA) to buy a total of 133 million Centum shares but had only bought 6.2 million shares.
“The permit to buy additional Centum shares is valid and has not been withdrawn. It’s premature to comment on how the family will go about the offer until succession matters pending in court are completed. The family has a strong belief in the future of Centum,” said Andrew Musangi, Mr Kirubi’s son-in-law and a director of the company.
Currently, the family holds a combined 30.94 percent shareholding worth Ksh3.5 billion and a conclusion of the deal will see the shareholding rise to 50 percent.
As of March, the company valued its shares at Ksh62.9 per share, but the shares at the Nairobi Securities Exchange closed at Ksh17, a massive 72.9 percent dip.
Before his death, Kirubi said that he would only sell his shares once the share price hit Ksh100, indicating his confidence in the company.
As of 2015, Kirubi’s shareholding at Centum was estimated at Ksh12 billion.
Centum has interests in real estate, private equity, and marketable securities.