Centum Investment Company PLC (“Centum”) has completed the sale of its entire soft drinks business to Coca-Cola Beverages Africa (CCBA).
The firm sold their Almasi Beverages Limited (ABL) and Nairobi Bottlers Limited (NBL) to Coca-Cola Sabco East Africa Limited (“CCSEA”).
''We are pleased to announce the completed sale of Almasi Beverages Limited and Nairobi Bottlers Limited to Coca-Cola Sabco East Africa,'' wrote Centum.
The two entities were sold at around Sh19.5 billion.
The cash from the sale of ABL and NBL will be used to settle their debts, while the remaining cash will be used to venture into other businesses.
The company had announced its decision to sell its soft drinks business and move to better income-generating ventures.
Centum Investment Managing Director Mr James Mworia, announced the decision in June, 2019.
“Our focus is shifting from asset growth which has until now been anchored on robust economic growth. We are now shifting focus towards more cash generative businesses as opposed to relying on private equity (PE) exits,” Mworia told investors in June.
Centum is among the biggest firms in the country, while Coca Cola is one of the largest bottlers in the world.