The Longhorn publishers headquarters in Nairobi. [Photo/nation.co.ke]
Majority of the stakeholders at the Longhorn Publishers have finally given a nod to the firm to sell its headquarters in Nairobi during the latest annual general meeting after blocking the sale of the property in the previous gathering.
According to the results from voting held on last Friday during the AGM gathering, 99.73 percent of shareholders approved the proposed transaction while only a paltry 0.12 percent of investors voted against the sale.
The headquarters that is located on a 2.2-acre piece of land in Nairobi’s Industrial Area is expected to raise Sh 500 million through its sale.
The firm has however defended its move in selling the property arguing out that it is getting rid of idle assets as well as getting into operations that generate revenue.
The Nairobi Securities Exchange-listed firm also approved the sale of a majority of its stakes at LawAfrica Publishing Ltd during the AGM despite acquiring the firm at Sh125 million just a year ago.
The latest announcement by the publisher comes weeks after the Centum Investment Company strengthened its ownership at the firm when it raised its shares to control 60.2 percent of the stake.
The company also noted that it will be renting a space to move its head offices as it will be using the proceeds from the sales of headquarters to fund its local and regional expansion.