Kenya's Centum Investment makes counter offer for Rea Vipingo
NAIROBI Dec 3 (Reuters) - Kenya's Centum Investment Company has offered to buy sisal producer Rea Vipingo for around 3 billion shillings ($34.6 million), topping a rival bid from Rea Vipingo's main shareholder, Rea Trading.
Centum said on Monday it had offered 50 shillings per share, an 82 percent premium to Rea Vipingo's share price when trading in the stock was suspended on Nov. 13.
Last month, Rea Trading, incorporated in England and Wales and owner of 57.04 percent of Rea Vipingo, offered to pay 40 shillings per share.
Rea Vipingo, which also has sisal plantations in Tanzania, has 60 million shares issued on the Nairobi Securities Exchange.
Rea Trading had said if the deal went through, the shares would be delisted from the bourse, while Centum said it planned to keep Rea Vipingo listed if its offer succeeded.
At present Centum owns 296,500 shares in Rea Vipingo.
($1 = 86.8000 Kenyan shillings) (Reporting by George Obulutsa; Editing by Richard Lough and Mark Potter)
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