Kenya's Centum buys 22.6 pct stake in Carbacid
NAIROBI, May 19 (Reuters - Kenya's Centum Investment (ICDC.NR) said on Tuesday it had bought a 22.6 percent stake in Carbacid (CARB.NR), a local carbon dioxide gas maker.
Centum, which has large holdings in Nairobi bourse blue-chips, says it wants to take advantage of low prices during the global downturn to boost its investments. [ID:nLE151812]
"Centum Investment Company Limited has acquired 2,561,458 ordinary shares of Carbacid Investments Limited," the firm said in a statement. It did not give further details.
Carbacid is embroiled in a takeover dispute which led to the suspension of trading in its shares on the Nairobi Stock Exchange in 2005. It wants the suspension lifted. [ID:nLO042147]
Carbacid posted a 40 percent rise in pretax profit to 152 million shillings ($1.94 million) for the half-year ended January, thanks to a 43 percent jump in sales.
Centum posted a 52 percent slump in annual pretax profit to 475 million shillings a week ago after the dismal performance of its main investments. [ID:nLB281653] ($1=78.17 Kenyan Shilling) (Reporting by Duncan Miriri; Editing by Daniel Wallis and David Cowell)
