Bloomberg News

Centum Investment Declines for a Fifth Day as Bonus Shares Trade

November 23, 2011

Nov. 23 (Bloomberg) -- Centum Investment Co., Kenya’s largest investment company, declined for a fifth day as bonus shares started trading, heading for a 19-month low.

The stock slumped as much as 3.1 percent to 14.05 shillings, the lowest level since April 2010, before trading 2.1 percent lower at 14.20 shillings at 12:59 p.m. in Nairobi.

“The decline in prices is due to an increase in share supply as the bonus shares starts trading in the market,” said George Bodo, an analyst at Nairobi-based ApexAfrica Capital Ltd.

Centum offered one bonus share for every 10 held, resulting in the issue of an additional 60.5 million shares to stockholders.

--Editors: Linda Shen, Wojciech Moskwa

To contact the reporter on this story: Johnstone Ole Turana in Nairobi at jturana@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net


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