Bloomberg News

Centum of Kenya Gains Fourth Day on Buy Rating: Nairobi Mover

April 17, 2012

Centum Investment Co. (CENTUM), Kenya’s largest investment company, gained for a fourth day, closing at its highest in almost seven weeks, after it was recommended buy in new coverage at Old Mutual Securities.

The shares climbed as much as 3.9 percent to 14.80 shillings and ended trading 2.8 percent higher at 14.65 shillings by 3 p.m. in Nairobi. This is the highest level since March 1, according to data compiled by Bloomberg.

The price estimate on the stock is 21.67 shillings, the Nairobi-based brokerage said in an e-mailed statement today, adding that at least three of the company’s holdings expect to list in the next two years.

“This will unlock at least 30 percent of their value as they become liquid,” Old Mutual said in the statement. “The company owns stakes in a portfolio of mature, stable and cash generating companies with large market shares.” Centum expects to add two companies to its portfolio “soon,” Old Mutual said.

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net.

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net


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