In 2021, local and international companies raised their stakes in strategic companies across the Kenyan economy
Investors set their sights in the insurance sector, banking sector, the energy sector and hospitality
The investors made the acquisitions amid the ongoing economic recovery from the negative impact of the COVID-19 pandemic
As business conditions in Kenya continued to rebound in 2021, the acquisition of companies was also notably high. Investors sealed several business deals in Kenya this year amid ongoing economic recovery. Local and international companies raised their stakes in strategic companies across the Kenyan economy during the year under review.
Investors set their eyes on sectors including insurance, banking, and hospitality sectors, among others.
Investors made the acquisitions amid the ongoing economic recovery from the negative impact of the COVID-19 pandemic. In September, for instance, the Central Bank of Kenya projected the economy to grow by 6.1% in 2021.
Below is a list of some of the significant business acquisitions done this year in Kenya. 1. Equity Bank
In May 2021, Equity Bank Group announced it had acquired an additional 7.7% stake in Equity Bank Congo (EBC) from German sovereign wealth fund KfW for KSh 996 million.
The move saw the bank raise its ownership in EBC to 94.3%, making it the bank’s controlling party.
As of May, Equity had spent a cumulative KSh 17 billion in DRC, ranking it as the second most important market after Kenya in which the bank has invested in. 2. Siginon Aviation
Siginon Aviation Company. Photo: Business Daily. Source: UGC In October, news broke out that the family of late President Daniel Arap Moi had sold a 51% stake of its aviation business, Siginon Aviation, to National Aviation Services (NAS), a Kuwait based company.At an undisclosed cost, NAS acquired the company’s controlling stake, taking over the firm’s airport ground handling and cargo management services business located at the Jomo Kenyatta International Airport and in Eldoret .The Kuwait company has been launching operations in Africa, having established businesses in South Africa, the Democratic Republic of Congo, Zambia and Guinea Bissau. 3. Choice Microfinance Bank Earlier this month, the Central Bank of Kenya (CBK) approved the acquisition of Kajiado-based microlender Choice Microfinance Bank by Chinese investor Robin Duan Wei.CBK said Wei was taking up an 85% stake in the company through his UK-based company, Wakanda Network Limited.Wei is a successful businessman, who owns Mobvista Inc, a […]
