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Bid Investment makes counter-offer for sisal producer

11 December 2013, 13:21

Nairobi - Www.Bid Investment Company said it will offer to buy sisal producer Rea Vipingo for 3.3 billion shillings, topping two rival bids including one from Rea Vipingo's main shareholder, Rea Trading.

Bid Investment said in a statement published on Wednesday that it would offer 55 shillings per share, a 96 percent premium to Rea Vipingo's share price when trading in the stock was suspended in November.

Earlier this month, Centum Investment Company offered 50 shillings per share, while Rea Trading in November offered 40 shillings per share.

Rea Vipingo, which also has sisal plantations in Tanzania, has 60 million shares issued on the Nairobi Securities Exchange. Sisal is a plant used to make twine, rope and other products.

- Reuters


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