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Court stalls controversial Rea Vipingo sale

23 May 2014, 12:22

Nairobi - The High Court has stopped the takeover of mega plantation firm Rea Vipingo, pending a series of tribunals over the company.

Africa's biggest Sisal producer is up for sale but there are a couple of subplots to the sale of the Coastal based company.

In a report on Bloomberg.Com, the court order was issued Thursday pending a May 26 hearing on Centum Investment Co.’s application to the Capital Market Tribunal to set aside the Capital Markets Authority’s acceptance of a bid submitted by REA Trading Ltd.

Centum took its case to the High Court because the tribunal doesn’t have a quorum to hear the company’s appeal.

Centum, which is also bidding to buy REA Vipingo, says that REA Trading’s offer violates domestic takeover laws, according to documents obtained by Bloomberg and verified by the tribunal. REA Trading’s offer is “fictitious” because it’s dependent on conditions that haven’t been fulfilled yet.

Centum also wants Treasury Cabinet Secretary Henry Rotich to appoint three members to the Capital Markets Tribunal as the five-member tribunal currently has only two members after the term of the other three ended. Mr Rotich is yet to name replacements as required by law. 

Excerpts of the story were taken from Bloomberg.com.

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