Kenya's Centum doubles stake in Longhorn, will not take it over
20 May 2016, 18:55
Nairobi (Reuters) - Kenya's Centum Investment has doubled its stake in Longhorn Publishers to 60 percent but it does not intend to make a takeover offer of the firm as required by law, it said on Friday.
Centum, which invests in a range of real estate, energy projects, listed and private firms, said it acquired 118.3 million ordinary shares of Longhorn during a just concluded cash call.
Centum said it had applied to regulator Capital Markets Authority to be exempted from making a takeover offer for Longhorn in line with regulations.
Longhorn specialises in publishing text books for schools.