Local shareholders frustrate Unga Group take over by Americans despite huge odds - 7 months ago, 21 July 00:00
Even with the backing of the biggest shareholder at flour miller Unga Group, American firm Seaboard could still not wrench away shareholding from adamant Kenyans who refused to sell their stake.
The American firm and Victus Limited had created a holding group in 2002 where Unga Group Ltd holds 65 per cent stake and Seabord 35 per cent stake and used this vehicle to operate subsidiaries.
The Delaware firm wanted to buy 46.15 per cent stake to increase its shareholding from 2.92 per cent to 49 per cent making it a partnership with Victus, owned by the family of the late Philip Ndegwa, a former Central Bank governor. Victus owns 50.93 per cent of Unga Group.
A long-drawn out war ended Friday when shareholders with only 16 per cent stake agreed to the deal and Seaboard opted to take their stake to increase its shareholding to 18.9 per cent.
Seabord offered ...
Category: business news