Nairobi Business Ventures (NBV) has announced plans to acquire four businesses in Kenya at a combined cost of Kes 3 billion.
According to a public statement, NBV intends to purchase 100% ownership in Delta Automobile, a leading heavy commercial vehicle maintenance company in Kenya; 100% ownership in Air Direct, an aviation company set to begin operating in Kenya soon; 100% ownership in Aviation Management Solution Limited, a company that owns a hangar and a building close to JKIA; and an 11.33 hectares parcel of land in Machakos County to be used to set up a cement manufacturing facility.
NBV has appointed ABC Capital as the transaction advisor for the deal and MW & Company advocates as the legal advisor.
The NSE listed company was suspended from trading on the exchange in October last year and later reinstated in November after a successful buy out by Dubai-based Delta International FZE at a cost of KSh83 million.
At the time of the buyout, NBV’s new owner revealed plans to venture into cement production, a major shift from the firm’s core business of selling shoes.
Nairobi Business Ventures Restructuring
Nairobi Business Ventures joined the Nairobi Securities Exchange in June 2016 under the Growth Enterprise Market Segment(GEMS). At the time, NBV ran the K-Shoe brand, a retailer that imported leather shoes and accessories from China and India and sold them in Kenya.
In its latest financial report, Nairobi Business Ventures recorded a net profit of KSh70,000 for the half-year period that ended on 30th September 2020, a big improvement from the KSh28.3 million net loss posted in the same period a year earlier, according to the un-audited financial report.
Miriam Wangui of The Kenyan Wallstreet contributed to this article
