WPP Scangroup Completes Sale of Kantar Business in Africa

WPP Scangroup Share Price Gains 26.3%

WPP Scangroup says it has concluded the sale of its shareholding in Kantar Business in Africa.

The sale of its business in Africa included 100 percent of its shareholding in Millward Brown’s Nigeria, West Africa, and East African business and its 80 percent shareholding in Research and Marketing Group Investment Limited. The sale was approved by its shareholders. 

“Scangroup is pleased to announce fro the information of its shareholders and the general public…have been satisfied and that the Transaction was completed on 30 June 2020,” said Reuben Mwangi, Company Secretary on behalf of the Board said in a statement.

“The Board of WPP Scangroup will decide on the use of proceeds and the dividend to be recommended to the shareholders, which the Board expects to be at least 40 percent of the net proceeds…”

The Group’s intention is to pay the KSh4.7 per share (KSh2 billion) special dividend from the proceeds

The rest of the funds will be used in expansion and capital needs.