Shareholders of Nairobi Business Ventures (NBV) have approved the sale of 84% of the firm to Delta International FZE for Kshs 83 million.
The transaction which awaits regulatory approval involves allot and issue up to a maximum of 415,000,000 ordinary shares of Ksh0.50 each in the company to Delta International subject to payment of the aggregate subscription price of Ksh83 million being Ksh 0.20 per new share.
Shareholders further approved to split the nominal capital of the company from Ksh50,000,000 divided into 50,000,000 shares of Ksh1 each, to Ksh50,000,000 divided into 100,000,000 ordinary shares of Ksh0.50 each.
There was an increase in the nominal share capital of the company by the creation of 400,000,000 new ordinary shares of a par value of Ksh 0.50 each and shall rank at the same rate and have rights equal to the existing ordinary shares of the company.
With the shareholder approval, it now means the local shoe and leather accessories retail chain will move into the industrial production of cement.
Delta International FZE, an infrastructural and industrial conglomerate operating across the East African region.
Nairobi Business Ventures Limited (“NBV” ) is a public listed company that was incorporated and registered in Kenya in March 2012.