Nairobi Business Ventures Completes Acquisition of 4 Kenyan Firms

Nairobi Business Ventures Limited (NBV), a shoe and leather accessories retailer, has completed the acquisition of 100 per cent in four businesses in Kenya.

L-R:NSE CEO Geoffrey Odundo NBV Chairman Haresh Soni, NSE Chairman Kiprono Kittony and ABC Group Managing Director Shamaz Savani at NBV's bell ringing ceremony. NBV listed an additional 415 million shares on the NSE. PHOTO: NSE

Nairobi Business Ventures Limited (NBV), a shoe and leather accessories retailer, has completed the acquisition of 100 per cent in four businesses in Kenya.

The Ksh 3 billion transactions involves Delta Automobile, a leading heavy commercial vehicle maintenance company; Air Direct, an aviation company; Aviation Management Solution Limited and an 11.33 hectares parcel of land in Machakos County to be used to set up a cement manufacturing facility.

“The Board wishes to notify key stakeholders and the general public that the Transactions have been completed,” the company said in a circular.

ABC Capital was the transaction advisor for the deal and MW & Company advocates as the legal advisor.

Listed on the Nairobi Securities Exchange, NBV began the year with a share price of Ksh 4.28 and has since gained 38.8 per cent on that price valuation, ranking it third on the bourse in terms of year-to-date performance. In its latest financial report, NBV a net profit of Sh32.9 million from a net loss of Sh39.4 million last year. 

In 2020, the company was taken over by Delta International FZE, which is transforming it from shoe retailing to cement manufacturing, automobile, and aviation undertakings through the four subsidiaries.

Delta International FZE, os an infrastructural and industrial conglomerate operating across the East African region.