Eveready East Africa says its top shareholder, East Africa Batteries Limited (EABL), will sell its 35 per cent (73.4 million shares) stake to Dubai-based InvestAfrica FZCO in a private transaction.
“InvestAfrica does not intend to make a general offer to acquire all the voting shares in the company [Eveready] following the proposed transaction and there is no intention to delist the company from the Nairobi Securities Exchange after completion of the proposed transaction,” Eveready said in a filing with the Capital Markets Authority.
“InvestAfrica intends to provide management and technical support to the company following completion of the proposed transaction.”
The listed battery distributor operates in three segments automotive, lighting and household.
The Company sells its products in Kenya primarily through automotive dealers, hypermarkets, wholesalers, electronic stores, institutions, retail stores, petrol stations, high-frequency stores, and e-commerce.
The current share price of Eveready East Africa Limited (EVRD) is Ksh1.13. EVRD closed its last trading day (Monday, May 22, 2023) at Ksh 1.13 per share on the Nairobi Securities Exchange (NSE), recording a 4.6% gain over its previous closing price of Ksh1.08 KES.
The company began the year with a share price of Ksh 0.69 and has since gained 63.8% on that price valuation, ranking it second on the NSE in terms of year-to-date performance.
