NAIROBI – Kenya’s Centum Investment will issue a five-year corporate bond worth up to 6 billion shillings ($62 million), it said on Monday.
The bond will be made up of a fixed-rate component, offering a yield of 12.5 percent and an equity-linked portion that will give a variable return determined by the firm’s net asset value.
The issue opened to the public on Monday and will be listed on the Nairobi Securities Exchange.
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Centum did not say how it would deploy the cash but its Chief Executive James Mworia has told Reuters in the past the company was looking for acquisitions to grow its business. Mworia said in March the firm plans to fund new investments in power plants and real estate.
($1 = 96.1000 Kenyan shillings)
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