Kenya’s Centum Investment (CTUM. NR), which reported a larger first-half loss, said it would buy back up to 10% of its issued shares.
The organization, which makes investments in both publicly traded corporations and privately held businesses, announced its intention to purchase the shares from the market over an 18-month period at a price of up to 9.03 shillings per share and a minimum of 0.50 shillings.
The group’s pretax loss increased over the six months ending in September from a loss of 697 million shillings during the same time last year to 1.24 billion shillings ($10.14 million).
Compared to the dollar so far this year, the Kenyan shilling has decreased by 7.6%.