On 30th November, ABC Capital client, Nairobi Business Ventures Limited has listed an additional 415 Million shares completing its restructuring process and the onboarding of a new investor, Delta International (FZE).
Following the restructuring, Nairobi Business Ventures (NBV) will now focus on manufacturing, importing, and selling raw materials used by cement and steel processors and other companies in the infrastructure sector.
NBV says that with the infrastructure set to grow on the continent, there are opportunities to supply companies making end products such as cement and steel.
“Africa is the future of economic opportunities and NBV is committed to join the race with its contribution. We want to part of the Big Four agenda of the Kenyan Government also and our main focused sectors of activity shall be infrastructure,” said NBV Chairman Haresh Soni at firm’s bell ringing ceremony.
NBV has listed 415 million new shares on the Nairobi Securities Exchange (NSE) following a Ksh83 million investment by Dubai-based Delta International FZE in early November. The transaction advisers for the deal were ABC Capital, who was represented at the listing event by Group MD, ABC Bank and Group, Shamaz Savani.
Commenting on the restructuring, the NSE Chairman, Mr. Kiprono Kittony noted, the restructuring marks an important milestone for Nairobi Business Ventures Limited. The capital injection as well as the new business focus will play a significant role in reviving business operations as well as renew investor’s confidence in the prospects and future of the business”.
The investment also resulted in NBV getting a new board of directors.
NBV was first established as a leather products retail chain operating under the brand name “K Shoe” but has made the strategic decision to exit the retail businesses, which is facing numerous challenges. Instead NBV will enter venture into trade and the manufacturing of sustainable products used by companies in the infrastructure sector.