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Wednesday, January 27, 2021

Nairobi Business Ventures Shifts Strategy After Capital Injection

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BT Correspondenthttp://www.businesstoday.co.ke
editor [at] businesstoday.co.ke

Nairobi Business Ventures Limited has listed an additional 415 million shares at the Nairobi Securities Exchange, 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 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 focus sectors of activity shall be infrastructure,” said NBV Chairman Haresh Soni during firm’s bell ringing ceremony.

NBV’s listing of 415 million new shares on the Nairobi Securities Exchange (NSE) follows a Ksh83 million investment by Dubai-based Delta International FZE in early November.

The transaction advisers for the deal was ABC Capital, which was represented at the listing event by Group MD, ABC Bank and Group, ShamazSavani. Mr Savani noted that the event marked the successful conclusion of a deal that the teams had worked on for three years and the beginning of a successful partnership for the two parties.

NSE Chairman KipronoKittony noted that the restructuring marks an important milestone for Nairobi Business Ventures Limited.

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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 venture into trade and the manufacturing of sustainable products used by companies in the infrastructure sector.

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