The UK government-owned CDC Group has closed acquisition deals with two Nairobi Securities Exchange-listed firms, targeting returns from growth of SMEs and infrastructure development. The development finance firm has bought 10.68 per cent stake in I&M Holdings for undisclosed amount and 40 per cent stake in ARM Cement for Sh14.1 billion, the two companies announced yesterday. The deal with I&M was agreed on April 19 while that for ARM – Kenya's second largest cement maker – was inked 10 days later on April 29. It has a combined wealth of about $145 billion, with its investment in I&M. CDC is hoping to reap big from heavy public investment in infrastructure projects in the region through its stake in ARM Cement, which has operations in Kenya, Tanzania and Rwanda.

Source: The Star October 05, 2016 00:00 UTC