Nairobi Business Ventures (NBV) has completed the 100% acquisition of four businesses in Kenya.
The Ksh. 3 billion transactions involves acquisition of
- Delta Automobile, a heavy commercial vehicle maintenance company
- Air Direct, an aviation company
- Aviation Management Solutions Limited
- An 11.33 hectares parcel of land in Machakos County to be used to set up a cement manufacturing facility.
NBV, which is listed on the Nairobi Securities Exchange, began the year with a share price of Ksh. 4.28 and has since gained 38.8% on that price valuation, ranking it third on the bourse in terms of year-to-date performance.
In 2020, the company was taken over by Delta International FZE. The company is set to undergo transformation from shoe retailing to cement manufacturing, automobile, and aviation undertakings through the four subsidiaries.
“The Board wishes to notify key stakeholders and the general public that the Transactions have been completed,” the company said in a statement.
ABC Capital was the transaction advisor for the deal and MW and Company Advocates as the legal advisor.
Delta International FZE is an infrastructural and industrial conglomerate operating across the East African region.
NBV started out as a distributor of shoes in Kenya through the brand name Kwanza shoes. These shoes were imported from China and India and branded in Kenya. The Company later in 2013 changed the brand name from Kwanza to KShoe.