IBL Ltd (MUSE:IBLL.N0000), DEG-Deutsche Investitions- und Entwicklungsgesellschaft mbH, and PROPARCO SA completed the acquisition of a 40% stake in Naivas Limited from Amethis Fund II SICAR S.C.A., managed by Amethis Finance, International Finance Corporation, MCB Equity Fund managed by MCB Capital Partners Ltd, Peter Mukuha Kago, Martha Waithera, Grace Muthoni, and others for KES 18.3 billion.
August 09, 2022
Share
IBL Ltd (MUSE:IBLL.N0000), DEG-Deutsche Investitions- und Entwicklungsgesellschaft mbH, and PROPARCO SA agreed to acquire 40% stake in Naivas Limited from Amethis Fund II SICAR S.C.A., managed by Amethis Finance, International Finance Corporation, MCB Equity Fund managed by MCB Capital Partners Ltd, Peter Mukuha Kago, Martha Waithera, Grace Muthoni, and others on June 23, 2022. This agreement is still subject to regulatory approvals.
IBL Ltd (MUSE:IBLL.N0000), DEG-Deutsche Investitions- und Entwicklungsgesellschaft mbH, and PROPARCO SA completed the acquisition of a 40% stake in Naivas Limited from Amethis Fund II SICAR S.C.A., managed by Amethis Finance, International Finance Corporation, MCB Equity Fund managed by MCB Capital Partners Ltd, Peter Mukuha Kago, Martha Waithera, Grace Muthoni, and others for KES 18.3 billion on August 10, 2022. IBL has invested KES 12 billion, DEG invested KES 2.45 billion and PropArco invested KES 3.7 billion in Naivas. The family of Peter Mukuha Kago sold 8.5% in Naivas and will hold 60% stake after completion. IBL will hold 26.32% stake, PROPARCO will hold 8.29% and DEG will hold 5.39% in Naivas. Naivas has Operating Profit of KES 3.639 billion, Profit after tax of KES 2.077 billion, Total Assets 24.022 billion, and Total Equity 4.556 billion for the year ended June 30, 2021. Ernst & Young France, PricewaterhouseCoopers Ltd, Investment Banking Arm acted as a financial advisor to IBL, Benoit Chambers as legal advisor, while ABC Banking Corporation Limited, Absa Bank (Mauritius) Limited, Afrasia Bank Limited, Bank of Baroda, Bank One, BCP Bank (Mauritius) Ltd, Habib Bank Limited, Hong Kong & Shanghai Bank, Maubank Ltd, SBM Bank (Mauritius) Ltd, SBI (Mauritius) Ltd, Standard Bank (Mauritius) Limited and The Mauritius Commercial Bank Ltd acted as bankers to IBL.
IBL Ltd is a diversified group organized around 7 areas of activity:
- mass retailing (32.4% of net sales): distribution of consumer products (food, wines and spirits, household goods, personal care products, stationery products, etc.), printing equipment and consumables, pharmaceuticals , medical equipment, chemicals and agrochemicals;
- agri-food (21%): production and processing of sugar cane, production and bottling of beverages, production and processing of fish, etc.;
- engineering and construction (20.6%): manufacturing of building materials, development of diesel and electro-diesel engine repair and maintenance solutions, engineering and construction services for construction and industry sectors, sales of industrial and agricultural machinery, rental, servicing and maintenance of building and handling equipment, ship construction and repair services, etc. ;
- hotel operation (14.8%);
- logistics and transport (4.5%);
- financial services (4.3%): banking, insurance, financing services, investment fund management, investment services, etc.;
- other (2.4%): property, pharmaceutical and cosmetic products research and development services, development of testing and certification solutions, etc.
Net sales break down geographically as follows: Mauritius (83.1%), Madagascar-Comoros-Seychelles-Reunion (7.9%), Maldives (3.9%), Europe (2.3%), the United States (0.1%) and other (2.7%).
IBL Ltd (MUSE: IBLL.N0000), DEG-Deutsche Investitions- und Entwicklungsgesellschaft mbH, and PROPARCO SA completed the acquisition of a 40% stake in Naivas Limited from Amethis Fund II SICAR S.C.A., managed by Amethis Finance, International Finance Corporation, MCB Equity Fund managed by MCB Capital Partners Ltd, Peter Mukuha Kago, Martha Waithera, Grace Muthoni, and others for KES 18.3 billion.
IBL LTD 
