The ratings of Centum Investment Company Plc (“Centum”) balance its concentrated investment portfolio against an expected moderation of gearing and its strong liquidity position.
Centum’s investment portfolio is sizeable in regional terms, with a valuation as per GCR’s calculation of just over KES42bn (including less risky marketable securities and net proceeds from the Sidian Bank exit).
Whilst the underlying investee companies span a range of sectors, including the likes of property development, financial services, automotive, publishing, and agriculture, the portfolio is highly concentrated.
The majority of investments are located and operate within Kenya, while there are very large single-name (and therefore industry) concentrations within the
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