MICROCAPITAL BRIEF: Centum, Cassia Acquire 45% Stake in Parent of Platinum Credit, Lender in Kenya, Uganda, Tanzania

Centum Investment Company (Centum), a private Kenyan investment company, and Cassia Capital Partners, a US-based investment advising company, recently acquired a 45-percent stake in Platcorp Holdings Limited, the parent company of Platinum Credit Limited, a lender that operates in Kenya, Uganda and Tanzania. The Platinum Credit companies are non-banking, non-deposit-taking institutions that serve a total of 80,000 clients with “emergency” loans that are disbursed to approved clients within 24 hours.

The acquisition was made at an undisclosed price via Kilele Holdings Limited, a vehicle in which Centum holds a 79-percent stake and Cassia holds the remainder. Centum describes its investment in Platcorp as serving its goal to increase the company’s geographical diversification.

As of fiscal year 2011-2012, Centum reports total assets of KES 11.5 billion (USD 131 million). Financial information for Cassia is unavailable.

By Charlotte Newman, Research Associate

Sources and Additional Resources:

Centum Press Release, “Centum Acquires 45% Sharehold in Platcorp Holdings Limited,” http://centum.co.ke/news/331-centum-acquires-45-shareholding-in-platcorp-holdings-limited

MicroCapital.org story, January 31, 2013, “MICROCAPITAL BRIEF: Number of Mobile Money Subscribers in Kenya Down 1%, Total Transaction Value Up 7% During Quarter Ending September 2012,” http://www.microcapital.org/microcapital-brief-number-of-mobile-money-subscribers-in-kenya-down-1-total-transaction-value-up-7-during-quarter-ending-september-2012/

MicroCapital.org story, December 31, 2012, “MICROCAPITAL BRIEF: Kenya Banker’s Association (KBA) Opens Membership to Microfinance Institutions (MFIs),” http://www.microcapital.org/microcapital-brief-kenya-bankers-association-kba-opens-membership-to-microfinance-institutions-mfis/

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