Home » Haresh Soni’s Nairobi Business Ventures acquires Delta Automobile, Delta Cement as part of $27-million deal

Haresh Soni’s Nairobi Business Ventures acquires Delta Automobile, Delta Cement as part of $27-million deal

by Omokolade Ajayi

Kenya-based manufacturing company Nairobi Business Ventures (NBV) has finished the acquisition of a 100-percent stake in four companies with operations in the cement, aviation and automotive industries in a deal worth a combined Ksh3 billion ($27 million).

The company made the disclosure this morning, Oct. 18, in a statement issued from its office in Nairobi.

According to the statement, NBV revealed that it has completed the acquisition of a 100-percent stake in Delta Automobile Limited, Delta Cement Limited, Air Direct Connect Limited and Aviation Management Solutions Limited.

The board of the Nairobi-based company proceeded to implement the transactions in accordance with the terms of the shareholder circular, after receiving approval from the Capital Market Authority, Competition Authority of Kenya and its shareholders.

The buyout, which is valued at $27 million, will set the business on course to diversify its operations, revenues and income line into more sustainable industries such as the automobile, cement and aviation industries.

This diversified business approach was taken to protect the interests of shareholders and other stakeholders against uncertainty in its operating business environment due to industry-specific factors and risks that may stem from having a concentration in several businesses.

Incorporated as a premium leather product wholesaler and retailer in 2012, NBV has diversified its business into the trading, manufacturing and service segments due to economic recession and low demand.

In line with the recent acquisition, the company is now a player in the cement, automobile and aviation industries.

Kenyan businessman Haresh Soni holds a majority 84-percent stake in NBV through his Dubai-based entity, Delta International.

Bullish sentiment spiked by the acquisition saw the company’s shares surge from Ksh4.28 ($0.038596) per share on Dec. 31, 2021 to an all-time high of Ksh12.80 ($0.11543) on July 7.

As of press time, Oct. 18, its shares were trading at Ksh6.40 ($0.05771), 50-percent lower than its all-time high price of Ksh12.80 ($0.11543).

At the present price valuation, Soni’s stake is valued at Ksh126.87 million ($1.14 million).

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