Nairobi-based entertainment company Homeboyz Entertainment Plc, led by Kenyan tycoon Michael Agwingi Rabar (Myke Rabar), has announced plans to sell a 30-percent stake to a strategic investor. The move aims to unlock value for the company after its listing in 2020.
Last week, Homeboyz Entertainment’s shares began trading on the Nairobi Securities Exchange following a one-year exemption granted due to the challenging operating environment caused by COVID-19.
By selling off a 30-percent stake, the company aims to unlock value. Since its listing almost three years ago, Homeboyz shares have been trading at Ksh4.66 ($0.0331), with a market capitalization of Ksh295 million ($2.1 million).
Established in 1995 as a DJ outfit by Rabar, Homeboyz has become a prominent player in the entertainment scene, providing media, experiential marketing, entertainment, and events management solutions in Kenya.
The company has constantly reinvented itself, ensuring its brand remains relevant across various age groups and interests.
Homeboyz Entertainment includes several leading brands, such as Homeboyz TV, Soundtraxx, Activate, Publicis Africa Group, and Tikiti. It prides itself on delivering customized services and memorable experiences to renowned brands, companies, and regional campaigns.
In 2019, Homeboyz made history as the first publicly listed company in the entertainment industry on the Nairobi Stock Exchange. This achievement further solidified its reputation as a household name in Kenya and East Africa.
Rabar, the company’s founder, owns a 56.35-percent stake, or 35.6 million shares. With more than 20 years of experience in the events industry, Rabar is also the founding governor of Capital Club, a business network club that brings together prominent Kenyan industry leaders.
In 2020, Rabar was appointed CEO of the Under 20 Athletics World Championships by the IAAF. He was entrusted with leading the Local Organizing Committees in executing this prestigious event in Kenya.
