Acorn CEO reveals 30pc stake in property firm
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The chief executive of Acorn Group Holdings,
Edward Kirathe, is the single-largest individual investor in the property developer with a
30.24 percent stake.Mr Kirathe’s ownership in the company has been disclosed in documents prepared by the company in connection with its recent raising of
Sh5 billion from the issuance of
medium term bonds.
Acorn’s chief commercial officer
Kenneth Luusa has a
6.5 percent equity in the company while
Peter Njenga, the firm’s chief operating officer, has his interest listed at
6.02 percent.50 percent equity is held by private equity firm
Helios through Accord Holdco.
Acorn made a
Sh1.2 billion net loss in the year ended December
2018, according to disclosures by the company.
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This came as debt provided by the owners including
Helios increased to
Sh3.1 billion from Sh2.1 billion. The property developer ended the period with a
negative equity of Sh1.3 billion which it says will be reversed in the medium term.
“The group’s
negative net assets position is projected
to be eliminated in 2023,” Acorn said.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett