By Duncan Miriri | Tue Aug 18, 2009
NAIROBI (Reuters) – Kenyan private equity group, Industrial Promotion Services (IPS), plans to combine its six agrobusinesses and list the new entity to raise $15 million to $20 million for expansion, the group’s managing director said on Tuesday.
Lutaf Kassam said that IPS, owned by the Aga Khan, the spiritual head of the Ismailia community, said it was eyeing early next year to list the new group on the Nairobi Stock Exchange.
“Our timeline was to do it this year … with the economic climate it is not the right time to go to the market,” he said.
The firm said that the listing would allow locals to buy a piece of the business as well as raise funds for expansion.
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Kassam also said that IPS would build a 50 to 75 megawatt wind power project in Kenya together with German utility EnBW.
“The wind power project will take close to a $100 million,” he said, adding that the project would be commissioned in early 2011.
Complete at source: http://af.reuters.com
Ismailimail 