The Aga Khan Fund for Economic Development (Akfed) has ruled out the takeover of TPS East Africa in share swap deal that would have seen the fund increase its shareholding in the Nairobi bourse listed hotelier by 10.45 per cent.
TPS East Africa (TPSEA) is set to acquire 79.19 per cent of TPS Uganda — which is owned by Akfed and NSSF Uganda — in a share swap deal.
TPSEA, which runs Serena chain of hotels, will get the controlling stake in TPS Uganda and in turn cede a stake equivalent to the value of the Ugandan entity in its shareholding in a deal set to be concluded by next year.
“Akfed, however, does not intend to make a takeover offer of TPSEA and has accordingly applied to the Authority for an exemption,” said a statement from Akfed on Friday.
Ismailimail 