KENYA’S WANANCHI TO GO FOR IPO IN MID 2006

Mergers, Acquisitions and Financial Results

Wananchi’s recent merger with ISPKenya has led it to seek a private placement to help it expand further. The merged company has a 38% market share and the deal has to be cleared with the Monopolies Commission (CHECK). Once the merger has been completed, the company will be seeking an IPO in the middle of next year. Subject to a successful completion of the merger, the company will be looking for further acquisitions. In what areas? That would be telling.