Nairobi News

HustleNews

Kenyan-born fashion mogul earns Sh3.2bn in UK firm share sale

The Kenyan-born founder of Britain’s fast-rising online fashion company, Boohoo, has made Sh3.2 billion from selling part of his shares in the firm — affirming Nairobi’s standing as a robust business hub that produces world class entrepreneurs.

Mahmud Kamani, a joint CEO of Boohoo, concluded the transaction on Monday to take advantage of the company’s skyrocketing share price on the London Stock Exchange’s alternative investment market (AIM).

“Boohoo announces that, further to the announcement made on June 8, 2017 (successful fundraising of £50 million and successful placing of 36,570,632 existing shares each at 220p per share), Mahmud Kamani, joint chief executive officer, has sold 11,252,502 ordinary shares at a price of 220p per share,” the firm said in a filing with London regulators, adding that “the transaction has now completed as the shares have been admitted to trading on AIM.”

The transaction came a week after Boohoo raised Sh6.5 billion by selling new shares to investors to fund its growth.

The total of nearly Sh10 billion raised in the twin share deals underline investors’ ardour, with the stock which has raised the firm’s market valuation to Sh369.5 billion as of Tuesday.

Read the full story here.

SOURCE: Business Daily