Kenya's WPP Scangroup to sell some assets, shares surge

Friday November 01 2019

Bharat Thakrar, CEO WPP-Scangroup. FILE PHOTO | COURTESY


Kenyan marketing company WPP Scangroup said on Friday its board had approved the sale of some of its assets in East and West Africa, sending its shares up 23 per cent.

The company said it expected a net Ksh5 billion ($50 million) from the sale, with 40 per cent of that going to shareholders in a special dividend.

The assets to be sold include its shares in Millward Brown East Africa Ltd, Millward Brown Nigeria Ltd and Millward Brown West Africa Ltd, the group said in a public notice.

The transaction needs shareholder and regulatory approvals, it said.