After Africa Mega Agriculture Centre (AMAC) purchased an 84 percent ownership in Kenya Orchards Limited (KOL), the company formally changed its name to Africa Mega Agricorp Plc.
At an extraordinary general meeting in August 2024 accessed by BrabndSpur digital news platform, shareholders approved the buyout, which was first disclosed in June 2024.
According to the company: “Notice is hereby given that Kenya Orchards Limited has changed its name to Africa Mega Agricorp Plc, following due approval of shareholders and receipt of a certificate of change of name issued by the Registrar of Companies dated December 16, 2024.”
10.86 million shares that were formerly owned by Westpac Holdings Ltd (34.28%), directors Vipul Thakarshi Patel (14.88%) and Thakarshi Keshav Patel (33.6%), as well as Hansa Dinesh Chandra Shah (1.65%), were sold in the deal. To settle any remaining debts, the parties decided to carry out the agreement in a private transaction that included asset transfers.
The deal was valued at about KES 210 million (US$1.6M) at the time of the initial announcement when KOL shares were trading at KES 19.50 (US$0.15). But by the end of December 2024, the stock had experienced a significant surge in value, closing at KES 70 (US$0.54) per share.
According to the most recent appraisal, the shareholding is currently valued at an estimated KES 760.4 million (US$5.88M). However, the exact settlement amount has not yet been released. Africa Mega Agricorp stated in a July 23, 2024, circular to shareholders that it had no intention of delisting KOL from the stock exchange and would not make an offer to the remaining shareholders.
Formerly concentrating on the distribution of processed fruits, vegetables, and other food items, Kenya Orchards Limited is currently managed by AMAC, an agribusiness organization that specializes in market facilitation, equipment leasing, agro-processing, and storage solutions. KOL’s profit after tax decreased by 8.1 percent in the fiscal year 2023, from KES 1.91 million (US$14,763) to KES 1.77 million (US$13,681).
