Industrial and Commercial Development Corporation

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Industrial and Commercial Development Corporation
Parastatal
Industry Finance
Founded 1954
Headquarters Uchumi House
Aga Khan Walk
Nairobi, Kenya
Key people
 Martin K. Muragu
Chairman
Peter M. Kimurwa
Executive Director
Products Investments, Equity Partnerships, Financial Advisory Services, Management Services, Export/Import Finance
Revenue IncreaseAftertax:US$20.3 million (KES:1.74 billion) (2010)
Total assets US$138 million (KES:11.9 billion) (2010)
Owner Government of Kenya
Website Homepage

Industrial and Commercial Development Corporation (ICDC) is a government-owned development finance and investment company in Kenya.

Overview

ICDC is a government parastatal, whose primary objective is to facilitate the investment by Kenyans in the economy of the country, while simultaneously providing financing to Kenyan businesses and manufacturers, thus growing the local economy.[1] As of June 2010, the company's total assets were valued at approximately US$138 million (KES:11.9 billion).[2]

History

The company began its operations in 1954 as a 100% wholly owned entity of the Government of Kenya. In 1967, to allow the public to participate in the economy of newly independent Kenya, ICDC spun off an investment subsidiary which it called ICDC Investment Company Limited. In 2007, that subsidiary rebranded as Centum Investment Company Limited. Following gradual, progressive divestments by the Kenyan government, ICDC shareholding in Centum was down to just under 23%, as of March 2013.[3]

Investment structure

ICDC is organized into three main operational divisions namely:

  • Equity Investments: - Invests in profitable, well run Kenyan businesses, which may or may not be publicly traded. Assumes equity ownership positions in the businesses.
  • Loans: - Makes business loans to qualifying Kenyan companies without assuming equity positions in the borrowing entities.
  • Asset Management and Advisory Services: - Serves as Asset Manager and Financial Adviser to qualifying Kenyan businesses.

Investee companies

The following are some of the companies where ICDC is currently invested:[4]

Governance

Martin K. Muragu, one of the non-Executive Directors, serves as the Chairman of the ten-person Board of Directors. The Executive Director and Chief Executive Officer, is Peter M. Kimurwa.[5]

See also

References

  1. ↑ Overview of ICDC
  2. ↑ Audited 30 June 2010 Financial Report
  3. ↑ Shareholding In Centum Investments Company In March 2013
  4. ↑ Companies Where ICDC Is Invested In September 2013
  5. ↑ Board of Directors of ICDC

External links

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