CMA approves Genghis acquisition by Pamoja Capital

The Capital Markets Authority (CMA) has approved the acquisition of Genghis Capital to a consortium of investors led by Pamoja Capital.

The investment bank is closely associated with former Chase Bank Chairman Zafrullah Khan, who together with his partners will be selling their entire stake in Genghis Capital.

The consortium has formed a special purpose vehicle Goodison Two Seven Three Limited to acquire the issued share capital acquire of the investment bank.

Genghis Capital ran into liquidity challenges in April when Chase Bank, which served as its custodian bank, was placed under receivership limiting is ability to trade on behalf of its clients.

The acquisition will see an entire new management team come in led by Pamoja Capital co founder and immediate former Chief Executive Officer Geoffrey Gangla as the new CEO.

“A new board of directors has been appointed and shall comprise Mr Godwin Wangong’u and Mr Edward Macharia as non executive directors while Geoffrey Gangla, CFA shall serve as an Executive Director. It is expected that additional appointments of non executive directors will follow in due course,” Genghis Capital said in a statement.

The firm hover did not disclose the value of the transaction.

Pamoja Capital is a regional corporate finance advisory firm with offices in Nairobi and Johannesburg. According to information on its website, Pamoja Capital has executed transactions worth $15 billion (Sh1.5 trillion) with a deal pipeline in excess of Sh100 billion.

According to the new owners, the focus will be on enhancing value for its clients through investment into Genghis Capital.

“Genghis Capital will continue to offer its clients stockbroking, corporate finance advisory and asset management services,” the firm said.

Genghis is an investment bank licensed by CMA and a trading participant at the Nairobi Securities Exchange.