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Industrial and Commercial Development Corporation

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Industrial and Commercial Development Corporation
Company typeParastatal
IndustryFinancial services
Founded1954; 70 years ago (1954)
Headquarters
Nairobi
,
Kenya
Key people
Francis Kimemia (Chairman), Kennedy Wanderi (Executive Director)
ProductsInvestments, Equity Partnerships, Financial Advisory Services, Management Services, Export/Import Finance
RevenueIncreaseAftertax:KSh.1.74 billion/= (US$20.3 million) (2010)
Total assetsKSh.11.9 billion/= (US$138 million) (2010)
OwnerGovernment of Kenya
Websitewww.icdc.co.ke

Industrial and Commercial Development Corporation (ICDC) is a Kenyan government-owned development finance institution.

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 KSh.11.9 billion/= (US$138 million).[2]

History

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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

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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

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

Governance

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Francis Kimemia, one of the non-Executive Directors, serves as the Chairman of the ten-person Board of Directors. The Ag. Executive Director and Ag. Chief Executive Officer, is Kennedy Wanderi.[5]

See also

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References

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  1. ^ "Overview of ICDC" (PDF). Archived from the original (PDF) on 2013-09-21. Retrieved 2013-09-20.
  2. ^ "Audited 30 June 2010 Financial Report". Archived from the original on 21 September 2013. Retrieved 20 September 2013.
  3. ^ "Shareholding In Centum Investments Company In March 2013". Archived from the original on 2013-09-21. Retrieved 2013-09-21.
  4. ^ "Companies Where ICDC Is Invested In September 2013". Archived from the original on 2013-09-21. Retrieved 2013-09-21.
  5. ^ "Board of Directors of ICDC". Archived from the original on 2013-09-21. Retrieved 2013-09-21.
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