November 1, 2019 / 10:57 AM / 8 months ago

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

NAIROBI (Reuters) - Kenyan marketing company WPP Scangroup (SCAN.NR) said on Friday its board had approved the sale of some of its assets in East and West Africa, sending its shares up 23%.

The company said it expected a net 5 billion shillings ($48.4 million) from the sale, with 40% 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.

Reporting by Duncan Miriri; editing by Susan Fenton and Jason Neely

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