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Now Victoria bank buys top kindergarten in debt deal
Monday May 10 2021
By PATRICK ALUSHULA
Summary
Victoria Commercial Bank is set to acquires 24.89 percent stake in a top Nairobi-based Kindergarten in a debt swap deal after the school struggled to repay its loans.
The Competition Authority of Kenya (CAK) has cleared the deal that will make the bank a significant shareholder in Montessori Learning Centre Limited, situated in Westlands, Nairobi, reflecting a rare purchase of a school by a lender.
A director at the bank told the Business Daily that the deal was prompted by unpaid loan linked to the school and the reluctance to auction Montessori Learning Centre in the open market. ....

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