Finweek English Edition - - INVESTMENT -

Fol­low­ing the re­lease of a state­ment from the group, which said that the group will take full own­er­ship of its two par­tially owned Kenyan ho­tels, FNB Se­cu­ri­ties has up­dated its call on the stock. The deal will grant City Lodge full own­er­ship of the Fairview Ho­tel and the Coun­try Lodge in Nairobi. City Lodge ac­quired 50% of the two ho­tels in May 2012 and es­tab­lished a joint ven­ture with the ho­tels’ pre­vi­ous own­ers to in­ves­ti­gate other ex­pan­sion op­por­tu­ni­ties both in Kenya and East Africa as a whole. FNB Se­cu­ri­ties told clients: “This counter is trad­ing on a for­ward P/E of 16.5 times and ap­pears fully priced at th­ese lev­els.”

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