Nairobi Business Ventures picks new managers after buyout

The board of the troubled Nairobi Business Ventures (NBV) Limited has picked a new executive team to steady its ship following the company’s buyout by Delta International FZE.

The board has picked Dhaval Soni as the firm’s new Managing Director replacing Rajasekhar Srungarapu who has resigned from the company.

The board has further named Haresh Soni who is Delta International’s chairman as the company’s new chairman replacing Kumar Sheth who served as the company’s chairman in acting capacity.

Further, the board has named Naresh Ranpura, Lucas Meso and Robert Nyasimi as its new non-executive directors.

The Dubai based Delta International FZE is expected to complete the takeover of Nairobi Business Ventures Limited in the short run having acquired an 84 per cent stake in the company for Ksh.83 million.

The firm is expected to transform NBV into a manufacturer of cement and other industrial products switching it from a leather products retail chain.

The switch in operations currently awaits requisite regulatory approvals.

Earlier this week, the Nairobi Securities Exchange (NSE) extended the trading of NBV shares to the end of November to pave way for the completion of the company’s restructure exercise.

NBV previously imported and distributed shows under the brand name ‘K Shoe.’