Nairobi, Feb. 13 -- Hire purchase lender Synergy Industrial Credit wants to acquire part of its own shares valued Sh400 million, becoming one of the few non-listed firms to go this route.

The firm, which was incorporated in Kenya in 1994 to offer hire purchase financing, says it will buy back 400,000 fully paid-up ordinary shares in the capital of the company.

The decision was approved by way of a special resolution passed at an extraordinary general meeting of the company held mid-October last year. Synergy gazetted the resolution last Friday.

"The company will buy back 400,000 fully paid-up ordinary shares in the capital of the company Sh1,000 per ordinary share payable in cash for an aggregate consideration and permissible capital p...