WPP has interests in Ogilvy EA and Ayton, Young & Rubicam (AY&R) in Kenya. WPP acquires minority stake in Scangroup.WPP announced that it has agreed to subscribe for a minority stake of 27.5% of the increased issued share capital of Scangroup Limited in Kenya. The investment is conditional upon all necessary approvals of Scangroup's shareholders, the Capital Markets Authority and Nairobi Stock Exchange in Kenya. Scangroup provides general advertising and marketing communications services to clients with a focus on media planning and buying services and specialist communications. Scangroup employs over 300 people in its offices in Kenya, Uganda and Tanzania. Scangroup's audited consolidated revenues as at 31 December 2007 were KES 1.157 billion, with gross assets as at that date of KES 1.7 billion. This investment continues WPP's strategy of developing its networks in important markets andsectors and its commitment to developing its business throughout the African markets. Another key point to note is that Scangroup is finalizing setting foot in the West African market thus making it a truly regional player in the advertising arena. Riba subscribes to a HOLD position in the interim. More details in this
media release.
