Reports have in recent days been circulated on social media indicating that Rwanda-based investment firm Crystal Ventures Ltd had acquired a majority stake in Standard Group Plc.
A press release reportedly issued by Kenya’s Capital Markets Authority (CMA), appeared to confirm the transaction, sparking widespread speculation.
Dated September 2, 2024, the press release also indicated that CMA had reviewed and approved the acquisition, asserting compliance with Kenya’s Capital Markets Act and other relevant regulations.
“Crystal Ventures Ltd, headquartered in Kigali, Rwanda, has successfully acquired a major stake in Standard Group Plc, subject to applicable regulatory approvals and disclosures to stakeholders.”
“This transaction highlights the growing appeal of Kenya’s capital markets to regional investors and underscores confidence in the media and communications sector,” the letter read in part.
Also Read: Standard Group Editor-in-Chief Ochieng Rapuro Resigns
CMA Flags the Standard Acquisition Report
However, CMA has since flagged the document as fake, urging the public to dismiss the claims as false and misleading.
Through its official communication channels, CMA clarified that no such transaction had taken place and that no approvals had been granted for the alleged acquisition.
The now-debunked press release, also noted that Crystal Ventures had successfully completed a transaction to acquire a significant portion of shares in Standard Group.
Standard Group PLC, which owns leading media brands including KTN News and The Standard newspaper, has been navigating a difficult economic environment.
In the past week alone, the editor-in-chief Ochieng Rapuro and seasoned journalist Eric Latiff quit the Mombasa Road-based media house.
Additionally, the Standard Group is grappling with salary arrears and has been unable to pay its former staff who either resigned voluntarily or were declared redundant.
Also Read: Eric Latiff Lands Another Job After Quitting Standard Group
Dangers of Spreading Fake Information
Corporate acquisitions, especially involving publicly listed companies like Standard Group PLC, are sensitive matters that can significantly impact stock prices and shareholder value.
Additionally, spreading unverified information risks manipulating markets, undermining investor confidence, and causing reputational damage to the companies involved.
Additionally, any official announcements regarding substantial changes in the shareholding of publicly listed companies would be made through verified press statements and disclosed on the CMA website and media outlets.
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