The shareholder fight in the sports betting platform is pitting local majority shareholders against its foreign owners from Bulgaria in a row that erupted when SportPesa announced its return under Milestone, a business licensed last month.
Businessman Paul Wanderi Ndung’u and Asenath Wacera Maina, who have a combined stake of 38 percent, reckon they were not informed of the Milestone deal, which was made public by SportPesa CEO Ronald Karauri on Friday.
Mr Ndung’u reckons that local top shareholders of Pevans East Africa, the entity behind SportPesa in Kenya, were excluded from buying shares in the holding company — SportPesa Global Holding Limited (SGHL) — leading to dilution of their ownership in the UK-based firm.
