Ringier Kenya has issued a creditors call in a bid to reach out to any creditors who Ghafla owes dues to pave way for acquisition of one of Kenya most popular entertainment blog.
In the call published in a local newspaper, Ringier wants any company or individual who has dues payable to them by Ghafla to come out and clear with them before they take over the company. The process will ensure that the new owners do not start business only to learn that there were some obligations they were unaware off.
These obligations could include debts, liabilities and court cases including damages due if any.
In the legal notice dated 29th July 2016, Ghafla Business whose legal entity is Laini Majani Investment Limited will be transferring its contracts, intellectual property and relevant office equipment to Ringier Kenya Limited.
As a legal requirement under the Transfer of Businesses Act, the final agreement and acquisition will happen once this process confirms the identity and obligations availed to them by Laini Majani Investment Limited. It means that should there be any obligation not reported and comes up, the deal can be re-negotiated or cancelled. It also means that if any individual or business entity comes up later to lay claim to debts or liabilities, such a call will be null and void.
Ringier has been very clear in the notice that it does not intend to assume any debts or liabilities incurred any time before the final completion of the acquisition.
Founded in Switzerland as a media company, Ringier came to Kenya, the first country in Africa in 2011. Over the years they have either established or bought Rupu (online shopping platform), BrighterMonday (jobs site), PigiaMe (online market place), Cheki (online car dealers) and buyrentkenya (property portal).
Ghafla were first incubated at Nailab in 2011 when their then founders Samuel Majani and Lyosi Mwedekeli received sh14 million investment. Prior to launching the brand, Ghafla was operating as KenyanLyrics.com from 2009. In November 2013, the company was among the first to receive funding from 88mph valued at $25,000. 88mph bought a stake in it but Majani retained majority shareholding. But this process also saw the exit of Lyosi Mwedekeli from the company due to disagreements.