[Kenya] Britam to sell 10 per cent stake to International Finance Corporation
Shareholders of Britam Holdings have approved the sale of 10.37 per cent stake to International Finance Corporation, the World Bank Group’s private investment and lending arm, for Sh3.55 billion.
The deal, first made public on January 2, was approved at an extraordinary general meeting.
It will see the IFC buy 224,187,697 million ordinary shares of Britam at Sh15.85 per share. The transaction, which has been approved by the Capital Markets Authority and the Insurance Regulatory Authority, will be completed between April and June, Britam said.
The deal is IFC’s largest single investment in insurance sector in sub-Saharan Africa, ubderlining its confidence in Brotams’ long-term strategy.
Group managing director Benson Wairegi said the investment makes IFC a strategic partner in Britam’s business.
"The investment is a massive show of confidence in Britam and will inject new energy and focus into the business and comes at the right time when the company is implementing its new 2016-2020 strategic plan,” Wairegi said.