Shareholders of I &M Holdings PLC have approved the acquisition of a 90 percent stake in Orient Bank Uganda.
Following the green light during Virtual Extraordinary General Meeting, the lender will buy the shares from Hemlata Karia, Jay Karia, Morka Holdings Limited, Zhong Shuang Quan, Cornerstone M8 Limited, and the bank’s founder Ketan Morjaria worth USD 33.6 million (KSh3.6 billion).
I&M Holdings operates in five countries – Kenya, Tanzania, Rwanda, Uganda, and Mauritius through its subsidiaries, affiliates, and joint venture investments in each of these countries.
In the third quarter of 2020, the lender reported a 30% dip in net profit from the same period last year. The company expects its full-year earnings to drop by more than 25% of the earnings reported at the end of 2019.