Liberty Holdings, a leading South African financial services company has increased its stake in its Kenyan subsidiary by acquiring an additional 84,235,930 shares by way of private transfer.
In the transaction, it acquired 49.5 million ordinary shares (9.248 per cent) of the listed insurer from KFAMF Sellers and 34.7 million ordinary shares (6.476 per cent) from Coronation Sellers.
“Consequently, following the completion of the acquisitions, Liberty Holdings now holds 73.467 per cent of the issued share capital of Liberty Kenya,” the Board of Directors said in a statement Tuesday.
Liberty Holdings entered into a sale of shares agreement with KFAMF Sellers and Coronation Sellers on March 4, 2021, and each of the sellers accepted Liberty’s offer to acquire the ordinary shares at a cost of KSh11 per share.
Before the transaction, the South African firm owned 309.33 million ordinary shares in Liberty Kenya, equivalent to 57.7 per cent of the company.
Liberty Kenya Holdings shares will continue trading on the Nairobi Securities Exchange after the partial acquisition.