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    Khusoko – East African Markets
    BANKING & FINANCE

    IFC to Buy 4.2% Stake in Britam from Equity Group Holdings

    David IndejeBy David Indeje2021-12-26Updated:2021-12-301 Comment2 Mins Read
    International Finance Corporation (IFC), a sister organization of the World Bank and member of the World Bank Group,  is set to buy a stake in Britam through a share purchase agreement.

    International Finance Corporation (IFC), a sister organization of the World Bank and member of the World Bank Group,  is set to buy a stake in Britam through a share purchase agreement.

    IFC which is already a significant shareholder in Britam with an 8.8 % stake in Britam, intends to acquire an additional 4.201% equity (158, 540,750 shares) held by Britam in Equity Holdings.

    The capital gains from the transaction are aimed at boosting Britam’s cash flow and profit.

    “The proposed subscription is subject to conditions that are customary to transactions of this nature, including receipt of shareholders’ approval and regulatory approvals,” Britam said in a statement.

    If completed, Britam is expected to earn KSh 13.9 Billion.

    The share sale marks the final exit of Britam from Equity since 2004 when it began purchasing the shares. Britam held an 11 per cent stake in the bank estimated at KSh900 million when Equity listed on the Nairobi Securities Exchange (NSE) in August 2006 via introduction.

    Equity Holdings has interests in banking subsidiaries in Kenya, Rwanda, Tanzania, Uganda, South Sudan and the Democratic Republic of Congo. It is listed at the Nairobi Securities Exchange and cross-listed on the Uganda and Rwanda stock exchanges.

    The International Finance Corporation is an international financial institution that offers investment, advisory, and asset management services to encourage private-sector development in less developed countries.

    IFC is a sister organisation of the World Bank and the largest global development institution focused exclusively on the private sector in developing countries.

    The proposed transaction is subject to regulatory approval of the Capital Markets Authority(CMA) and other relevant regulators.

    Pending completion of this transaction, shareholders of Britam and other investors are advised to exercise caution while dealing with shares of Britam at the NSE.

    Britam Holdings International Finance Corporation (IFC)
    David Indeje
    David Indeje
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    In my role as Community Engagement Editor For Khusoko, I care about our audience. engaging them, getting news delivered to them across a variety of platforms, and expanding the diversity of voices on our website.

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    1. Pingback: Equity Acquires Ksh18.6 Bn Loan From IFC For SME Lending

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