AfricInvest increases its shares in Kenyan insurer Britam’s capital to 16.26%
Wednesday, 16 January 2019 15:51
The Pan-African capital investment firm AfricInvest has obtained 49.3 million additional shares in the Kenyan insurance firm Britam Holdings for Ksh450 million (about 4.5 million US dollar).
This acquisition increases the shares of AfricInvest in Britam’s capital to 16.26%.
By May 2018, AfricInvest had already acquired 360.8 million shares in Britam, representing 14.3% of Britam, for Ksh5.7 billion. “We believe in Britam and its strategy,” explained George Odo, senior partner and managing director of AfricInvest in East Africa, according to Business Daily.
“We had approval to make a larger investment in the company but only managed to invest Sh5.7 billion initially. We were happy to pick up more shares in the market,” he added.
The decrease of Britam’s debt, its regional expansion and important investments in technology are the main factors that make it attractive to investors who seek long-term growth opportunities.
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