Kenya: Tycoon Jimnah Mbaru hands over his 50 million shares in Britam Holdings to Swiss Re
Friday, 26 April 2019 15:44
Kenyan businessman Jimnah Mbaru (photo) has sold the 50 million shares he had in Britam Holdings, one of the largest insurers in Kenya, to Swiss Reinsurance Company (Swiss Re), Forbes revealed on April 20, 2019.
The financial details of this transaction have not been disclosed but the 50 million shares are worth at least $4.4 million based on the average price of Britam Holdings on the Nairobi Stock Exchange.
The transaction consolidates Swiss Re’s position as one of the main shareholders of Britam Holdings with 15.79% of overall stakes. In June 2018, it acquired 13.81% stake in the Kenyan insurance group (from tycoon Peter Munga for $48 million).
Last year, Britam Holdings’ founders handed over the group’s control to institutional investors. Swiss Re, the International Finance Corporation and AfricInvest hold a combined stake of 40.79% in Britam while the founders hold 39.2%.
Britam Holdings’ market capitalization is about $300 million. Its market share in Kenya is over 20%.
Live News
-
Zambia Unveils National Strategy to Protect Young Internet Users
06:18
-
Togo’s Edomatch Targets Faster Hiring With Mobile Recruitment Platform
06:09
-
Hussein Wahdan Automates Enterprise HR Management
06:00
-
Guinea Seeks to Modernise Its Civil Service to Meet Labour-Market Needs
05:59
-
Yttrium: Prices Surge 3,500% for a Metal South Africa Plans to Produce
05:55
-
Maersk to Resume Suez Canal Transit in December
05:48
-
Cameroon: AGL Invests $1.8 Million in New Equipment
05:45
-
FSD Africa Rolls Out $30Mln Fund for African Insurtech Innovators
14:14
-
CHR Lomé-Commune Commissions New Medical Scanner
13:56
-
Access Bank, in Partnership with IFC and AGF, launches Cameroon’s First-Ever Womenpreneur Pitch-A-Ton
13:42
S&P upgrades Zambia to CCC+ as debt talks advance and copper output rebounds. About 94% of $...
Anthropic, Rwanda’s government, and ALX launched Chidi, an AI mentor built on Claude. It wi...
Government, ESCWA, and experts meet to shape national framework Plan aims to fight corruption, c...
Vodacom Tanzania launches M-Pesa Global Payments, enabling seamless international transactions thr...
(MCB) - The Mauritius Commercial Bank Limited (“MCB”) has successfully granted a strategic financing...
The government launched FUGAS, a new digital administrative and payroll system, as a strategic reform tool. The initiative forms part of a broader...
Yttrium oxide prices jumped from $6/kg to $220–320/kg after China restricted exports. South Africa prepares to enter medium-term yttrium...
Maersk will resume transit through the Suez Canal from December 2025 after a two-year diversion. The Suez Canal Authority has cut transit fees by 15%...
AGL Cameroon invested CFA1 billion ($1.8 million) in new port equipment. The company has already spent more than CFA8 billion on equipment in...
Hidden deep within the Arabuko-Sokoke Forest on Kenya’s coast near Malindi, the ancient city of Gedi stands as one of East Africa’s most intriguing...
Orange Egypt and Qatar’s Qilaa International Group have partnered to develop WTOUR, a digital platform offering trip planning, hotel bookings, local...