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
-
Algeria Moves Business Registration Stamp Duties Online
17:39
-
Safia Health Promotes Preventive Care Through Tech
17:20
-
Togo To Transfer Youth Entrepreneurship Fund To SME Agency
17:01
-
Togo To Update Legal Framework For Civil Society Organisations
16:59
-
Togo Approves New 10-Year Decentralization Roadmap
16:37
-
Health News Roundup | U.S. Health Aid Shift Puts Pressure on African Public Financing
16:04
-
Ghana and Afreximbank Seal Strategic Accord to Shield Trade Finance and Credit Ratings
15:36
-
Harvest of Ambition: Ethiopia’s Pivot to Wheat Sovereignty and Its Hidden Price Tag
14:52
-
Nigeria Reportedly Engages With Google Over New Subsea Cable as Abuja Emphasises Digital Resilience
12:23
-
Nigeria fintech Clea eases international supplier payments for businesses
17:15
Kenya shipped its first mango consignment to the UK on December 20 The move is part of a pilo...
Nomba brings Apple Pay to 300k Nigerian shops. Following Paystack, this "second row" move enables ...
The BCID-AES launches with 500B CFA to fund Sahel infrastructure, asserting sovereignty from the B...
Kenya’s CMA licensed Safaricom and Airtel Money as Intermediary Service Platform Providers (ISPPs)...
In Africa, the transformation of food systems has become an urgent issue in the face of rapid popula...
In this week’s Health News Roundup, the U.S. is tightening health aid through bilateral agreements tied to co-financing and measurable targets, while...
Ghana resolves the $750m Afreximbank dispute. This strategic move avoids default and protects the lender’s credit rating from agency...
Ethiopia seeds 2.7M hectares for summer wheat, aiming for 17.5M tons to end import dependency and save ~$1B annually in foreign exchange. High costs...
The talks reportedly aim to boost digital resilience after West Africa’s recent connectivity disruptions. The project would focus on route diversity,...
Afrochella, now known as AfroFuture, is a cultural event held annually in Ghana, mainly in Accra, around the Christmas and end-of-year period. Launched in...
Algiers is a coastal capital of around four million inhabitants, located in north-central Algeria. Its urban structure, heritage, and social practices...