Shelter Afrique offices in Nairobi. PHOTO | FILE
Kenya has lost top position in the ownership of pan-African mortgage firm Shelter Afrique to Nigeria following last year’s rights issue.
Its ownership dropped to 10.9 per cent from 11.4 per cent despite having promised to protect its stake during the cash call.
Nigeria increased its stake to 11.8 per cent from 9.8 per cent surpassing Ghana which now holds a 10.5 per cent share.
Shelter Afrique is currently jointly owned by 44 African states.
Ethiopia, Mozambique, South Sudan and China had expressed interest in shareholding of the mortgage company, a decision that was to be made this year.
Efforts to reach the company were not successful with the management said to be in a day-long meeting on Friday.
Kenya is the host of the mortgage lender and has benefited from the company’s local housing projects.
