Shareholders are also expected at the November annual general meeting (AGM) to give their go-ahead to the transaction in which Britam will raise Sh5.7 billion.
AfricInvest is acquiring 360.8 million Britam shares at a price of Sh15.85 each.
The price that AfricInvest is paying for the Britam stake matches what the International Finance Corporation (IFC) paid for 10.3 per cent stake in a transaction that was concluded in September.
Britam #ticker:BRIT shareholders will next month vote on whether to waive their pre-emptive rights to pave the way for the conclusion of a deal in which private equity firm AfricInvest is acquiring a 14.3 per cent stake in the insurance firm.
Shareholders are also expected at the November annual general meeting (AGM) to give their go-ahead to the transaction in which Britam will raise Sh5.7 billion. AfricInvest is acquiring 360.8 million Britam shares at a price of Sh15.85 each.
The price that AfricInvest is paying for the Britam stake matches what the International Finance Corporation (IFC) paid for 10.3 per cent stake in a transaction that was concluded in September.
The IFC had stipulated that Britam could not sell stake to any new investor at a price lower than the Sh15.85. The private investment arm of the World Bank also limited the shares that Britam could issue to another investor at Sh6.1 billion. The largest shareholders also committed to maintain a combined ownership of at least 20 per cent for two years after IFC’s investment.
Britam had previously said that the capital raised from the IFC acquisition would be used to close property deals, invest in its subsidiaries and to grow digital channels to deliver its financial services.
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