Shelter Afrique managing director James Mugerwa. PHOTO | FILE
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The African Development Bank majority stake in the regional housing lender now goes up from 18.45 per cent to 22.7 per cent.
Pan-African housing financier Shelter Afrique has received $8.2 million (Sh838 million) in capital injection from the African Development Bank to shore up its reserves.
The bank’s majority stake in the regional housing lender now goes up from 18.45 per cent to 22.7 per cent, representing Sh1.6 billion ($15.2 million) of the company’s total shareholdings.
The bank will inject an additional $8.2 million into Shelter Afrique. This will strengthen Shelter Afrique’s balance sheet, said the bank’s eastern Africa regional development and business delivery office director-general during the signing ceremony in Nairobi.
Shelter Afrique’s director for legal, risk and compliance Vipya Harwa, said it will now implement its revamped strategic plan.
Last month, Shelter Afrique lost its top credit rating in what was attributed to recent concerns over the state of its finances.
Moody’s, a ratings agency, said it had downgraded Shelter Afrique’s long-term issuer rating from Ba1 to Ba3.
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