I&M Holdings #ticker:I&M has invested Sh819.9 million in acquiring an additional 15.35 per cent stake in its Tanzanian subsidiary through a series of transactions that included the buyout of French fund Proparco.
This raised the banking group’s interest in the unit to 70.38 per cent from the previous 55.03 per cent, according to the Nairobi Securities Exchange #ticker:NSE -listed firm’s latest annual report. Besides acquiring some shares from Proparco, I&M also participated in the subsidiary’s rights issue in which it took up shares left by other minority investors.
