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Corporate

Mbaru sells 5.5m shares in Britam

Mr Jimnah Mbaru. FILE PHOTO | NMG
Mr Jimnah Mbaru. FILE PHOTO | NMG 

Businessman Jimnah Mbaru has sold 5.5 million shares of Britam, cutting his stake in the insurer to a new low of 10.05 per cent.

Mr Mbaru’s trades are disclosed in a circular sent by the Nairobi Securities Exchange-listed firm in relation to the sale of a 10.37 per cent stake to International Finance Corporation (IFC) for Sh3.5 billion.

The businessman, who held 200.3 million shares in December 2015, had reduced the holdings to 194.8 million shares by June 2016, according to the disclosure.