Businessman Jimnah Mbaru has sold 50 million Britam Holdings shares valued at Sh425 million to Zurich-based insurance giant, Swiss Re, in a transaction that has seen founders of the Nairobi Securities Exchange-listed firm cede control to foreign institutional investors.
Swiss Re, International Finance Corporation (IFC) and private equity firm Africinvest now hold a combined 40.79 percent stake in Britam compared to the 39.2 percent equity held by the founders, including Mr Mbaru, Peter Munga, Benson Wairegi and James Mwangi.
