Home » Controlled by Kenya’s richest men, Britam now set to divest 4.2 percent of its Equity Group shares to IFC

Controlled by Kenya’s richest men, Britam now set to divest 4.2 percent of its Equity Group shares to IFC

by Chidi Emenike

Britam Holdings, a leading financial services group whose shareholders include Kenyan multimillionaires Peter Munga, James Mwangi and Jane Wanjiru Michuki, has agreed to divest 4.201 percent of its stake (158, 540,750 shares) in Equity Group Holdings to the International Finance Corporation for an undisclosed fee. 

According to information gathered by Billionaires.Africa, the deal, which is subject to regulatory approval from the Kenyan Capital Markets Authority and other statutory regulators, will help boost Britam’s cash flow and profits. 

Pending the completion of the transaction, Britam shareholders and investors are urged to be cautious while dealing with Britam shares on the Nairobi Stock Exchange. 

Britam Holdings is a diversified financial services provider with a presence in Southern and East Africa. Its financial services include insurance, asset management, banking and real estate. 

Munga, a non-executive director in Britam, is a co-founder and the immediate past chairman of Equity Group Holdings. He holds about 72 million shares in Britam. 

Recall that in August, Britam Holdings was in the spotlight following Munga’s secretive acquisition of 425 million shares in the company. The deal drew the ire of the Capital Markets Authority and the Mauritian government after reports suggested that Mauritius might have incurred losses amounting to $35.9 million from the deal. 

The IFC is already a significant shareholder in Britam, with an 8.8-percent stake. The deal will further consolidate its position in the lender. 

Billionaires.Africa also understands that this is not the first time that the IFC will partner with Equity Group. Last month, the IFC lent out about $50 million to an Equity Group subsidiary in the Democratic Republic of the Congo, Equity Banque Commerciale du Congo, to support underserved MSMEs in the country. 

Led by Mwangi, Equity Holdings is a Kenya-based financial services conglomerate cross-listed on the Nairobi, Ugandan and Rwandan stock exchanges. It offers banking and non-banking services. 

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