Kenyan tycoon Jimnah Mbaru sells millions in shares, shakes up Britam ownership

Jimnah Mbaru, a prominent Kenyan tycoon and chairman of Dyer and Blair Investment Bank, recently made a strategic move by selling off 64.8 million shares in Nairobi-based diversified financial services group Britam Holdings.

The recent sale of the 64.8 million shares, valued at Ksh318 million ($2.27 million), marks Mbaru’s efforts to unlock value from his holdings.

This sale comes four years after Mbaru’s previous off-market transaction, where he sold 50 million shares to Swiss Re at a significant premium to Nairobi Securities Exchange (NSE) prices.

Following that, he repurchased the same number of open market shares, restoring his ownership to 194.8 million by the end of 2019.

With the latest divestment, Mbaru’s stake in Britam has decreased from 194.8 million shares (equivalent to a 7.72-percent stake) to 130 million shares, representing a 5.1 percent ownership by December 31, 2022.

Britam Holdings, a leading diversified financial services group operating across Southern and East Africa, offers a range of core financial services, including insurance, asset management, banking, and real estate.

Britam’s shares are currently trading at Ksh5 ($0.0356) per share, marking a 1.96-percent decrease from their opening price today. The market capitalization of Britam stands at Ksh12.6 billion ($90 million), making it the 18th most valuable company listed on the Nairobi Securities Exchange.

While Mbaru’s recent transaction has reduced his stake in Britam, he remains the company’s largest individual shareholder. His position outshines that of other prominent Kenyan businessmen such as Benson Wairegi, Peter Munga, and James Mwangi.

Wairegi holds a 4.02 percent stake in Britam, while Munga and Mwangi each own a 2.97-percent stake in the diversified financial services group.

Mbaru’s extensive business acumen has established him as one of the wealthiest investors on the Nairobi Securities Exchange and one of Kenya’s most successful businessmen.

Britam Holdings, an East African financial services and investment group with operations in several countries, continues to benefit from Mbaru’s continued involvement and strategic decision-making.