Britam Holdings Ltd. shareholders approved International Finance Corp.'s acquisition of a 10.37% stake in the Nairobi, Kenya-based insurer.
IFC will inject 3.55 billion Kenyan shillings to acquire 224,187,697 ordinary Britam shares at a price of 15.85 shillings per share. Due to the transaction, Britam's issued share of capital will increase 11.6%, while the current shareholding will be diluted by 10.37%.
The subscription has already received approval from Kenya's Capital Markets Authority and Insurance Regulatory Authority and is expected to be completed in the second quarter. The investment is IFC's largest in the sub-Saharan African insurance sector.
IFC is the investment arm of the World Bank Group.
As of March 24, US$1 was equivalent to 102.90 Kenyan shillings.