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African private equity houses buy joint stake in Kenya's Prime Bank

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African private equity houses buy joint stake in Kenya's Prime Bank

Kenya's Catalyst Principal Partners and Tunisia's AfricInvest collectively bought a minority stake in Kenya-based Prime Bank Ltd., Reuters reported Jan. 8, citing the two private equity companies.

The firms bought a "significant minority" stake in the bank via their joint special purpose vehicle AfricInvest Azure. The terms of the transaction were not disclosed, according to the report.

A 24% stake was bought for 5.1 billion Kenyan shillings, Reuters reported, citing Daily Nation.

As of Jan. 7, US$1 was equivalent to 101.94 Kenyan shillings.