Pan-African private equity company AfricInvest completed the acquisition of a 14.3% stake in Britam Holdings PLC, the Nairobi, Kenya-based financial services group said May 21.
AfricInvest acquired 360,888,281 new ordinary shares in Britam at a price of 15.85 Kenyan shillings per share, for a total of approximately 5.7 billion shillings. The Capital Markets Authority of Kenya had approved the transaction.
Britam Group Managing Director Benson Wairegi said funds from the transaction will support projects in line with its 2016-2020 strategy.
As of May 21, US$1 was equivalent to 100.65 Kenyan shillings.
