Private Equity (PE) firm AfricInvest has spent another Sh273 million to acquire an extra 32.5 million shares in insurance group Britam whose stock it has been accumulating since last year, Business Daily
The latest share purchases, disclosed in Britam’s latest annual report, have raised the PE firm’s stake in the Nairobi Securities Exchange-listed firm to 17.55 percent.
AfricInvest was first allotted 360.8 millions new shares equivalent to a 14.3 percent stake in May last year at a cost of Sh5.7 billion or a price of Sh15.85 per share.
The company subsequently bought an additional 49.3 million units of Britam shares worth about Sh450 million in the open market by October last year. The extra 32.5 million shares, with a current market value of about Sh273 million, were bought in the three months to December.