KENYA – The International Finance Corporation, the private investment arm of the World Bank, has acquired a 10 percent stake in Nairobi-based insurance firm Britam.
“Britam is pleased to inform shareholders and the investing public that following fulfillment of all stipulated conditions, the transaction was completed on September 13 and IFC now holds 224,187,697 ordinary shares in the company,” a Britam notice said.
The acquisition gives IFC a seat on the Board of Britam.
The deal was first initiated in January after a motion was moved by the Board. However, it was only completed after a long nine months and extensive negotiations.