Kenya’s Plum LLP to acquire 23.34% stake in Britam Holdings

Plum LLP has announced intentions to acquire 23.34% shareholding (~452 Million shares) of Britam Holdings Ltd. This will mean that Plum LLP together with associated persons(Equity Bank Chairman ,Equity Bank CEO & and related companies will control 38.54% of Britam Holdings Ltd. The proposed acquisition is in order to provide Britam and its shareholders time to identify a strategic investor.

The Mauritian government is selling the stake it seized from disgraced tycoon Dawood Rawat last year April after accusing him of running a Ponzi scheme.

“On completion of the proposed acquisition, Plum LLP together with associated persons and related companies will control 38.54 per cent of the total issued ordinary shares of Britam,” said Plum in a public statement signed by Mr Munga.

The transaction valued at Sh6.3 billion based on Britam’s present share price of Sh14 per share  is expected to be completed by 31st July 2016.

Share Price
On Monday, Britam closed at Ksh 14.10, which is 41% above the 52 week low of Ksh 10.00 set on Mar 21, 2016.Britam YTD
UPCOMING EVENT
NSE Training Banner