British International Investment Plc, formerly CDC Group PLC, has announced the sale of its shares in I&M Group to East Africa Growth Holding.
East Africa Growth Holding is an investment vehicle established by Africinvest Fund IV LLC, AfricInvest IV Netherlands C.V., and AfricInvest Financial Inclusion Vehicle LLC.
- The sale represents approximately 10.13% of the total issued share capital of the listed I&M Group Plc.
- British International Investment is the investment arm of the UK government.
In a public statement, the bank noted that the completion of the transaction is subject to regulatory approvals, not only in Kenya where I&M Group Plc is headquartered, but also in the other countries where the company is present.
- Other than its home base, I&M Group PLC operates in Tanzania, Rwanda, Uganda and Mauritius.
“As such, shareholders of the Company and the public at large are strongly advised to exercise caution when dealing with the shares of I&M Group Plc during this period of transition,” reads the statement.