Nairobi Securities Exchange listed lender I&M Holdings has on Monday announced that UK Goverment’s CDC Group Plc entered into agreement to acquire about 10.68% stake of the lender which is currently held by German and French development finance institutions, DEG (6.25% ) and Proparco (4.43%).
The deal which is worth around Ksh 4.5 Billion is however subject to regulatory approvals from Central Bank of Kenya, the Bank of Tanzania, the Capital Markets Authority and the fair competition commission in Tanzania and is set to be completed by the end of the year.
“Shareholders of I&M Holdings are advised that CDC Group plc. has on April 14, 2016 entered into a conditional agreement with two existing shareholders of the company, DEG and Proparco, for the sale and purchase of shares comprising approximately 10.68 per cent of the company’s issued share capital as a private transfer,” read a statement published in the local dailies by I&M Bank.
CDC Group Plc was formerly known as ‘Commonwealth Development Corporation’ previous to that ‘Colonial Development Corporation’
