The International Finance Corporation (IFC), the World Bank’s private arm, has completed buying a 10.3% stake in Nairobi-based insurance firm Britam.
Britam announced the completion of the transaction set in motion in January in a notice on Friday, reports the Daily Nation.
The shareholding guarantees IFC a board seat.
“…Britam is pleased to inform shareholders and the investing public that following fulfilment 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.
Top owners of Britam include businessman Peter Munga (36 per cent), Britam CEO Benson Wairegi (4.6 per cent), Equity Bank CEO James Mwangi (3.47 per cent) and investment banker Jimnah Mbaru (9.01 per cent).
Britam also operates in Uganda.