International Finance Corporation (IFC), a sister organisation of the World Bank and the largest global development institution is set to become a shareholder in Equity Holdings, following a share purchase agreement with Britam to acquire a 4.201% equity or 158, 540,750 shares held by Britam in Equity Holdings.
IFC has an 8.8 % stake in Britam, making it a significant shareholder in Britam.
Britam Holding PLC is a leading diversified financial services group and is listed on the Nairobi Securities Exchange. The group has presence in seven Africa countries in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique and Malawi.
The capital gains from this transaction is expected to boost the cash flow and profits of Britam.
Formerly Equity Bank Group, Equity Group Holdings is a financial services holding company based in the African Great Lakes region. EGHL's headquarters are in Nairobi, Kenya, with subsidiaries in Kenya, Uganda, Tanzania, South Sudan, Rwanda, Democratic Republic of the Congo and a representative office in Ethiopia.
The proposed transaction is subject to regulatory approval of the Capital Markets Authority(CMA) and other relevant regulators.
Sub Sahara Africa in focus
GDP: $1.686 trillion in 2020 compared to $1.77 trillion in 2019
Population: 1.136 billion in 2020 compared to 1.107 billion in 2019
GDP per capita: $1,483 in 2020 compared to $1,559 in 2019