Ex-Equity boss sells Sh4.8 billion Britam stake to Swiss reinsurer

Former Equity Bank Chairman Peter Munga (PHOTO: FILE)

NAIROBI, KENYA: Businessman Peter Munga’s Plum LLP wants to sell its entire stake in Britam to Switzerland-based firm Swiss Re Asset Management Geneva SA.

Britam said in a statement on Monday that Plum LLP had entered into a share purchase agreement with Swiss Re in a deal that will see the latter purchase 348.5 million shares from the former.

Completion of the deal will mean that the global reinsurer will hold about 13.81 per cent stake in Britam, effectively dislodging Plum LLP to become among top highest investors in Britam after Equity Holdings (18.73 per cent).

“The Proposed Sale is subject to conditions that are customary to transactions of this nature, including but not limited to receipt of regulatory approvals from the Capital Markets Authority, Insurance Regulatory Authority and the Central Bank of Kenya,” said Britam in a statement.

Plum Holdings is jointly owned by Mr Munga, Filimbi Ltd - an investment vehicle associated with Equity Bank Chief Executive James Mwangi - and Equity Holdings.

In 2016, the firm acquired the shares as an interim measure to allow Britam and its shareholders to identify a suitable investor.

This was after the Mauritian Government offered for sale the stake it seized from disgraced tycoon Dawood Rawat.

Mr Munga had made it clear that Plum LLP would dispose of the shares within 24 months from July 31, 2016, the date on which the shares were transferred to it.

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