Kenyan Tycoon Jimnah Mbaru Offloads 50 Million Britam Shares Worth $4.4 Million [Forbes]
SWISS RE LTD S/ADR (SSREY)
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Source: Forbes
Kenyan Tycoon Jimnah Mbaru Offloads 50 Million Britam Shares Worth $4.4 Million Woman counting Kenyan shillings Getty Kenyan businessman Jimnah Mbaru has sold off 50 million shares he owns in Britam Holding, one of Kenya’s largest insurers, to Swiss Reinsurance Company Ltd (Swiss Re). According to a recent filing by Britam, Mbaru sold the shares in a private transaction to the Swiss insurer. The financial details of the transaction were not disclosed, but the shares are worth at least $4.4 million going by the current share price of 8.8 cents at the Nairobi Securities Exchange (NSE). It is a deal that consolidates the Swiss insurer’s position as one of the largest shareholders in the Kenyan insurer with a 15.79% stake. Last June, Swiss Re acquired a 13.81% stake in the company Over the last year, Britam’s founding shareholders have ceded control of the company to institutional shareholders. Swiss Re, International Finance Corporation (IFC) and private equity firm Africinvest now hold
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