CAPITAL MARKETS

Jimnah Mbaru sells 50 million of his Britam Shares to Swiss firm

In Summary

• Upon completion of the transaction, Swiss Re will hold 15.79 per cent of the total issued ordinary shares of Britam.

• Acquisition done through a private transaction has seen Mbaru make at least Sh425 million going by trading price per share of the insurer 

Investment banker Jimnah Mbaru has sold 50 million of his shares in Britam Holdings to Swiss Reinsurance Company.
Investment banker Jimnah Mbaru has sold 50 million of his shares in Britam Holdings to Swiss Reinsurance Company.
Image: KIPLANG'AT KIRUI

 

 

Mbaru, who sits at the board of Britam is now left with 114,800,100 shares valued at Sh8.50 per share or Sh1.4 billion according to data from Britam Annual report of 2017.

Based on the report, Mbaru will still remain the top individual shareholder of Britam followed by Benson Wairegi with 100,408.400 million shares.

Equity bank owners Peter Munga and James Mwangi tie at position three owning 75 million shares each.

As of December 31, 2017 Britam’s total shares stood at 2.162 billion shares with minority shareholders owning 19.45 per cent of it.

This is not the first time that a Britam shareholder is selling of her shares.

Last year, Peter Munga’s Plum LLP also entered into a Share Purchase Agreement to sell 348,504,000 ordinary shares to the Zurich-based reinsurer Swiss Re.