(Last Updated On: July 1, 2014)
Britam, a diversified financial services company, has decided to buy a 24.75 percent stake in mortgage provider Housing Finance. This was previously owned by Equity Bank and it is valued at around sh2.2 billion. Equity Bank has held this stake for around seven years and has got a return of more than 500 percent.
Britam already has a 21.46 percent stake in Housing Finance and this will raise its shareholding to around 46.08 percent if approved by the Capital Market Authority, Central Bank, the National Treasury and the Competition Authority of Kenya. Britam currently has insurance, asset management and property development business.