International Finance Corporation (IFC) a member of the World Bank Group has announced plans to acquire a 10.37 percent stake in diversified financial services group Britam for Sh3.5 billion.
According to the Daily Nation, IFC will be allocated 224.1 million new ordinary shares which is subject to approval from regulators and the company’s shareholders.
IFC will get the stake at a premium price of Sh15.85 which is 58.5 per cent above Britam’s closing price of Sh10 on Friday.
“The proposed subscription is subject to conditions that are customary to transactions of this nature, including receipt of shareholders’ approval and regulatory approvals,” Britam said in a statement attached below;
