Local firm to bid for ShSh6.3bn stake in Britam

Mr Peter Munga, Equity Bank Chairman.

What you need to know:

  • The Mauritian government is selling the stake it seized from disgraced tycoon Dawood Rawat last year April after accusing him of running a Ponzi scheme.

Plum Holdings, a company associated with Equity Bank chairman Peter Munga, has announced intentions to acquire a 23.3 per cent stake in listed Britam Holdings being disposed by the government of Mauritius.

The Mauritian government is selling the stake it seized from disgraced tycoon Dawood Rawat last year April after accusing him of running a Ponzi scheme.

“On completion of the proposed acquisition, Plum LLP together with associated persons and related companies will control 38.54 per cent of the total issued ordinary shares of Britam,” said Plum in a public statement signed by Mr Munga.

The transaction valued at Sh6.3 billion based on Britam’s present share price of Sh14 per unit is expected to be completed by end of next month.

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