Businessman Peter Munga is set to sell 348.5 million shares of financial services firm Britam (NSE:BRIT) worth Sh4.8 billion to Zurich-based insurance giant Swiss Re (SREN), completing his disposal of the 452.5 million shares he acquired from former owner Dawood Rawat in 2016.
Mr Munga first sold 104 million shares worth Sh1.4 billion in the open market last year as he raced to meet his self-imposed deadline of selling the stocks by August this year.
Britam made public the latest shares transaction in a notice sent to the Nairobi Securities Exchange in line with the market regulations.
“Britam Holdings Plc (Britam) has been informed by one of its key shareholders, Plum LLP (Plum) that Plum has on June 11, 2018 entered into a Share Purchase Agreement (the SPA) with Swiss Re Asset Management Geneva S.A., Carouge (Swiss Re), pursuant to which Swiss Re will purchase three hundred and forty eight million, five hundred and four thousand (348,504,000) ordinary shares (the Shares) in Britam from Plum (the Proposed Sale),” Britam said.
Upon completion of the proposed sale, Swiss Re will hold approximately 13.81 per cent of the issued ordinary shares of Britam. The latest transaction places the total value of the share sales at more than Sh6.2 billion.
