Nairobi businessman Jimnah Mbaru has earned at least Sh. 56.6 million from the sale of 5.5 million shares in Britam.
This sale saw the business mogul cut his stake in the firm to 10.25 per cent, which is equivalent to 194.8 million shares from the 200.3 million shares he held in December 2015.
In the same vein, Jimnah Mbaru has earned more than Sh. 1 billion from the cumulative sale of nearly 100 million shares, having held 300 million shares when the insurer went public in 2011.
The sale of the shares by Mr. Mbaru was revealed in a in a circular sent by the Nairobi Securities Exchange-listed firm in relation to the sale of a 10.37 per cent stake to International Finance Corporation (IFC) for Sh. 3.5 billion.
Mr. Mbaru is the head of Dyer and Blair, an investment bank that facilitates trade at the Nairobi bourse.
He has made over Sh. 1 billion from his stake at Britam since it debuted on the NSE in 2011. In effect, he has downloaded his shares from the 300 million he had to the current 194 million.
