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Thursday, October 22, 2020

Britam sells Sh. 299 million stake in Acorn, makes neither losses nor gains

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Britam has revealed that it sold off its 25 per cent stake in Acorn Group last year at Sh. 299 million in a deal that saw the firm record neither losses nor profits.

“Acorn … was disposed of by the group in the course of 2015 for a consideration equal to its carrying value as at December 31, 2014 of Sh299.6 million,” Britam said in its latest annual report. “The group has therefore not recognised any gains or losses on the transaction.”

Currently, Acorn has developed and managed properties for among others Coca-Cola East Africa, Deloitte East Africa and UAP Holdings. Its ongoing projects in Nairobi include Tiara Office Park, Mashiara Park, Pan Africa Life Assurance head office and Elono Plains.

Besides exiting Acorn, the insurer also reduced its investment in Equity Group last year by selling 34.3 million shares with a market value of about Sh1.3 billion.

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