Emerging reports indicate that Equity Bank’s chairman billionaire Peter Munga is seeking to acquire a 23.3 per cent stake in Britam. According to reports appearing in Kenya’s Business Daily, Mr. Munga will be acquiring the stake through Plum Holdings, a firm that he is closely associated with.

“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,” Plum Holdings said in a statement signed by Mr Munga.

The stake, estimated to be worth around Sh. 6.3 billion is being sold by the Mauritius government. It was seized from disgraced Britam director Dawood Rawat in April last year. Mr. Rawat was accused of operating a ponzi scheme that drained billions of money belonging to unsuspecting investors.