Friday, March 29, 2024

Peter Munga makes Sh. 1.3 billion after share sale

Nairobi Securities Exchange billionaire investor Peter Munga has made Sh. 1.3 billion from the sale of Britam shares.

Mr. Munga had bought the shares from the Mauritius government after they were acquired from the disgraced former Britam director and Mauritian national Dawood Rawat. Rawat had been accused of running a ponzi scheme that amounted to a Sh. 69.3 billion fraud. The Rawat shares were acquired through Plum LLP, an investment vehicle, whose holding of Britam shares dropped to 348.5 million in December 2017 from 452.5 million the year before.

The amount is the total he got from the sale of 104 million Britam shares. The sale has reduced his stake in Britam to 26.8 per cent from 40.3 per cent in 2016. It also comes at a time when Britam has raised Sh. 9.2 billion by issuing new stocks to International Finance Corporation (IFC) and private equity firm AfricInvest.

Mr. Munga had made his intention of cashing in the shares early on when he acquired them from the Mauritius government. “It is not our intention to hold the acquisition shares for the long term,” Mr Munga said through Plum LLP when the deal was announced in July 2016. “The purpose of the proposed shares acquisition is to allow Britam and its shareholders the time they require to identify a suitable investor.”

Now, according to the Business Daily, this is the list of the current top shareholders at Britam:

Equity Holdings 18.7
Plum LLP 16.1
Stanchart A/c 11396 10.7
IFC 10.4
Jimnah Mbaru 9.0
Benson Wairegi 4.6
Peter Munga 3.5
James Mwangi 3.5
Co-op A/c 4012 2.8
Filimbi 2.7

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