Britam #ticker:BRIT rejected the push to hire an insider to replace Benson Wairegi as managing director following a decision that reflected the wishes of its dominant foreign shareholders. The financial services company said the decision to appoint Zimbabwean Tavaziva Madzinga to replace the company’s long serving managing director was driven by shifts of its ownership […]
Kenya’s Capital Markets Authority (CMA) has summoned directors of Britam Holdings Ltd to establish their role in the alleged irregular sale of 452.5 million shares (23.34 percent stake) owned by the Mauritian government to Kenyan tycoon Peter Munga, the former chairman of Equity Bank, five years ago. According to the regulator, the regional insurer which […]
In 2004, the late Naushad Merali purchased 60 percent ownership of Bharti Airtel Kenya from the then-largest shareholder, Vivendi, for $230 million (Ksh18.2 billion). An hour later, he sold the shares to Celtel, making a $20 million profit (Ksh1.6 billion according to the then prevailing exchange rate of Ksh79.2 per US Dollar). Fast forward to […]
Mr Peter Munga. FILE PHOTO | NMG The Capital Markets Authority (CMA) has launched an inquiry into billionaire businessman Peter Munga’s Sh7.1 billion purchase of 452.5 million shares of Britam Holdings from the government of Mauritius. The markets regulator has met Britam officials for talks to review details of the deal that left the island […]
Billionaire businessman Peter Munga orchestrated a secretive purchase of 452.5 million shares of Britam Holdings from the government of Mauritius in a deal that left the island nation with a Sh3.9 billion loss, according to an inquiry report. The Port Louis commission of inquiry, which investigated the transactions, established that the then Mauritius’ Minister of […]
KEY POINTS The top gainer of the day was BK Group with 8.05 percent at the price of 38.25 shillings per share. It was followed by Britam Holdings with 5.06 percent at the price of 8.30 shillings per share. The top gainer of the day was BK Group with 8.05 percent at the price of […]
Mr Peter Munga. FILE PHOTO | NMG Businessman Peter Munga is challenging the findings of a Mauritian commission of inquiry whose report said he bought 452.5 million shares of Britam Holdings in a deal that left the island nation with a Sh3.9 billion loss. Mr Munga said the transaction was a willing-seller-willing-buyer deal and disowned […]
Stanchart chief executive Kariuki Ngari (left), NCBA boss John Gachora (centre) and Absa’s Jeremy Awori. FILE PHOTOS | NMG Ten Nairobi Securities Exchange-listed firms cut their executive bonuses by Sh284 million last year in the wake of reduced profitability that was largely caused by the economic fallout from the Covid-19 pandemic. KCB , Absa Bank […]
Britam Holdings group managing director Tavaziva Madzinga. PHOTO | DIANA NGILA | NMG Insurance group Britam has sold an additional 20.1 million shares of Equity Group with a market value of Sh852 million, cutting its ownership in the country’s most profitable lender to a new low of 6.77 per cent in the year ended December. […]
Britam Holdings has reported a net loss of Ksh. 9.1 billion for the financial year ended 31st December 2020. The financial services provider firm attributes this depressed financial performance to poor returns from investments in its associate Housing Finance Group and investment losses in Wealth Management Fund. Investment losses in Wealth Management Fund LLP amounted […]
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