Britam Wednesday received shareholders' nod to acquire the insurer in a deal that will involve cash payment of Sh825 million and issuance of new shares worth Sh550 million to
The deal struck on
Britam on Wednesday closed trading at Sh19.50, valuing the new shares at Sh964 million, reflecting a return of 75 per cent or Sh414 million.
The list of
READ: Former KenGen CEO among Real investors to earn Sh1.4bn
Its half year profits after tax grew by 28.5 per cent driven by a rally at the equities market, pointing to the possibility of a higher payout.
Britam's share has gained 80 per cent over the past three months to trade at Sh19.90, which is more than double its listing price of Sh9. It listed at the
The capital gains are linked to the insurer's increased deal-making, including November purchase of a 25 per cent in
READ: Britam to buy
Britam says the Real acquisition is informed by its quest to get a larger share of
It has presence in
Real's general insurance business covers fire, commercial and motor vehicle risks and had premiums worth Sh2.2 billion in 2012.
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