News Column

Britam Unveils U.S. $70 Million Bid in Kenya

June 16, 2014

Britam's $70.5 million Corporate Bond was unveiled in Nairobi Wednesday in an activity that will see the company shore up its investment portfolio.

The transaction, which is in two tranches, will target to raise Ksh 3 billion with a green shoe option of Ksh 1 billion in the first tranche and the remaining amounts to be raised in the last tranche to be offered later. The bond has already received approval from the Capital Markets Authority.

Speaking at the launch, the Cabinet Secretary for Transport and Infrastructure Engineer Michael Kamau said: "The Britam Corporate Bond aims at raising funds for amongst other initiatives property development. I encourage Britam to continually diversify and deepen its investments into other sectors to stimulate social economic development of the country in tandem with our economic blueprint - Vision 2030."

Some of the property market segments include: master planned communities, suburban outlet malls, commercial office parks, budget hotels and mixed use properties- retail, offices and residential properties.

"We see growing demand for decent and aspirational properties which is consistent with the expanding middle class and SME population.

"We aim to expand our property agenda to all markets we are operating in and currently we are focusing on expanding our land bank to make sure this venture is a success," said Mr. Benson Wairegi, Group Managing Director, Britam.

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Source: AllAfrica

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