Britam raises KES 6B in bond issue
18 July 2014, 10:45
Nairobi - Financial services
company British American (Britam) raised KES 6 billion ($68.4 million) through a corporate bond issue,
doubling its initial target.
The firm runs insurance, asset management and property
development businesses, with operations in neighbouring Rwanda,
Uganda and South Sudan.
Market participants said the bond paid an interest rate of
13 percent although the company did not include those details in
a statement seen by Reuters on Thursday.
Investors offered bids worth 7.4 billion shillings, a 147
percent over the subscription level.
It will use the funds for further expansion in Kenya and in
neighbouring countries, an acceleration of property development
and to increase investment in private equity, the company said.For the latest on national news, politics, sport, entertainment and more follow us on Twitter and like our Facebook page!