Privately-held Kenyan firm says plans to buy 23 pct stake in Britam
13 June 2016, 21:01
Nairobi (Reuters) - Kenya's Plum LLP plans to buy a
23.34 percent stake in insurer British-American Investments Co
(Britam) that had been seized by the government of
Mauritius from a disgraced businessman in 2015, the privately
owned firm said on Monday.
Plum said it expected the acquisition was expected to be
completed by July 31 and would raise its shareholding in Britam
to 38.54 percent. It gave no financial details.
Mauritius seized the stake from Dawood Rawat in April 2015
after accusing him of running a Ponzi-like scheme through a
At the time, Minister for Financial Services Sudarshan
Bhadain said that an offer from another operator "could not go
through because the existing shareholders in Kenya were not
willing to allow third parties into their company."
Rawat, who has been in France since last year, has filed a
case before the International Court of Arbitration against the
government of Mauritius, asking for $1 billion in compensation,
claiming illegal appropriation of Britam by the state.
"The partners of Plum LLP ... determined to purchase the
acquisition shares so as to provide Britam and its shareholders
the time they require to identify a strategic investor with the
institutional fit to drive Britam's growth in the future," Plum
Britam also has operations in Uganda, Rwanda, Tanzania,
South Sudan, Mozambique and Malawi.