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  • Dyer & Blair Investment Bank Company Update
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  • 2,144 Students BENEFIT From
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  • Africinvest III Invests in Britam
    Africinvest III invests in Britam Britam Holdings Ltd. (Britam) has announced a deal where Africinvest III, a special purpose vehicle (SPV) managed by Africinvest Capital Partners Management II, will acquire a 14.3% equity stake in Britam Holdings Ltd. The transaction, which is subject to approval from both regulators and shareholders, will see Africinvest III inject Kshs 5.7 bn for an allocation of 360.9 mn new ordinary shares at a subscription price of Kshs 15.9 per share, a 6.0% premium to the current market price of Kshs 15.0 per share. Britam is a diversified financial services group with operations in Kenya, Tanzania, South Sudan, Uganda, Rwanda, Malawi and Mozambique. Britam is Kenya’s largest player in the life segment with a market share of 23.0%. Britam Holdings Ltd is yet to disclose how they intend to use the proceeds from this transaction, but we believe the mostly likely drivers are to (i) shore up capital ratios, given that they have the lowest buffer of the local insurance firms, as shown by the Tangible Equity Tangible Assets (TeTa) ratios below, (ii) fund their real estate development strategy, as part of the group’s strategy to diversify and reduce portfolio risk, and (iii) raise funds early so as to pay off the 5-year medium term note worth Kshs 6.0 bn, issued in August 2015, and set to mature in August 2020. Kenya Listed Insurance Companies TETA Britam 19.4% CIC 25.2% Jubilee 23.6% Sanlam 13.2% Liberty 18.2% Average 19.9% The transaction details are as below: 1.
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