I&M Group PLC, has revealed plans for the acquisition of approximately 10.13 percent of its issued share capital by East Africa Growth Holding. The announcement was made by order of the board on November 6, 2023, in Nairobi, Kenya.
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On November 3, 2023, British International Investment Plc informed I&M Group about the proposed sale of its shares, to East Africa Growth Holding, an investment vehicle established by Africinvest Fund IV LLC, Africinvest IV Netherlands CV, and Africinvest Financial Inclusion Vehicle LLC.
Completion of the transaction is contingent on meeting all necessary regulatory approvals in Kenya and other countries where the company has operating subsidiaries.
“The Proposed Transaction may have a material effect on the trading price of the shares of the Company. The shareholders of the Company and the public are accordingly advised to exercise due caution when dealing in the shares of the Company,” Said the company in its statement
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I&M Group PLC is a financial banking and insurance group in Eastern Africa with a presence in Kenya, Mauritius, Rwanda, Tanzania, and Uganda. The majority shareholder of I&M Group PLC is Minard Holdings Limited, which owns 21.59 percent of the company Other significant shareholders include Tecoma Limited (18.39 percent) and Ziyungi Limited (17.79 percent). The group’s business operations include a customer base of over 450,000 and an asset base of KES 503 billion.
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