Financial details of the proposed transaction, served on Britam last Friday, have not been disclosed. The transaction is subject to regulatory approvals from the Capital Markets Authority, Insurance Regulatory Authority and Competition Authority of Kenya. Rawat's British American Investment of Mauritius through its subsidiary BAKHL is the single largest shareholder in Britam, followed by Equity Group at 20.89 per cent. Plum Partners – a firm controlled by billionaire businessman Peter Munga – has bid for 23.34 per cent stake in Britam which was wrestled from fugitive tycoon Dawood Rawat by Mauritius government in April last year. “A takeover of Britam will result in the delisting of shares of the company from the market and lock the public out of the opportunity to invest in Britam,” Munga said.

Source: The Star June 14, 2016 02:26 UTC