Mauritius seized the stake from Dawood Rawat in April 2015 after accusing him of running a Ponzi-like scheme through a Mauritian insurer. 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. Updated Mon, June 13th 2016 at 15:09 GMT +3Kenya'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. Britam also has operations in Uganda, Rwanda, Tanzania, South Sudan, Mozambique and Malawi. "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 said.

Source: Standard Digital June 13, 2016 07:30 UTC