CMA approves Britak IPO

The Capital Markets Authority approved the listing of  British American Investments Company (Britak) . This new developments gives Britak the nod to go ahead with an Initial Public Offer aimed at raising 5.8 Billion shillings and subsequent listing on the Main Investment Market Segment of Nairobi Stock Exchange (“NSE”).

Each share will be priced at Sh9 during the offer period that kicks off from  12th July and runs for a period of 3 weeks.

In an earlier press release , the Chairman of the company’s Board of Directors, Mr. J. Nicholas Ashford-Hodges said: “This offer is an issue of new shares. The new capital raised will be used to drive British-American’s ambitious growth strategy.”

The company has appointed NIC Capital and KPMG Kenya to be the joint lead transaction advisors, Standard Investment Bank and Kestrel Capital are the joint lead sponsoring stock brokers, PriceWaterhouseCoopers (PWC) are the reporting accountants while Hill & Knowlton (EA) and Scanad Kenya will handle the public relations and advertising respectively. The legal advisers will be Daly & Figgis Advocates. Image Registrars will serve as the IPO receiving agent and Shares Registrar after the offer is concluded.

British-American Investments Company (Kenya) Limited (“British-American”) the holding company of British-American Insurance Company (Kenya) Limited, British-American Asset Managers Limited and Britam Insurance Company (Uganda) Limited.


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