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South Africa’s Liberty Holdings to acquire additional 16% ownership in Liberty Kenya

4 years ago
in Business, highlights, Home, home-news, latest News, Markets
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South African based Liberty Holdings, and the largest shareholder in Liberty Kenya, plans to increase its ownership in Liberty Kenya from 57% to 73% by acquiring 49.5 million ordinary shares of the listed insurer from KFAMF Sellers and 34.7 million ordinary shares from Coronation Sellers.

Liberty Holdings owns 309.33 million ordinary shares in Liberty Kenya, equivalent to 57.7% of the company. By purchasing an additional 84.24 million shares, the South African firm will increase its ownership in Liberty Kenya from 57.7% to 73.5%.

According to a public notice issued by Liberty holdings, the company intends to purchase the ordinary shares through a private transaction. The South African firm has applied to the Capital Markets Authority for approval to conduct the transaction.

Liberty Holdings entered into a sale of shares agreement with KFAMF Sellers and Coronation Sellers on March 4, 2021, and each of the sellers accepted Liberty’s offer to acquire the ordinary shares at a cost of KSh11 per share. Liberty Kenya shares traded at KSh7.70 at the close of yesterday’s trading, March 4, 2021.

Liberty Holdings said that it does not plan to acquire 100% ownership in Liberty Kenya and that the stock will continue trading at the Nairobi Securities Exchange after the partial acquisition. The deal is subject to regulatory approval from all relevant authorities.

Source: african-markets
Via: norvanreports
Tags: Capital Markets AuthorityCoronation SellersKFAMF SellersLiberty KenyaSouth African based Liberty Holdings
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