Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Business Daily Britak’s share auction mints billions for lead owners http://www.businessdailyafrica....4/-/tlk3g2z/-/index.htmlQuote:Mr Rawat, a Mauritian national, who chairs Britak’s parent company, owns 385.5 million shares valued at Sh3.4 billion, making him the wealthiest of the company’s principal shareholders.
Capital Markets Authority (CMA) – the market regulator – has allowed him to sell up to 103 million shares within the first two years of the IPO, a move that could earn him up to Sh933.3 million at the IPO price of Sh9 per share.
Mr Munga, the businessman who together with James Mwangi made his first billion at Equity Bank, is the second largest shareholder with 345.1 million shares held directly and through separate entities that own shares in Britak. His total portfolio in the investment firm is worth Sh3.1 billion offering him the chance to immediately harvest Sh725 million from the sale of 80.5 million shares.
Mr Mbaru – who is the principal shareholder at Dyer & Blair Investment Bank— owns 300 million shares at Britak valued at Sh2.7 billion and could pocket at least Sh726 million should he sell 80.7 million shares allowed by the CMA in the first two years.
Mr Mwangi and his wife, Jane Wangui, control 120 million shares worth Sh1 billion at Britak and could harvest up to Sh586 million from the sale of 60.1 million shares or half of their holding. Quote:The IPO prospectus indicates that CMA has locked in the principal shareholders to owning at least 51 per cent of the company for two years from the date of listing at the Nairobi Stock Exchange. (meaning they can reduce their holding from the 70%)
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