On the cash flow statement there is a borrowing of ksh.2.17bn during the financial year.
In 2014 they issued a corporate bond of ksh.7bn
Something isn't working right in this company

BRITAM

Notice is hereby given that the 21st AGM of the Company will be held at Safari Park Hotel, Nairobi on Friday 9th June 2017 at 10.00 a.m to transact the following business:

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9. Special Business: To consider and if found fit, to pass the following resolution as an ordinary resolution:
"That the proposed establishment of the Employees Plan Share Option ("ESOP") be and is hereby approved and the draft Trust Deed in relation to the ESOP between the Company and Bora Services Limited and the draft Rules of the ESOP, as approved by the Board of Directors of the Company, be and are hereby approved for submission to the CMA"

Britam breaks ground for Ksh.3.3 Billion serviced apartments in Nairobi.

Nairobi, May 22nd 2017…

Britam has broken ground on a Ksh 3.3 billion serviced apartments complex in the upmarket Kilimani area in Nairobi.
Located on a 1.6 acre piece of land along Nyangumi Road, the project will comprise 46 one bedroom and 117 two bedroom apartments designed to international standards.
The 11 floor fully furnished and serviced apartments target the savvy business travelers, consultants or business executives visiting or living in Kenya for an extended period of time. They offer the convenience of a hotel but also the feel and flexibility of a home.

Some of the unique features to be incorporated in the property include a central laundry, swimming pool, secure surface parking, private restaurant, private gardens, steam/sauna, housekeeping services as well as Wi-Fi, open-plan lounge and dining room, air conditioning, satellite television, fully equipped kitchen and exquisite 5-star furnishing.

Set to be completed in 2019, the property will be developed by Britam Properties, a fully owned subsidiary of Britam Holdings Limited.
Dr. Benson Wairegi, Britam Holdings Group Managing Director said the investment into luxury serviced apartments was part of the company’s strategy to diversify its offering in the property market.
“The property market in Kenya is growing fast and as apart our business strategy, luxury serviced apartments are now in high demand. The market will need at least 1000 serviced apartments in the next three years and Britam Properties will help in bridging this gap.” he said.
Speaking during the groundbreaking ceremony , Dr Wairegi noted that the investment into the luxury apartments was driven by the market demand and the growth of business tourism in Kenya.
Britam’s decision to venture into property and real estate development is part of the groups diversification strategy meant to reduce portfolio risk and exposure to the volatile stock exchange market.
Additionally, real estate investments are inflation beating and if carried in an efficient investment vehicle like a real estate investment trust, they can offer a huge tax benefit.

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