Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Equity Group's Chief Executive James Mwangi has termed the transaction as, "the largest of its kind in Sub Saharan Africa." /FILE

Finance

S. African firm now largest shareholder in Equity after paying Sh17Bn for 12pc stake

Equity Group’s Chief Executive James Mwangi has termed the transaction as, “the largest of its kind in Sub Saharan Africa.” /FILE

NAIROBI, Kenya, Sept 13 – South African firm Arise Limited has become the single largest shareholder of Equity Group after a 12 percent stake acquisition. 

Based on Equity Group Holdings Sh147 billion market valuation, Aris – which is owned by Norfund, FMO and Rabobank – has paid about Sh17.6 billion for the stake

Equity Group’s Chief Executive James Mwangi has termed the transaction as, “the largest of its kind in Sub Saharan Africa.”

According to Arise Chief Executive, Deepak Malik, the acquisition is in line with the company’s strategy of investing in sustainable Financial Service Providers in Sub Saharan Africa.

“Arise aims to strengthen and develop effective, inclusive financial systems through collaborative long term partnerships with leading institutions such as the Equity Group”, said Malik.

Mr. Malik says that with the support of Arise, Equity Group Holdings and Equity Bank is well-positioned to deliver future growth on the continent.

“Having pioneered agency banking on the continent the Equity Group has an established track record, characterised by high growth and a solid financial performance and we are pleased to partner with them to advance the local banking sector”, said Malik.

Dr. Mwangi has welcomed the collaboration with Arise.

“We are excited by the expanded opportunities this development presents, to combine our market leading position with Arise, who bring along their substantial resources as well as expertise, which we believe will be invaluable in accelerating the growth of our business,” said Mwangi.

Equity Group Holdings has operations in six East African nations with a client base in excess of 11.7 million.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...