June 28 (Bloomberg) -- British-American Investments Co., the holding company of Kenya’s British American Insurance Co. will offer 650 million shares at 9 shillings ($0.10) each in an initial public offering that opens on July 12.
Britak, as the company is known, plans to raise as much as 5.85 billion shillings of new equity capital to finance its expansion, the Nairobi-based company said today in an e-mailed statement. Kenya’s Capital Markets Authority, the industry regulator, approved the initial public offering yesterday. The offer closes Aug. 5.
“British American plans to invest on a much broader scale in land and large-scale development, including both commercial buildings and affordable housing,” it said.
Other units of British-American Investments include British American Asset Managers, a fund manager that began operations in 2004, and Britam Insurance Co. Uganda Ltd., established in November 2010, according to the company’s website.
Britak plans to begin operations in Tanzania, Rwanda, Burundi and Southern Sudan, Group Managing Director Benson Wairegi said on Feb. 10.
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