Britam shareholders approve change of name

British-American Investments Company (Kenya) Limited (Britam) shareholders have approved a proposal that will see the company adopt a new name, Britam Holdings Limited.

The change of name is subject to requisite legal processes, and comes immediately after the group’s board and management unveiling of strategic initiatives for the company which include: local and regional expansion, property and IT enabled business transformation.

“The change of name is occasioned by the need for brand consistency across the region in line with the company’s mantra of One Company One Brand and also the need for the business to align itself to the changing social cultural and business environment,” said Dr Benson Wairegi, Britam’s Group Managing Director.

Speaking during the company’s 19^th Annual General Meeting, Dr Wairegi said the acquisition of Real Insurance Company last year had enabled Britam to grow its geographical footprint in seven countries, namely Kenya, Uganda, Tanzania, Rwanda, South Sudan, Malawi and Mozambique, to become a leading Pan Africa financial services Group.

He said Britam had increased its shareholding in Housing Finance Co. Ltd from 21.46% to 46.04%. “This will offer the company the opportunity to tap into the synergies offered by the biggest mortgage company in the region, and into opportunities offered by the fast growing real estate sector in Kenya”.

He noted that construction of the company’s flagship property, the 31-storey Britam Tower in Nairobi, now on the 23^rd floor, was projected to be completed by 2016.

The shareholders also approved the payment of a final dividend for the year ended 31^st December 2014 of Kshs. 0.30 per ordinary share of Kshs. 0.10 each, an increase of 23 per cent compared to the previous year.