Plum LLP Enters into Share Purchase Agreement with Swiss Re Asset Management

Plum LLP, the second largest shareholder (16.12 percent) in Britam Holdings Plc (NSE: BRIT) has entered into a share purchase agreement with Swiss Re Asset Management Geneva SA.

Under the agreement, Swiss Re will purchase 348,504,000 shares of BRIT held by Plum LLP. On completion of the transfer, Swiss Re will hold 13.81 percent of the issued share capital of BRIT just behind AfricInvest which completed the acquisition of 14.3 percent stake in May 2018. 

Plum LLP had in 2016 acquired 23.34 percent (453 million shares) in BRIT from the Mauritian government which had seized the stake from Dawood Rawat after accusing him of running a Ponzi scheme. 

As a large shareholder, Swiss Re has entered into conditional investor agreement in which BRIT will adhere to certain corporate governance, information and compliance standards.

{We expect this to bring diversity to the board and international expertise (also from shareholding of AfricInvest and IFC) in insurance operations and risk management,” said analysts from Genghis Capital.