British American Investments Company (Kenya) Limited (NASE:BRIT.O) signed a share sale agreement to acquire additional 24.75% stake in Housing Finance Company of Kenya Ltd. (NASE:HFCK.O) from Equity Bank Limited (NASE:EQTY.O) for KES 2.3 billion in cash on June 30, 2014. The acquirer will pay an offer price of KES 40.23 per share. The consideration will be paid in immediately available funds. Upon the completion of the acquisition, British American will legally and beneficially directly and indirectly own a total of 106.62 million of the issued ordinary shares through its direct and indirect stakes in Housing Finance amounting to 46.08% of the issued share capital.

The transaction is subject to approval by Capital Markets Act, Cabinet Secretary of the National Treasury of Kenya, Central Bank of Kenya, Competition Authority of Kenya and any other approval of any relevant regulatory authority. The completion date for the sale and purchase of the shares shall be the third business day after satisfaction of the last to be met of the conditions precedent. The proceeds of the share sale would be re-deployed in alternative investment opportunities, which guarantee high returns to Equity Bank's shareholders. As of November 10, 2014, Competition Authority of Kenya issued a gazette notice on October 30, 2014 approving the transaction.


British American Investments Company (Kenya) Limited (NASE:BRIT.O) completed the acquisition of additional 24.75% stake in Housing Finance Company of Kenya Ltd. (NASE:HFCK.O) from Equity Bank Limited (NASE:EQTY.O) on December 31, 2014.