British American Investments Company 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.
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.