Shares

I&M Group PLC has announced that it has received Ksh. 4.19 billion in capital from the sale of 86.5 million new ordinary shares to East Africa Growth Holdings (EAGH).

EAGH is a special purpose vehicle backed by leading global impact investors AfricInvest, FMO, and Norfund at Ksh. 48.42 per share. This represents an 81% premium to the 30-day volume weighted average share price at the time the share circular was published. With this recent investment, EAGH increased its shareholding in I&M Group to 15.14%, making it the fourth largest shareholder.

Speaking from Nairobi Gauri Gupta, Group Director, Corporate Advisory & Sustainability at I&M Group PLC said, “This capital raise is a strong endorsement of I&M’s strategy and the Group’s vision to become Eastern Africa’s leading financial partner for growth. We are proud to partner with such experienced and purpose-driven investors. Beyond capital, this partnership brings sectoral expertise, an opportunity to leverage on the combined network of the investors and a shared commitment to deepening financial inclusion, driving innovation, and embedding sustainability at the core of our business”.

EAGH brings together a strong consortium of long-term investors with proven experience and commitment to driving growth in emerging markets. These include:

  • AfricInvest, a pan-African private equity platform with over USD 2.3 billion raised to finance more than 230 companies across the continent over the past three decades
  • FMO, the Dutch entrepreneurial development bank with over 50 years of experience investing in sustainable private sector growth
  • Norfund, the Norwegian Investment Fund for Developing Countries, which focuses on building sustainable businesses that create jobs and improve lives.

The transaction was approved by the Shareholders at an Extraordinary General Meeting held on 10th December. The Company’s Chairman Oliver Fowler noting the shareholder’s confidence added, “This investment will play a pivotal role in enabling I&M Group to realise its long-term ambitions of geographical expansion and sustainable growth.”