
Peter Munga reclaims Equity Group stake with $1.3 million new shares
The move boosts his direct stake in East Africa’s largest lender at a time when the bank continues to post strong results and maintain its market dominance.
The move boosts his direct stake in East Africa’s largest lender at a time when the bank continues to post strong results and maintain its market dominance.
The bank seeks to recover $3.35 million in loans owed by Equatorial Nut Processors, controlled by Munga.
His influence extends beyond banking, shaping industries such as insurance, agriculture, and education.
Over the years, Munga has built a diverse business empire spanning, banking, agribusiness, insurance, and real estate.
This strategic move aims to tap into the growing interest in dollar-denominated instruments.
DRC’s liberalized insurance sector, valued at $300 million in 2023, presents substantial growth prospects for Britam Holdings.
This move, aimed at shoring up the unit’s liquidity, brings Britam’s total cash injection into the fund to Ksh6.9 billion ($53.1 million) as of December 2023.
Key shareholders, including prominent Kenyan business figures like Mbaru, Munga, Mwangi, and Michuki, lend further credence to the company’s standing.
This marks the latest chapter in Munga’s ongoing struggle with debt, which has seen him narrowly escape property auctions in the past.
Munga owns a significant stake in Britam Holdings, with 72 million shares, making him one of its largest shareholders.
Munga holds a substantial 72 million shares in Britam Holdings.
Munga owns 72 million Britam shares.
Munga is a non-executive director at Britam and a co-founder and former chairman of Equity Group Holdings.
Britam Holdings is a diversified financial services provider with a presence in Southern and East Africa.