Mauritius-based Eagh To Acquire 86.5 Million Shares In Im Group For 32.4 Million

East Africa Growth Holding EAGH, a Mauritius-based investment firm, is set to acquire 86.5 million new shares in I M Group, a prominent East African financial conglomerate founded by Kenyan banker Suresh Bhagwanji Shah. The transaction, valued at Ksh4.2 billion 32.4 million, marks a significant shift in the region's banking landscape.

In a statement posted on I M Group's website , the company confirmed that the acquisition would increase EAGHs stake to 4.97 percent of its expanded share capital. EAGHs purchase price of Ksh48.42 0.37 per share reflects its confidence in I Ms growth potential. The group assured shareholders that further details would follow pending the completion of the deal.

This deal builds on EAGHs earlier acquisition of a 10.13 percent stake in I M Group in March 2024 . That transaction, worth KSh6.5 billion 50.3 million, involved buying shares from British International Investment BII, a UK-based development finance institution.

With that initial stake, EAGH secured indirect joint control over I M Group, including a seat on the board and a voice in strategic decisions. Its current acquisition is subject to regulatory and shareholder approvals, along with other customary closing conditions.

I M Group, founded in 1974 by Kenyan entrepreneur Suresh Bhagwanji Shah, operates banks in Kenya, Tanzania, and Rwanda and has a joint venture in Mauritius. Shah, who holds a 10.58 percent stake in the company, played a key role in transforming I M into a leading banking group in the region.