British-American Investments Company (Britam) shareholders have approved a proposal to change the company’s name to Britam Holdings Limited.
The change of name come just after the group’s board and management unveiled a new strategic plan for the company, which includes local and regional expansion, venturing into property and IT-enabled business transformation.
“The change of name is occasioned by the need for brand consistency across the region in line with the company’s mantra of One Company One Brand and also the need for the business to align itself to the changing social cultural and business environment,” said Dr Benson Wairegi, Britam’s Group Managing Director.
Speaking during the company’s 19th Annual General Meeting, Dr Wairegi said the acquisition of Real Insurance Company last year had expanded Britam’s geographical footprint to seven countries, including Kenya, Uganda, Tanzania, Rwanda, South Sudan, Malawi and Mozambique, to become a leading Pan Africa financial services Group.
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He said Britam had increased its shareholding in Housing Finance Co. Ltd from 21.46% to 46.04%. “This will offer the company the opportunity to tap into the synergies offered by the biggest mortgage company in the region, and into opportunities offered by the fast growing real estate sector in Kenya.”
He noted that construction of the company’s flagship property, the 31-storey Britam Tower in Nairobi, now on the 23rd floor, is projected to be completed by 2016.
The shareholders also approved the payment of a final dividend for the year ended 31st December 2014 of Ksh0.30 per ordinary share of Ksh0.10 each, an increase of 23% compared to the previous year.