Shareholders of the regional diversified financial services provider I&M Holdings Limited have approved the firm’s business expansion plan. In a unanimous decision passed at the firm’s 64th Annual General Meeting (AGM) held at the Sarova Panafric Hotel May 19th, the shareholders approved the acquisition of dedicated corporate advisory firm, Burbidge Capital Limited, to boost its market delivery capacity.
The purchase of a controlling stake in Burbidge Capital by I&M Group, will provide a platform for the firm to enhance its corporate finance capacity in the local market.
Speaking at the AGM, I&M Holdings Chairperson, Mr Daniel Ndonye, expressed confidence in the country’s economic outlook, despite an expected slowdown in credit uptake ahead of the general elections in Kenya next year. To enhance shareholder value, Mr Ndonye, confirmed that the group is pursuing several strategic projects geared at placing the firm in a good position to harness growth opportunities locally and in the region.
“Our group strategy is to emerge as a one-stop-centre for all the financial needs of our customers,” he said.
Burbidge was established in 2010 by veteran investment banker Edward Burbidge. It is regulated by the Capital Markets Authority (CMA) and is licensed as a Nominated Advisor (NomAd) by the Nairobi Securities Exchange (NSE) for the Growth Enterprise Market Segment (GEMS).
During the AGM, shareholders approved a dividend payment of Ksh3.50 per share amounting to KSh1,373,267,137 for the year ended 31st December 2015, representing a 21% earnings per share (EPS) growth up from Kshs 2.90 paid out the previous year.
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