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Ndegwas’ Sh8.5bn ICEA buyback puts full control in reach

The stake purchase will give First Chartered full control of ICEA Insurance once the deal is completed, Business Daily Africa (direct) reports.

By Teqwah Desk06 Oct 04:31Updated 06 Oct 04:311 min read

Ndegwas’ Sh8.5bn ICEA buyback puts full control in reach — Photo: Business Daily Africa (direct)

Key takeaways

The Ndegwas are buying back an ICEA Insurance stake for Sh8.5 billion.
Completion will give First Chartered full control of the insurer.
The source does not specify the stake size or a completion date.

The Ndegwas are buying back a stake in ICEA Insurance for Sh8.5 billion, in a transaction that will put the insurer fully under First Chartered’s control when completed, according to Business Daily Africa (direct).

The purchase brings together two distinct elements: the Ndegwas’ stake buyback and the resulting change in control for First Chartered. The source identifies the price but does not specify the size of the stake being purchased.

For business readers, the central development is the ownership outcome. This is a deal set to leave First Chartered with full control of the insurance firm, rather than just an additional stake.

Completion is the next milestone to watch. The source does not give a closing date; full control remains dependent on the transaction being finalised.