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May 2015 Kenya Re, majority shareholder of Zep Re is likely to have its stake dropped from 16% to 5%.
This is due to the fact that International Finance Corporation (IFC), a subsidiary of the World Bank, plans to acquire 11% of Kenya Re’s shares. The transaction amount is estimated at 1.9 billion KES (20 million USD).
Within three years, the share of the Kenyan reinsurer Zep Re has been reduced from 21% to 16%. As a reminder, two new shareholders have entered the Zep Re capital recently.
These are the DEG German investor that acquired 11% of shares for an amount of 1.3 billion KES (15.2 million USD) in 2014 and the African Development Bank which bought 14% of the shares in 2012.