BUSINESS CORNER Britam shares fall below Kshs.30 after losing Acorn deal Britam’s share price fell below the Sh30 mark in trading Thursday as investors reacted to the listed insurer losing big property projects after Acorn, its partly-owned subsidiary, decided to go for a new transaction adviser. The insurer’s share price closed at Sh29.75, an 8.46 per cent drop from the previous Sh32.50 in Wednesday’s trading. Britam was one of the big losers in Thursday’s trading session. Analysts said Acorn’s decision to choose Cytonn, a local private equity firm, as its financing partner for Sh40 billion worth of property deals would result in lost revenue streams for Britam. Britam’s share price has been trading above the Sh30 level over the past few weeks and had touched a historic high of Sh37.75. The last time the share fell below Sh30 was on September 15 when it closed at Sh29.50. On the winning side, Unga Group, Kakuzi and Kenya Orchards shares continued to trade at historic premiums.
Posted on: Fri, 10 Oct 2014 08:53:13 +0000
Trending Topics
Recently Viewed Topics
© 2015