Wednesday, Oct 20, 2021
HomeEconomyTanzanian Government acquires 1.24% stake in Shelter Afrique

Tanzanian Government acquires 1.24% stake in Shelter Afrique

Shelter Afrique repays Ksh.20.5 billion debt, targets regional bonds

The government of Tanzania has acquired an additional stake in Shelter Afrique after paying Ksh.297 million (US$.2.7 million)

The additional stake now takes Tanzania’s shareholding to 1.54 percent up from 0.3 percent held previously.

Effectively, the contribution now reduces ownership of the top three shareholders with Kenya’s, Nigeria’s and African Development Bank’s shareholdings which currently stands at 17.78%, 13.27% and 12.83%, respectively.

Shelter Afrique Group Managing Director and CEO Andrew Chimphondah said it was gratifying to see the unwavering support and renewed confidence by shareholders. 

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“We thank the government of Tanzania for choosing to increase her stake in Shelter Afrique despite the prevailing condition. We are also grateful to other shareholders who have increased their stakes recently,” said Chimpondah.

Last year, Nairobi-based Shelter Afrique, returned Ksh.h199.6 million net profit from a net loss of Ksh.136 million in 2019.

Tanzania’s contribution brings the total amount given to Shelter Afrique as additional capital in the last few years to Ksh.10.4 billion..

Shelter Afrique, has approved financing in Tanzania worth Sh5.7 billion.

The firm provides long-term credit lines for primary mortgage lenders, housing micro-finance institutions and re-financiers.

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