Kenya solidified its position as the lender’s top stakeholder by acquiring a further stake in Pan-African housing financier Shelter Afrique for Sh1.1 billion ($9.28 million) in the year ended December 2021.
Kenya’s stake increased from 14.82 percent to 17.44 percent during the review period because to the additional capital infusion.
The second and third largest shareholders, respectively, are Nigeria with a stake of 13.02 percent and the African Development Bank (AfDB), with a stake of 12.58 percent.
“The Kenyan government was the most significant contributor, with a payment of $9.28 million accounting for 37 percent of the total collections,” Shelter Afrique head of investor relations Kahumbya Bashige said in the firm’s latest annual report.
Shelter Afrique is owned by 44 African countries and two development institutions — AfDB and African Reinsurance Corporation — the latter being class B shareholders.
The firm in 2013 and 2017 signed up deals with shareholders to recapitalise the company through additional equity.
Besides Kenya, the financier said 10 other countries also gave Shelter Afrique additional capital, bringing the fresh capital received by the housing financier in the year to December to $24.83 million (Sh2.95 billion).
“During the year, shareholders continued to demonstrate their support of the institution and its mandate by injecting $24 million equity into the company,” said Shelter Afrique.
“This amount represents 143 percent of the annual target of $17 million and 46 percent growth over the 2020 collections of $16.7 million.”
Other members that contributed capital include the Democratic Republic of Congo ($4.18 million), Cameroon ($3.53 million), Tanzania ($3.08 million), and Mali ($2.06 million).
