Reinsure Zep-Re completes purchase of US$4.5m stake in Grit Real Estate Income Group

KENYA – Zep-Re, a regional organization mandated to promote trade, development and integration within the Common Market, has completed the purchase of a KSh490 million (US$4.5 million) stake in multinational property developer Grit Real Estate Income Group, reports Business Daily. The shares were bought on the Johannesburg Stock Exchange (JSE) from which Grit will delist, citing high regulatory and compliance costs. Grit had offered five million shares to Zep-Re and another two million to Botswana Development Corporation Limited (BDC), a development finance institution. “Shareholders are hereby advised that the maximum…

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