The Rwanda Social Security Board (RSSB) has acquired BK Group Plc’s entire shareholding in BK General Insurance Ltd for Rwf31.7 billion, completing the transfer of all three million issued shares in the insurer.
BK Group confirmed the completion of the transaction in a notice issued on Monday, August 31, to the Rwanda Stock Exchange, Nairobi Securities Exchange and capital-markets regulators in Rwanda and Kenya.
The acquisition values each fully paid ordinary share at Rwf10,567, compared with its initial issue price of Rwf1,000. BK Group said the agreed price was determined through an independent valuation.
The transaction met the required regulatory conditions, including receiving a non-objection from the National Bank of Rwanda.
BK Group said the sale forms part of its consolidation strategy, under which it will concentrate on two core businesses: commercial banking through Bank of Kigali Plc and investment banking through BK Capital Ltd.
The strategy is intended to support product diversification, market expansion, closer collaboration between the remaining businesses and a stronger capital-markets offering.
Alongside the insurance transaction, BK Group has completed the integration of BK Techouse Ltd into Bank of Kigali.
BK Techouse’s assets, technology platforms and relevant contracts have been transferred to the bank. The company has consequently ceased operating as a separate BK Group subsidiary, while its technology functions will continue under Bank of Kigali’s Digital division.
BK Group said the integration caused no disruption to customer services.
Proceeds from the BK Techouse transaction enabled the company to settle all its liabilities. Any remaining surplus will be transferred to BK Group when BK Techouse is formally closed.
According to the official notice, the integration will not affect BK Group’s consolidated net asset value.
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