Britam employees can now own shares in the company after shareholders approved a proposal for the creation of an employee stock ownership plan
The plan, approved during the firms 21, Annual General Meeting held in Nairobi now awaits approval by the Capital Markets Authority.
It is a staff incentive and retention plan that provides the company workforce with an ownership interest in the company. Britam now joins other publicly quoted companies in Kenya that have introduced ESOP for employees in the work place.
During the group’s 21st Annual General Meeting, the board of Directors recommended a dividend for the year of Ksh 581. 5 Million, similar to 2015.
Group Managing Director Benson Wairegi said the Group was now actively pursuing property development as a diversification strategy. He said the company has broken ground for the construction of 163 high end serviced apartments in Kilimani at a cost of Sh3. 3 billion. He said that there are other property projects set to be unveiled in the near future.
He also noted that the 31 storey iconic Britam Tower built at a cost of Sh. 4 billion was 97 per cent complete.