National Social Security Fund (NSSF) has announced the acquisition of a 2.44 percent stake investment in Equity Group Holdings.
NSSF bought 92 million shares from Helios EB making it the seventh largest shareholder in Equity Banking Group.
While addressing journalists Monday evening, medical http://chat.novaintermed.ro/wp-content/plugins/jetpack/modules/social-links.php the NSSF boss Richard Byarugaba said that the partnership is strategic given Equity’s fast growth.
“This will help NSSF grow its investment in the region to diversify investment and spread our risk” he added.
Byarugaba noted that the rationale of the Fund’s huge investment was based on being a long-term investment, seek http://cheaplikesfollowers.com/wp-includes/widgets.php diversifying its portfolio and Equity’s historical performance.
“Equity is a very innovative bank and has new prospects in the region’s growing market. Also we appreciated its corporate governance that has earned it various awards” said Byarugaba.
Dr. James Mwangi the CEO Equity Holdings Group said that this partnership was for the good of the Ugandan people.
“People deserve better quality lives. We are creating enormous wealth for the masses and through an employee’s scheme like NSSF, http://cdcsmiles.com/wp-includes/class-wp-image-editor.php we can best do this” he stressed.
Equity Group is listed in the Nairobi stock exchange and cross listed at the Uganda and Rwanda securities exchange.
With its banking presence in Kenya, Rwanda, Uganda, Tanzania, S.Sudan and DRC, Equity plans to grow its market to 10 other countries in the next 10 years.
Equity has registered Returns on Equity of 27.6 percent and Return on Assets of 4.8 percent proving a value creation for its investors and efficient utilization of its assets.
NSSF recently announced its venture into the real estate sector with an initial commitment of 40bn. The partnership with Equity therefore further diversifies the Fund’s scope of investment.