Steve Umidha @steveumidhha
Britam Holdings plans to enter the corporate bond market for the second time after successfully paying off holders of Sh6 billion bond early owing to its good cash flow.
Managing director Benson Wairegi while addressing journalists yesterday said the financial services firm would consider taking a stab into the market with another bond “if need arose”. “Given the company’s trajectory, we can see a lot of growth happening. Cash flow right now is very good, but we also have a number of projects lined up. We will consider going back to the market for more funds in future in case there is need,” said Wairegi.
This follows a decision by the bond holders, who had approved early pay-off of the corporate debt – that was due on July 15, 2019, thereby shortening the period for paying interest that amounted to Sh780 million annually.
The firm borrowed Sh6 billion in 2014 to fund local and regional expansion and property development.