Mauritian-based Firm Takes 19 Million Stake In Suresh Bhagwanji Shah's Im Group

EAGH increased its I M Group stake by 4.44, investing 19.04 million to become the banks fourth-largest shareholder with 249.8 million ordinary shares.

I M Group posted a 21.91 profit jump in 2024, driven by MSME lending and digital focus under its growth-focused iMara 3.0 strategy.

The bank aims to reach 100 branches by 2026, doubling its retail presence in Kenya and solidifying its footprint across East Africa.

East Africa Growth Holding EAGH, a Mauritius-based investment firm, has increased its stake in I M Group, a prominent East African financial conglomerate founded by Kenyan banker Suresh Bhagwanji Shah, with an additional investment of more than 19 million. The move strengthens EAGHs position as the Groups fourth-largest shareholder, marking a significant investment in the region's banking landscape.

A recent update revealed that EAGH acquired an extra 4.44 percent stake in I M Group, valued at Ksh2.46 billion 19.04 million. This raises its total stake from 10.7 percent to 15.14 percent. With this latest transaction, EAGHs stake in I M Group now translates to 249,810,000 ordinary shares and worth Ksh8.39 billion 64.91 millioncementing its influence as a top financial institution in the regions competitive banking industry.

I M Group, ranked among the 20 most valuable stocks on the Nairobi Stock Exchange, has been expanding its operations into key economic zones, aiming to reach 100 branches by 2025 as part of its iMara 3.0 strategy. The companys financial performance remains strong, with a 21.91 percent profit increase in its 2024 fiscal year to Ksh15.38 billion 119.04 million.

Growth was driven by increased operating income and strategic focus on MSME lending and digital transformation. This steady expansion likely reinforced EAGHs confidence in I Ms long-term value and strategic importance in East Africas finance sector.

With this latest investment, EAGH, a special purpose vehicle backed by global impact investors, builds on earlier acquisition of 86.5 million shares valued at Ksh4.2 billion 32.4 million in October 2024 .