British American Investment reveals expansion plans

29/07/2011 - Kenya property & investment news Posted by Bob Brunskill
British American Investment reveals expansion plans

British American Investment Co, the Kenyan financial-services company, has confirmed that it expects revenue growth to accelerate in 2012 as it expands into Tanzania and South Sudan.According to the firm, it is "optimistic" operations will begin in at least one of the two nations in the first quarter of next year, businessweek.com has reported.In an interview in the capital, Nairobi, managing director Benson Wairegi said the expansion may help the company exceed the industry's average growth of 15 per cent."Our average growth rate for the past five years in total revenue terms has been about 22 to 23 per cent," Mr Wairegi remarked."Going forward, we are targeting a growth rate of between 20 and 30 per cent."To finance its expansion, British American is raising up to 5.85 billion shillings ($65 million) of new equity capital in an initial public offering.Mr Wairegi said that British American recently introduced services in Uganda, where the business is expected to break even in three years.