Mauritian firm East Africa Growth Holdings (EAGH) has increased its shareholding in I&M Group to 15.14 percent after acquiring an extra 86.5 million ordinary shares worth Sh4.2 billion.

EAGH, a special purpose vehicle backed by global impact investors, now becomes the Group’s fourth-largest shareholder after acquiring the shares at Sh48.42 each.

“Beyond capital, this partnership brings sectoral expertise, an opportunity to leverage on the combined network of the investors and a shared commitment to deepening financial inclusion, driving innovation, and embedding sustainability at the core of our business,” Gauri Gupta, the Group’s corporate advisory & sustainability director, said.

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Under the EAGH, the consortium includes AfricInvest, a pan-African private equity platform; FMO, the Dutch entrepreneurial development bank; and Norfund, the Norwegian Investment Fund for Developing Countries, which focuses on building sustainable businesses that create jobs and improve lives.

“….we are enthused by their ambition to expand deeper into underserved markets, particularly in retail and MSME segments, thereby contributing to greater financial inclusion,” Peter Bryde, Director of Private Equity at FMO, said.