Tanzania acquires $2.7m more stake in Shelter Afrique

By Helen Githaiga

Tanzania has acquired an additional 1.24 percent stake in Pan-African housing financier Shelter Afrique for $2.7 million.

The extra capital injection has moved Tanzania’s shareholding to 1.54 percent from the 0.3 percent it held.

Shelter Afrique chief executive Andrew Chimphondah said the support by shareholders is a vote of confidence in the company, which last year posted the first profit in six years.

“We thank the government of Tanzania for choosing to increase her stake in Shelter Afrique despite the prevailing condition,” he said.

“We are also grateful to other shareholders who have increased their stakes recently.”

Tanzania’s capital payment reduces the shareholding of the top three shareholders – Kenya, Nigeria and the African Development Bank (AfDB).

This article originally appeared in The East African.

Photo: Pool