IFC to Buy 11% Stake in Kenyan Insurance Company Zep-Re

World Bank’s private lending arm to acquire stake in Zep-Re in 1.9b-shilling deal, Nairobi-based Business Daily newspaper reports, citing disclosure document.

* Kenya Re, which currently owns ~16% of Zep-Re, opposes IFC purchase because it will dilute co.’s stake;
* German Investment Corp. already owns 11% of Zep-Re, while AfDB holds 14.5%. Source: Bloomberg