Kenya's Centum says to sell insurance firm stake to Old Mutual
10 January 2015, 10:40
Nairobi - Kenya's Centum Investment Company said it had agreed to sell its 13.75 percent stake in regional insurance firm UAP Holdings to Anglo-South African financial services company Old Mutual.
The acquisition by Old Mutual is in line with its aim to expand in Sub-Saharan Africa, where it has spent 700 million rand ($60 million) of a 5 billion rand programme to acquire businesses, focusing on Ghana, Kenya and Nigeria.
Centum has investments in both listed and private firms and is diversifying into Kenya's fast-growing property sector, while Kenyan-headquartered UAP Holdings is also present in Uganda, South Sudan, Rwanda and the Democratic Republic of Congo.
Centum also said in its statement late on Thursday that Chris Kirubi, one of its directors and shareholder, had separately agreed to sell another 9.58 percent stake in UAP to Old Mutual.
No financial details were disclosed for either stake sale.
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