Old Mutual Pays $98m For Stake In African Insurer

Kenya’s Centum Investment Company said it had agreed to sell its 13.75% 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 R700 million of a R5 billion 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% stake in UAP to Old Mutual.

 No financial details were disclosed for either stake sale. Centum’s shares were up 0.8% at 63.00 shillings on the Nairobi Securities Exchange at 0643 GMT.

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