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Kenya: Billionaire businessman Chris Kirubi, is selling his 9.58 per cent stake in insurance firm UAP Holdings to Anglo-South African financial services company Old Mutual.
Also, Centum Investment Company, where Kirubi owns 25.2 per cent, says it has agreed to sell 13.75 per cent stake to the same financial services group, in a deal that will earn the two Sh8.88 billion. This means Kirubi (pictured) will earn about Sh3.6 billion from the deal. When the sale is completed, Old Mutual will be the holder of 23.33 per cent of the issued shares of UAP Holdings. The consideration will be paid in cash and will be funded from existing Group resources.
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