Chris Kirubi earns Sh3.6b in sale of UAP shares to Old Mutual

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.

Centum CEO James Mworia said: “The sale is in line with Centum’s mission to be Africa’s foremost investment channel by developing investment grade opportunities for other investors. Centum will continue developing other investment opportunities and delivering the same to both institutional and retail investors.”

Ralph Mupita, Chief Executive of Old Mutual Emerging Markets, said: “UAP is an ideal and complementary fit to our existing Kenyan businesses and we look forward to deepening and broadening our relationship in the future.”

Old Mutual Kenya has more than 500,000 customers through its activities in life insurance, asset management and micro-finance. Centum’s shares were up 0.8 percent at Sh63.00 on the Nairobi Securities Exchange at 0643 GMT.


 

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