NAIROBI: INSURANCE giant, Old Mutual is set to acquire a 60,7 percent stake at UAP Group at a cost of Sh14,2 billion, it has emerged.
Old Mutual, which primarily operates in long-term savings and investment market across the world, said the acquisition would increase its stake in UAP Group from 23,3 percent.
“Old Mutual has notified the Capital Markets Authority in Kenya of the offer it has made to and the acceptance from the Abraaj Group, AfricInvest and Swedfund, who collectively hold 37,3 per cent of the shares in UAP.
”The notice includes an application to the CMA for an exemption from having to make a mandatory offer to all UAP shareholders under the CMA regulations,” Old Mutual said in a statement.
However, the insurance giant’s acquisition deal was awaiting approval by Kenya’s Capital Markets Authority.
SOURCE: CAJ NEWS AGENCY