UK based Company Looks at Investment To East Africa

Posted on : Wednesday , 21st January 2015

 Old Mutual PLC Friday said it is buying a 23.3% stake in Kenya-based UAP Holdings Ltd, an East and Central African financial services company, for KES8.88 billion, or about USD97.6 million, part of its strategy to expand in Africa.

The acquisition comes as the FTSE 100 investment, savings, insurance and banking group looks to grow customer numbers in Africa, excluding South Africa, to 10 million by the end of the decade.
In a statement, Old Mutual said it will pay for UAP, which has a presence in six countries, in cash funded from existing resources.
"This investment is another significant step in delivering the group's aim of becoming an African financial services champion. 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," Ralph Mupita, chief executive of Old Mutual Emerging Markets, said in a statement.
According to Old Mutual, UAP has the third largest property and casualty (P&C) market share in Kenya, as well as the second largest health insurance business, a property investment portfolio and a life insurance business.
In Kenya, Old Mutual serves more than 500,000 customers through its activities in life insurance, asset management and micro-finance.
In Uganda, Old Mutual said, UAP has the second largest P&C and health insurance businesses, and the third largest life business. It also has P&C businesses in Rwanda, Tanzania and South Sudan, and a brokerage business in the Democratic Republic of the Congo.

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