Old Mutual ups stake in East African insurance company
Investment and banking group Old Mutual has increased its stake in a East African insurance company.
FTSE 100
8,078.86
17:14 25/04/24
FTSE 350
4,434.34
17:09 25/04/24
FTSE All-Share
4,387.94
16:49 25/04/24
Life Insurance
5,638.37
17:09 25/04/24
Old Mutual
210.90p
16:55 22/06/18
Old Mutual spent $155.5m for an additional 37.3% stake in UAP Holdings, and now holds a total of 60.7% stake.
The purchase is subject to regulatory approvals from others shareholders in the company and from the Kenyan financial authorities and it is expected to be completed during the year.
The group said it was investing in East Africa as it believes the region has a "strong economic growth, attractive demographics, improving infrastructure and a nascent and under penetrated financial services industry".
Old Mutual has allocated $500m to invest in financial services operations in sub-Saharan Africa.
Chief executive Julian Roberts said: "East Africa is a core growth market for Old Mutual and this transaction is a critical step in Old Mutual becoming an African financial services champion and further progress on our strategic agenda to transform the Group and improve its sustainable growth profile."
Shares were up 0.05% to 204.7p on Monday at 14:47.