Centum exits stake in UAP Holdings Limited

Centum Investment Company Limited (“Centum”) is pleased to announce that it has entered into an agreement with a member of the Old Mutual Group for the sale of Centum’s 13.75% shareholding in UAP Holdings Limited.  Alongside the sale by Centum, Dr Christopher John Kirubi, a director and shareholder of Centum, has agreed to sell his 9.58% stake in UAP Holdings Limited to the same buyer. When the sale is completed, Old Mutual Holdings will be the holder of 23.33% of the issued shares of UAP Holdings Limited.

Centum has been an investor in UAP Group for over 10 years, over which time Centum together with the other shareholders and management of UAP Group has grown the Group to be one of the leading insurance and financial services groups in East Africa, with headquarters in Nairobi and a network of branches and operational subsidiaries spread across the greater East and Central Africa region.

Centum CEO James Mworia said, “We are pleased to have been able to identify and sell our shares in UAP Group to a strategic investor, Old Mutual Group. 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”

Old Mutual Group is a diversified financial services group providing investment, savings, life assurance, asset management, banking and property & casualty insurance in Africa, Europe, the Americas and Asia. The Group has over 16 million customers and funds under management of over US$400 million as at 31 December 2013.

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Source: Centum Investment Company Limited