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Top Mauritian Stock Targets Fresh Insurance Deals in East Africa
LAGOS (Capital Markets in Africa) — Mauritian insurer MUA Ltd. is looking for more deals in East Africa after an acquisition in Kenya helped to boost its market share in the region’s biggest economy.
MUA earlier this month spent $12.3 million buying Saham Kenya, lifting its share of the country’s insurance market to 2.5% from 0.5%, Chief Executive Officer Bertrand Casteres said in an email. The company, which also has operations in Rwanda, Uganda and Tanzania, last year set aside as much $30 million for acquisitions in the region.
“We will continue to evaluate investment opportunities that correspond to our growth ambitions and core business values,” he said. MUA, based in the Mauritian capital, Port Louis, plans to generate 50% of its revenue out of East Africa by 2023 from about 25% currently, Casteres said.
MUA’s shares have gained 15% this year, the best performer of the 38-member Mauritius Stock Exchange SEMDEX Index, which is down 26%.