Yemsis Izuora
Old Mutual international investment, savings, insurance and banking group with subsidiary in Nigeria has acquired a 13.6 percent equity holding in UAP Holdings Limited.
UAP is a pan-African insurance holding company with subsidiaries in Kenya, Uganda, Tanzania, Rwanda and South Sudan, as well as an insurance brokerage arm in the Democratic Republic of Congo.
The Abraaj Group a leading investor operating in global growth markets,had subsequently announced the completion of the full exit of its investment, through one of its Funds, in UAP Holdings Limited.
UAP’s services include life insurance, general insurance, health insurance, premium financing services and investment management services.
UAP has been operating in Sub-Saharan Africa since 1977 and its general insurance subsidiaries hold dominant market positions in its main markets.
The respective general insurance subsidiaries are currently the fourth largest insurance company in Kenya, third largest in Uganda, fifth largest in Tanzania and the largest in South Sudan. UAP’s life insurance subsidiaries have exhibited sustained growth and continue to improve their market rankings
Under the terms of the agreement, Abraaj sold its 13.6 percent stake in the Company, which is traded on Nairobi’s over the counter (OTC) market, to Old Mutual plc, a London-listed international investment, savings, insurance and banking group.
In March 2012, Abraaj invested, through one of its Funds, in UAP alongside Africinvest and Swedfund, using a convertible debt instrument.
Simultaneously with a limited public offer conducted in November 2012, Abraaj converted its instrument into equity shares in the Company.