At the same time, Centum Chairman Dr Chris Kirubi has also agreed to sell his 9.58 stake in UAP to the same buyer.
“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,” CEO James Mworia said while commenting on the sale.
Mworia says “Centum together with the other shareholders and management of UAP Group has grown the firm to be one of the leading insurance and financial services groups in East Africa.”
Once the sale is completed, Old Mutual Holdings will hold 23.33 percent of the issued shares of UAP Holdings Limited.
UAP has a network of branches and operational subsidiaries spread across the greater East and Central Africa region with its headquarters in Nairobi.
“Centum will continue developing other investment opportunities and delivering the same to both institutional and retail investors,” Mworia said.
Centum has been an investor in UAP Group for over 10 years.
On the other hand, Old Mutual Group is a diversified financial services group providing investment, savings, life assurance, asset management, banking, property and 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 (Sh36.4billion) as at December 31, 2013.