, NAIROBI, Kenya, Jun 23 – The combined business of UAP Holdings and Old Mutual Kenya will be listed at the Nairobi Securities Exchange (NSE) once the ongoing integration of the two businesses is complete.
UAP Holdings Chairman Joe Wanjui says the two firms will merge and form one company that will be listed at the Nairobi Bourse.
UAP Holdings in January suspended trading of its shares which were moved to the Over-The-Counter market.
This comes as Old Mutual got all the regulatory approval to acquire a 60.6 percent stake in UAP Holdings.
Old Mutual initially acquired 23.33 percent stake in UAP held by Centum Investment Company and Industrialist Chris Kirubi.
The firm also bought 37.3 percent shareholding from private equity firms including Abraaj Group, AfricInvest and Swedfund.
Wanjui noted that the combined UAP and Old Mutual businesses in Kenya will be enhanced to include insurance, investment management, properties, banking and securities brokerage thus creating a strong operating platform to continue growing the business.
“The complementarily of the two strong brands – UAP, a distinctive brand south of the Sahara and north of the Limpopo, and Old Mutual, a strong global brand and South Africa’s leading insurance brand – will result in better value offering for current and future clients. They will benefit from the combined strengths of both organizations in Information Technology systems, distribution networks, a wide range of products and services, as well as strong leadership teams” Wanjui added.
In 2014, UAP Holdings posted a 31 percent growth in total revenues to Sh15 billion.
Gross insurance premium revenue shot up 16 percent to Sh14.8 billion from Sh12.7 billion the previous year.