Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
/FILE

Kenya

UAP Life Assurance and Old Mutual Assurance Company to Merge

NAIROBI, Kenya, Dec 11-UAP Holdings has announced plans to merge its life insurance business with the life insurance business of Old Mutual Life Assurance Company Limited.

The Group’s company secretary Nkirote Mworia Njiru through a statement said the move is part of an internal restructuring of the UAP old Mutual Group where UAP Holdings will acquire shares in Old Mutual Life Assurance Company.

” Persuant to the proposed restructuring, UAPH will acquire shares in OMLAC through its wholly owned subsidiary UAP Life Assurance Limited and OMLAC will thereafter transfer it’s insurance business to UAP Life, resulting in a single unified business,” said Njiru.

According to UAP, the restructuring will be effected by way of a scheme of arrangement under part 34 of the companies act.

” The scheme of arrangement will set out the terms on which UAP Life will acquire the OMLAC shares from the current OMLAC shareholders and will have to be approved by the OMLAC shareholders in an extraordinary general meeting and sanctioned by the High Court,” reads the statement.

The transaction will result in OMLAC becoming a subsidiary of UAPH through UAP Life.

UAP Old Mutual Group is confident that the restructuring will ensure the group realises increased effeciencies from consolidating the Kenyan businesses of UAP Life and OMLAC while achieving a simpler group co-operate structure.

The firm says it expects the restructuring exercise to be concluded by March 2021, which is subject to all regulatory approvals.

UAP Holdings shareholders will ratify the transaction at the Annual General Meeting immediately following the conclusion of the transaction.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...