NAIROBI, Kenya, Feb 12 – CIC Insurance Group has raised Sh1.8 billion after selling two parcels of land near Tatu City and in Kajiado County.
The properties include a 50-acre block neighbouring Tatu City and a 100-acre parcel in Kajiado. The group said the transactions have been successfully concluded.
CIC Managing Director and CEO Patrick Nyaga said the proceeds will strengthen the company’s balance sheet, boosting liquidity and supporting overall performance.
“This is to update that we have successfully closed on the sale of a 50 acres block neighbouring Tatu city and 100 acres in Kajiado,” Group Managing Director & CEO Patrick Nyaga said.
“The two transactions will inject KShs. 1.8 billion to the balance sheet of CIC insurance Group Plc further strengthening the liquidity and overall performance of the Group.”
The insurer and its subsidiaries still hold significant land investments, including 200 acres near Tatu City and 495 acres in Kajiado. In the half-year to June last year, CIC posted a profit after tax of Sh638.4 million, with property investments valued at Sh3.7 billion at the time.
