Absa Group is selling its 63.32% stakes in two Kenyan insurers to First Assurance Investments, a Mudavadi-linked firm, for at least US$29 million.
Kenya · FINANCE
Key Facts
—Seller and stake: Absa Group Limited is selling its entire 63.32% shareholding in First Assurance Company Limited and Absa Life Assurance Kenya Limited.
—Buyer: First Assurance Investments Limited, an existing shareholder linked to Prime Cabinet Secretary Musalia Mudavadi, will become 100% owner of both insurers.
—Estimated price: Kenyan business outlets estimate the combined consideration at around KSh 3.8 billion, approximately USD 29 to 29.4 million.
Sources close to the transaction reckon that Absa Group will seek at least Sh3.8 billion for the two stakes.
The proposed offer price comes after Absa Bank Kenya’s share price had rallied to hit an all-time high of Sh33 before easing to…
South Africa's Absa is offering about $239 million to raise its Absa Bank Kenya stake to 85%, the latest South African banking…
Absa on Friday announced it intends to up its stake in Kenyan subsidiary Absa Bank Kenya to 85% from 68.5% in a R4bn transaction…
The bulk of the lender’s shares are in the hands of the 156 owners who hold above one million units each.
Absa Bank becomes the latest lender to stage major share price gains catalysed by mergers and acquisitions announcements.
