UAP Holdings News

Mustafa Abdel-Wadood, a Partner at Abraaj, continues to see investment potential in Africa’s largest economy Nigeria. Christopher Pike/The National

Private equity house Abraaj buys majority stake in Nigerian mattress manufacturer Mouka

The Abraaj Group has acquired a majority stake in Mouka, a mattress manufacturer in Nigeria, as part of its plans to expand in Africa.

The Abraaj Group

Abraaj sells stake in Kenyan insurance company UAP Holdings to Old Mutual

Abraaj has exited the East African insurance company UAP Holdings through the sale of its 13.6 per cent stake, the Dubai-based private equity firm said today.

Lawrence Nazare, Executive Director, Continental Re

Pan-African Continental Re sees huge growth as Africa's construction booms

Africa’s Continental Re plans to double premium income from its property and engineering business to $80 million over the next five years, as it bets on the continent’s infrastructure boom, its executive director said.

James Mworia, CEO, Centum Investments

Kenya's Centum pursuing sales to fund power & real estate deals, says CEO James Mworia

Kenya’s Centum Investment is working on selling its stakes in several firms to fund new investments in power plants, real estate and other areas, its chief executive said.

AfricInvest

AfricInvest to exit its investment in Kenyan Insurance Company UAP Holdings

AfricInvest, a leading pan-African SME-focused private equity firm, is pleased to announce that its AfricInvest Fund II (“AFII”) and AfricInvest Financial Sector (“AFS”) Fund, along with two other investors, Aureos Africa Fund (managed by Abraaj) and Swedfund, entered into an agreement to sell their 37.3% collective stake in UAP Holdings Limited (“UAP”) to Old Mutual Holdings, a wholly-owned subsidiary of Old Mutual plc (“Old Mutual”) for KES 14.2 billion (approximately USD155.5 million).

Julian Roberts, CEO of Old Mutual

Old Mutual Spends Bulk of Africa War Chest on UAP Stake in Kenya

Old Mutual Plc (OML), which earmarked 4.3 billion rand ($374 million) for acquisitions in Africa, increased its stake in Kenya’s UAP Holdings Ltd., meaning that the insurer has now spent more than half of that war chest.

Chris Kirubi, Chairman of Centum Investment Company

Kenya's Centum to sell insurance firm stake to Old Mutual

Kenya’s Centum Investment Company said it had agreed to sell its 13.75 percent stake in regional insurance firm UAP Holdings to Anglo-South African financial services company Old Mutual.