24.4 C
Johannesburg
Friday, March 29, 2024

Kenyan Multi-Millionaire Chris Kirubi Makes $30 Million From Insurance Deal

Must read

Mfonobong Nsehe
Mfonobong Nsehehttps://www.jozigist.co.za
Mfonobong Nsehe is currently Nigeria and Kenya advisor to Pilot Fish Media. He is also the CEO of Hodderway Group, a Kenyan-based private limited liability company focused on brokering and delivering attractive, large-ticket transactions in Africa to select blue chip international investment partners. He travels extensively across Africa every year, meeting and interviewing the continent's wealthiest entrepreneurs and tallying their net-worth for Forbes' annual rankings of the World's Richest People and Africa's Richest People. He is also a contributing writer for Jozi Gist. You can follow him @MfonobongNsehe and on Linkedin

Kenyan multi-millionaire businessman Chris Kirubi is set to earn more than $30 million from the sale of his stake in East African insurance company UAP Holdings to Old Mutual.

chris-kirubi

According to a report by Kenya’s Business Daily, Kirubi, 73, recently signed an agreement to sell off his entire 9.58% shareholding in the insurance provider after holding on to the shares for more than a decade.

This is the second time Kirubi is selling off his UAP shares in the last 10 years. Prior to 2012, he owned roughly 16.8% of the company. In June 2012, three Private Equity funds – Aureos Africa Fund, AfricInvest Fund and Swedfund International AB acquired a 40% stake in UAP Insurance for $54.8million from existing investors. Kirubi was among a consortium of shareholders who divested part of their holdings during the transaction.

UAP Insurance is the 3rd largest Insurance Company in Kenya and controls a 7.8% market share of Kenya’s insurance industry. It also has operations in Uganda and Tanzania.

Kirubi is one of Kenya’s wealthiest businessmen with a fortune estimated at $220 million. His holdings include a 27% stake in Centum, a $460 million (Market cap) Nairobi Stock Exchange-listed investment company ; a 49% stake in Haco Tiger Brands which manufactures food and beauty products, the DHL franchise in Kenya and extensive commercial and residential real estate in Nairobi.

As published on Forbes

- Advertisement -

More articles

Post a Comment

- Advertisement -

Latest article