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.
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