South African insurance group Liberty Holdings said it wants to strengthen its footprint in its Kenyan subsidiary. From 57.7% (309 million ordinary shares), the company wants to increase its stake in Liberty Kenya Holdings to 73.5%.
Under this plan, Liberty Holdings has proposed to purchase the 49.5 million ordinary shares held by the Conrad Hilton Foundation, which is managed by the Kimberlite Frontier Africa Master Fund, as well as the 34.7 million shares held by the Coronation Africa Frontiers Fund vehicle in the Nairobi Securities Exchange-listed insurance company.
Overall, Liberty Holdings plans to acquire about 84.24 million additional shares, representing a 16% stake.
The acquisition of these additional shares will be made through a private transaction, subject to the approval of the relevant regulatory authorities. Local media reported that the shares will be repurchased at KSh11 each. On March 9, 2021, at 2:30 p.m., a share of Liberty Kenya Holdings was trading at KSh8.8 on the Nairobi Stock Exchange.
Liberty Kenya owns and controls the life insurer Liberty Life Assurance Kenya and Heritage Insurance Company Kenya, an insurer in charge of general operations in Kenya. This initiative reflects the desire of South African Liberty Holdings to increase its exposure to the insurance sector in Kenya.
Chamberline Moko
EBID aims to allocate nearly 41% of its commitments to environmentally and socially impactful projec...
Flutterwave secures Nigerian banking license to offer credit and savings License enables direct d...
M-PESA evolves into major financial platform with 35 million users Telecoms, fintechs expan...
Algeria launches bid for two NGSO satellite telecom licenses Move aims to expand broadband ac...
Coca-Cola unit trains 260+ SMEs in Namibia business skills Program targets women, youth, disabled...
Algeria’s upper house approved a law classifying French colonial rule (1830–1962) as a crime. Authorities framed the legislation as a legal and...
Zimbabwe and Zambia signed an MoU for a 311 km rail link to support mining exports. The project could reduce transport distances to Beira port by...
Funding would modernize signaling on Tema–Mpakadan line Upgrade aims to allow simultaneous train movements Project tied to broader push to...
Morocco selected under $226 million USDA program for 2026 Initiative blends farm support with expansion of U.S. exports Could back...
Nosy Iranja is one of the most iconic island destinations in northwestern Madagascar, lying in the Mozambique Channel about an hour and a half by boat...
Sungbo Eredo, located in southwestern Nigeria near the Yoruba town of Ijebu-Ode, stands as one of the most remarkable yet overlooked monuments of...