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