UAP to reveal Nairobi bourse listing plans next month
UAP's top shareholders include businessman Joe Wanjui (pictured) whose 20.34 per cent stake is valued at Sh3.3 billion based on the OTC price, while Chris Kirubi’s 9.58 per cent stake is worth Sh1.5 billion. Photo/FILE
What you need to know:
The board of the financial services firm will meet to offer timelines on its debut at the Nairobi Securities Exchange (NSE) through an introduction that will offer its top shareholders a window to sell part of their holdings.
UAP Holdings will next month disclose plans for its listing at the Nairobi bourse which will take place before December.
The board of the financial services firm will meet to offer timelines on its debut at the Nairobi Securities Exchange (NSE) through an introduction that will offer its top shareholders a window to sell part of their holdings.
The company, in November 2012, said it would list at the Nairobi bourse in 12 to 24 months after a public offer that saw PE funds acquire a 37.33 per cent stake and the public offered 12.5 million shares.
“We have a board meeting in March to discuss listing plans,” said Jackson Theuri, UAP’s group chief financial officer. “The listing was meant to happen within 12 to 24 months from the date of the public offer.”
Trading of UAP shares at the NSE will help shareholders to unlock the value of their wealth and open an exit window for its current owners including the PE investors.
UAP raised Sh750 million through sale of shares to the public in 2012 and a further Sh4.5 billion from three private equity firms — AfricInvest, Swedfund and Aureos Africa Fund — through conversion of loans to equity.
The share sale was priced at Sh60 a piece and broadened the shareholder base of the company to 953 owners from the previous 25 to help qualify for trading as a quoted company.
NSE listing rules require a minimum of 1,000 shareholders to list on the bourse.
UAP shares, which trade on the over-the-counter (OTC) platform managed by Genghis Capital and CfC Stanbic Financial Services, have since gained 28.3 per cent to the current rate of Sh77 a piece.
Its top shareholders include businessman Joe Wanjui whose 20.34 per cent stake is valued at Sh3.3 billion based on the OTC price, while Chris Kirubi’s 9.58 per cent stake is worth Sh1.5 billion.
Other top owners include AfricInvest which has a 16.66 per cent stake, Centum (13.75 per cent), Swedfund (7.05 per cent) and Aureos Africa Fund (13.62 per cent). Mr James Muguiyi, who served as UAP managing director from 2001 to 2012, owns a 5.97 per cent stake at the firm valued at Sh971 million.
The listing of the firm through introduction means that UAP will not offer new shares but will transfer its current 211.4 million shares to the NSE.
It will become the seventh insurance firm after Britam, CIC, Jubilee, Kenya Re, Liberty and Pan Africa Life to list at the Nairobi bourse.
UAP’s net profit in 2012 rose 45.3 per cent to Sh1.2 billion and the firm raised dividend to Sh2.35 from Sh1.70 in 2011.
PAYE Tax Calculator
Note: The results are not exact but very close to the actual.
