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Jubilee stakes deal with Allianz to close in June

JUBILEEALLIANZ

Allianz Africa regional CEO Coenraad Vrolijk (left) and Jubilee Holdings Chairman Nizar Juma during the announcement of the agreement to establish a strategic partnership on September 29, 2020, at Jubilee Centre in Nairobi. PHOTO | SALATON NJAU | NMG

By  Victor Juma

Business Editor

Nation Media Group

Jubilee Holdings #ticker:JUB expects to complete the sale of majority stakes in its regional general insurance subsidiaries to Allianz SE by the end of June.

The insurer will receive about Sh7.75 billion in the transaction while Sh3 billion will be invested in the operating businesses in Kenya, Uganda, Tanzania, Burundi and Mauritius, bringing the total consideration to Sh10.8 billion.

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