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MUA minority owners fail to block subsidiaries sale
The applicants argued that the sale was approved by interested directors without an open process and would “unjustly enrich” majority owners at the expense of minorities.
Two minority shareholders of MUA Insurance (Kenya) have lost their bid to stop the sale of its stakes in its Tanzania and Ugandan units, clearing the way for a deal aimed at plugging a Sh867.5 million solvency gap.
The High Court ruled the applicants Moyez Alibhai and Maheboob Alibhai failed to meet the legal test for an injunction.
