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Old Mutual fails to take extra 6.5pc UAP stake

UAP Old Mutual Group chief financial controller Agnes Chege (left) and CEO Peter Mwangi during the announcement of the group’s full year financial results on April 2, 2019. PHOTO | DIANA NGILA

By  Victor Juma

Business Editor

Nation Media Group

Financial services giant Old Mutual has failed to take an extra 6.5 per cent stake in UAP Holdings after a plan of converting the multinational’s Sh2.6 billion loan to the Kenyan insurer into shares was suspended.

UAP had announced that the loan-to-equity deal, meant to ease its debt burden, would be concluded in 2018 but the multinational has suspended the transaction indefinitely even as it amended the terms of the debt.

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