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UAP now writes off Sh597m investment in Tanzanian unit

UAP Old Mutual Group chief executive Peter Mwangi during the announcement of the firm’s full year financial results on April 2. PHOTO | DIANA NGILA | NMG

By  Victor Juma

Business Editor

Nation Media Group

UAP Holdings has written off Sh597.9 million of its investment in its Tanzanian subsidiary, citing a deterioration of business conditions in that market.

The insurance group disclosed the impairment, which contributed to its loss in the year ended December, in its latest annual report.

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Note: The results are not exact but very close to the actual.

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