Businessmen Joe Wanjui and James Muguiyi have completed the sale of a combined six percent stake in insurance firm UAP Holdings to South African multinational Old Mutual Holdings for R437 million (Sh3.2 billion).
Old Mutual announced in August 2018 that it would buy a total of 12.7 million of the insurer’s shares from the two shareholders but only started the purchases last year, according to disclosures in UAP’s latest annual report.
