UAP Holdings Limited Group Managing Director James Muguiyi. UAP Holdings, which is the parent company of 10 insurance, property and financial service firms in Kenya, Uganda, South Sudan and Rwanda is seeking to sell 12.5 million shares in the three week public offer that closes on December 5. File
Financial services firm UAP Holdings on Wednesday launched a public share sale that seeks to raise Sh750 million.
UAP Holdings, which is the parent company of 10 insurance, property and financial service firms in Kenya, Uganda, South Sudan and Rwanda is seeking to sell 12.5 million shares in the three week public offer that closes on December 5.
The company, which has priced each share at Sh60, said that the sale of the new shares is part of an effort to raise Sh5.4 billion which it expects to invest in the five East African countries and South Sudan.
James Muguiyi, UAP Holdings Group managing director said that the public offer will provide an opportunity to increase the scope of the company’s operations and help widen its footprint in the region.
“We already have a presence in Kenya, Uganda, South Sudan and Rwanda, our newest market. We have also obtained license to begin operations in the Democratic Republic of Congo and we are finalizing entry into the Tanzania market before the end of the year,” said Mr Muguiyi.
In April this year, the company raised Sh4.6 billion from three international private equity investors and it has earmarked Sh1.8 billion for the expansion of its existing insurance and financial services businesses and Sh300 million for the groups reorganisation.
Another Sh2.15 billion has been earmarked for property investments and while Sh1.066 billion has been budgeted for increasing the Group’s financial assets.
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