Old Mutual buys majority shares in UAP

UAP Holdings Limited (UAP) has entered into strategic partnership with Old Mutual Plc. The later now holds 60.66% shareholding after acquiring an additional 37.33% of issued shares of the company held by the private equity investors – The Abraaj Group, AfricInvest and Swedfun.

From humble roots as Kenyan General insurance services provider in 1920, UAP has grown into a strong business franchise focusing on Insurance (General, Life and Medical Insurance), investment management and properties in six East and Central African countries – Kenya, Uganda, South Sudan, Rwanda, Tanzania and Democratic Republic of Congo. UAP is undoubtedly one of the top three insurance sector players in the EAC.

According to the deal, the combined UAP and Old Mutual businesses in Kenya will be enhanced to include insurance, investment management, properties, banking and securities Brokerage thus creating a strong operating platform to continue growing the business.

According to a press release, UAP brand is set to catapult the business into the next growth phase.

‘‘Going forward, the anchor shareholders and old mutual are committed to building significant stakeholder value, in conjunction with all other local shareholders. Whilst shares are currently trading on the Over-The-Counter (OTC) market, the vision to list the company on stock exchange remains a core objective’’ reads a statement in part.

The partnership of between two giants is expected to benefit clients. Clients will benefit from the combined strengths in: IT systems, distribution networks, a wide range of products and services as well as strong leadership teams. Old Mutual has the expertise, skill, experience and financial resources needed to take UAP group to the next level. Insurance is all about risk management. And the combination of Old Mutual and UAP will change the industry landscape.

About M. B. Mugisa

Mustapha Barnabas Mugisa is one of those rare people who provides business consulting and advisory to professionals and corporate entities who demand the very best. He is a prolific speaker and governance (strategy and risk) expert. His speaking involves making key notes at major conferences and business events on both technical subjects and leadership skills. A change agent and motivational speaker. Mustapha provides tools and proven methodologies to remarkable results through making people appreciate change. Visit Mustapha's LinkedIn profile to know more. Mustapha is the architect of #WinningMindset Leadership and #WinningTheGame strategy approach that combines Harvard Business strategy Playing To Win, with the Blue Ocean Strategy and Balanced Score Card to deliver a strategy that is easy to execute and monitor. Visit www.mustaphamugisa.com for special insights to improve your condition. Are you too good to be great?

Entries by M. B. Mugisa