Kenyan Multi-Millionaire Chris Kirubi To Earn $30 Million From Sale Of Insurance Stake

Kenyan multi-millionaire businessman Chris Kirubi is set to earn more than $30 million from the sale of his stake in East African insurance company UAP Holdings to Old Mutual.

According to a report by Kenya’s Business Daily, Kirubi, 73, recently signed an agreement to sell off his entire 9.58% shareholding in the insurance provider after holding on to the shares for more than a decade.

This is the second time Kirubi is selling off his UAP shares in the last 10 years. Prior to 2012, he owned roughly 16.8% of the company. In June 2012, three Private Equity funds – Aureos Africa Fund, AfricInvest Fund and Swedfund International AB acquired a 40% stake in UAP Insurance for $54.8million from existing investors. Kirubi was among a consortium of shareholders who divested part of their holdings during the transaction.

UAP Insurance is the 3^rd largest Insurance Company in Kenya and controls a 7.8% market share of Kenya’s insurance industry. It also has operations in Uganda and Tanzania.

Chris Kirubi

Kirubi is one of Kenya’s wealthiest businessmen with a fortune estimated at $220 million. His holdings include a 27% stake in Centum, a $460 million (Market cap) Nairobi Stock Exchange-listed investment company ; a 49% stake in Haco Tiger Brands which manufactures food and beauty products, the DHL franchise in Kenya and extensive commercial and residential real estate in Nairobi.

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 http://www.forbes.com/sites/mfonobongnsehe/2015/01/09/kenyan-multi-millionaire-chris-kirubi-to-earn-30-million-from-sale-of-insurance-stake/