Liberty Life Assurance Managing Director Abel Munda PHOTO | COURTESY South African domiciled Pan-African underwriter Liberty Holdings Limited has raised its stake in Liberty Kenya Holdings Plc to 73.5 per cent.
This follows the subscription of an additional 84.2 million shares in the unit via a private transfer to raise its stake from a lower 57.7 per cent.
The transfer has involved the purchase of 49.5 million shares from the coalition of Conrad N. Hilton Foundation, Kimberlite Frontier Africa Master Fund L.P and Vanderbilt University know as the KFAMF Acquisition.
Liberty Holdings has additionally tapped 34.7 million shares from Coronation Africa Frontiers Fund.
The increased stake of Liberty Holdings will grant it more control of the Kenyan based unit which will see it ‘have a bigger say’ in the company.
Liberty Holdings Limited has presence in over 18 African countries where it offers financial services, asset management solutions and investments in addition to its core underwriting business.
Closer home, the Group operates Liberty Life Assurance Kenya Limited, The Heritage Insurance Company Kenya & Tanzania Limited under the Liberty Kenya Holdings Plc umbrella.
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