Old Mutual Holdings PLC is set to sell 60 per cent stake in UAP Insurance Tanzania Limited subject to regulatory approvals.
This represents the entire shareholding Old Mutual has in UAP Insurance Tanzania Limited.
The Pan-African insurance group will set its shares to Strategic Ventures Company Limited, a grouping from the existing minority shareholders of UAP Insurance Tanzania.
Currently, UAP Africa Limited, a subsidiary of Old Mutual Holdings Plc, holds 137,400 ordinary shares and 100 per cent of the preference shares in UAP Insurance Tanzania Limited representing 60 per cent of the share capital.
“The Proposed Transaction is subject to the fulfillment of various
conditions precedent such as approval by the Tanzania Insurance Regulatory Authority (TIRA) and all other relevant approvals,” stated Old Mutual Group Company Secretary Nannette Miingi.
“Upon completion of the Proposed Transaction, UAP Insurance Tanzania Limited will cease to be a member of the Old Mutual Group,” added Miingi.
“In the meantime, the shareholders of Old Mutual Holdings Plc and the general public are hereby notified to exercise caution when dealing in the shares of the Company.”