Equity Group holdings shareholders approved the establishment of a non-operating insurance holding company and a subsidiary for purposes of conducting insurance business in Kenya.
During the 16th Annual general meeting on Tuesday 30 June, 99.98 percent of the shareholders voted on the setting up of the non-operating company. However, the establishment is subject to obtaining the requisite regulatory approvals.
In this case, the group will set up a non-operating insurance holding company that will serve as a holding company for insurance. For the Kenyan insurance scene, the group will set up a subsidiary of the non-operating holding company to conduct and undertake long term insurance business in Kenya.
The Kenyan subsidiary will put in place all the necessary structures, commercial arrangements, and any ancillary arrangements relating to the undertaking of long term insurance business in Kenya.
The Holding Company will provide KSh 400 million as share capital for the subsidiary as required under the Insurance Act (Chapter 487, Laws of Kenya).
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