Jubilee Holdings is set to receive KSh270 million from the sale of a 54.15% stake in its Mauritian subsidiary to insurance giant Allianz SE.
Allianz will acquire a total stake of 66% in Jubilee Insurance Company of Mauritius Limited, buying additional shares from Aga Khan Fund for Economic Development SA (AKFED), which will sell its ownership of 11.85% as part of the deal.
The insurer currently owns 88.15% of the Mauritian subsidiary and its stake will drop to 34% at the conclusion of the transaction.
Jubilee will have received a total of KSh7.75 billion once the Mauritius deal is completed.
Allianz will also invest KSh3 billion in the subsidiaries as the majority shareholder.
The deal is the last among a series of Jubilee Holdings’ partial divestiture in its general insurance businesses including those in Kenya, Uganda, Tanzania, and Burundi which have been completed.
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