The Mauritius Union Assurance company (MUA), is in the process of acquiring 100% ownership in Saham Assurance of Kenya. The acquisition will be done through its Kenyan subsidiary MUA Insurance (Kenya) Limited.
The Mauritian firm revealed the plan through a letter to its shareholders. Part of the statment read, “The proposed transaction is in line with MUA’s expansion strategy in East Africa and the board believes that it will create value for its shareholders in the future.”
“The acquisition is subject to certain conditions precedent, including but not limited to receipt of relevant third party and regulatory approvals,” stated the public notice.
MUA Insurance is one of the largest Insurance companies in Mauritius. It has branches in Sychelles, Kenya, Tanzania, Uganda, and Rwanda. The company is listed on the Stock Exchange of Mauritius.
On the other hand, Saham Assurance of Kenya is a subsidiary of the Morocco based Saham Group. The company came into existence after Saham Group purchased Mercantile Insurance in 2013.