Mudavadi-Linked Firm to Acquire Absa Insurance Stakes
First Assurance Investments to buy 63.3% of Absa Life Assurance Kenya
A firm linked to Prime Cabinet Secretary Musalia Mudavadi and Lamu Governor Issa Timamy is set to acquire a majority stake in Absa Life Assurance Kenya and First Assurance Company Limited.
The acquisition, worth an estimated KSh 3 billion, is subject to clearance from the Competition Authority of Kenya. First Assurance Investments Limited will purchase Absa Group's 63.3% stake in the two insurers.
Shareholding Structure
Mudavadi and Timamy have significant interests in First Assurance Investments Limited, with Mudavadi holding an effective stake of 21.26% in the insurance business.
Source: Nairobi Wire. AI-assisted summary.
