POSTED MONDAY, JUNE 30, 2014 | BY- NATION CORRESPONDENT Tweet 6 Share 0 1 Recommend DESKTOP VIEW BACK TO TOP UAP to float Sh2bn bond next week Investment firm UAP Holdings will next week launch a Sh2 billion bond to finance its real estate ADVERTISEMENT Investment firm UAP Holdings will next week launch a Sh2 billion bond to finance its real estate projects. The firm, with interests in insurance, real estate and investment services, yesterday received approval from the Capital Markets Authority to issue and list the bond on the Nairobi Securities Exchange. Group managing director Dominic Kiarie said the firm would use the cash for expansion, investment in property and as extra capital for boosting capacity of existing insurance businesses. “The bond offer will be open from July 7 to 18. UAP will apply the proceeds towards further geographic expansion, investment in the group’s property projects and to provide additional capital for enhancing capacity in existing insurance businesses,” said Mr Kiarie. The firm plans to invest at least Sh4 billion in a real estate project in Rwanda to tap into the growing sector in that country. Completed entry In 2013, the company completed entry into Tanzania when it acquired a 60 per cent stake in Century Insurance Company. It also obtained fund manager licences from the CMA and Retirement Benefits Authority for its investment management. The group has continued to diversify its business operations in East Africa to tap into new revenue streams. The UAP move follows a similar plan by Britam, which is also seeking Sh5 billion from the market through a corporate bond to scale up its investments across East Africa. Britam’s cash call has an option of raising the amount by Sh1 billion more should subscription levels exceed the targeted amount.
Posted on: Tue, 01 Jul 2014 06:24:20 +0000
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