[Kenya] Old Mutual increases its stake in UAP
Following the announcement on 9 January 2015 that Old Mutual plc ("Old Mutual" or "the Group") had acquired 23.3% of UAP Holdings Limited ("UAP"), the Group today agreed to purchase a further 37.3% of UAP's existing share capital, thereby increasing its stake to 60.7%, subject to various regulatory approvals.
Old Mutual has notified the Capital Markets Authority ("CMA") in Kenya of the offer it has made to and the acceptance from The Abraaj Group, AfricInvest and Swedfund, who collectively hold 37.3% of the shares in UAP. The notice includes an application to the CMA for an exemption from having to make a mandatory offer to all UAP shareholders under the CMA Regulations. The consideration of KES 14.2 billion (approximately USD155.5 million) for the additional 37.3% stake will be paid in cash and will be funded from existing Group resources. The transaction is expected to complete during 2015.