The Star (Nairobi)

Kenya: CMA Approves UAP Share Call

Plans by UAP Financial Services to raise Sh750 million through a public offering received the Capital Markets Authority's. UAP Group managing director James Muguiyi said following the approval the firm is now ready to go to the market.

"UAP Holdings is not seeking a listing of shares on the Nairobi Securities Exchange at this stage, but we hope this will provide sufficient liquidity prior to the listing in the next 18 months," said Muguiyi.

The CMA approval comes a few months after the company successfully raised Sh 4.6 billion from three international private equity investors, Aureos Africa Fund, AfricInvest Fund II and AfricInvest Financial Sector Fund, as well as Swedfund International AB.

The new capital is expected to support UAP's pan-African expansion plans sand investments in real estate business.

Ads by Google

Copyright © 2012 The Star. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.