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.