6 December 2012

Kenya: UAP Group Makes Executive Changes

The Board of UAP Holdings Limited has announced the retirement of its Group Managing Director, James Muguiyi, and the elevation of the Deputy Group MD Dominic Kiarie to replace him.

Muguiyi has served UAP in various leadership capacities for the last 30 years. During this time, he oversaw the growth of the group's business in Kenya and expansion into Uganda in 2004, South Sudan in 2005 as well as into Rwanda and DRC in 2012.

He presided over the group restructuring in 2008 and the demerger of the Life Insurance Business from General Insurance Business in Kenya. Muguiyi has been instrumental in the change of strategic direction of the group from a pure general insurance business to a broader financial services business with interests in insurance, investments, property investments, property development and related financial services.

In a statement signed by the chairman, J.B Wanjui, the board announced that Muguiyi will be retained as a non-executive director on the board of UAP Holdings and the boards of some of the group's subsidiaries.

"The board appreciates and conveys its gratitude for the support and service he has rendered to the Group over the years. For continuity, Mr Muguiyi will serve as a non executive director of UAP Holdings and also take up new roles in the group as the Chairman of the Board of Directors of UAP Insurance Sudan, UAP Rwanda and will remain as a non-executive director of various UAP subsidiaries"

The board has appointed Kiarie the new MD of UAP Holdings Limited and the Group Managing Director of UAP Group with effect from January 1, 2013.

Kiarie who joined the organisation on August 1, 2011 is currently an Executive Director of UAP Holdings Limited and the Deputy Group Managing Director of UAP Group, and has been involved in the implementation and execution of the group's strategy and key initiatives such as new market entry, capital raising and establishment of new subsidiaries.

Kiarie will be involved in running the UAP Group with a team of executives including the managing directors of the respective UAP subsidiaries. His immediate task will revolve around the efficient execution of the group's strategy to ensure achievement of its vision of being the most revolutionary pan-African Financial Services Group.

UAP Group has embarked on the execution of an ambitious growth strategy to achieve its vision. The announcement comes on the heels of its capital raising process that has seen the group successfully raise Sh4.6 billion from three international private equity investors: Aureos Africa Fund L.L.C, AfricInvest Fund II L.L.C and AfricInvest Financial Sector Fund, as well as Swedfund International AB and issue a Sh750 Million offer.

The Public Offer will not involve a listing of the company's shares on the Nairobi Securities Exchange (NSE). However, the company intends to list on the NSE within a period of 12 to 18 months.

Kiarie joined the UAP Group from the British-American Group where he worked for the last seven years as the founding Chief Executive Officer and Managing Director of British-American Asset Managers Ltd.

He has extensive professional work experience in investment management and investment banking gained in the UK, South Africa and Kenya, and has over eight years experience in executive directorship roles in the Financial Services Industry.

Kiarie holds a Masters Degree in Finance from the University of Cambridge, United Kingdom, a 1st Class Honours Bachelor of Science Degree in Actuarial Science from The Sir John Cass Business School, City University, London, a Diploma in Actuarial Techniques and a Certificate in Finance and Investments both from the Institute of Actuaries, London.

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