Capital FM (Nairobi)

Kenya: UAP Holdings Gears Up for Sh2 Billion Bond

Nairobi — Financial services group UAP Holdings is gearing up for its Sh2 billion bond to expand its footprint in the East African market.

The Group Chief Financial Officer Jackson Theuri told Capital FM Business that the bond will be used to expand its business in Tanzania and Rwanda as well as its real estate projects.

The company was granted approval by the Capital Markets Authority (CMA) to issue and list the bond on the fixed income securities market on the Nairobi Securities Exchange (NSE).

Among the investments include developing a real estate project in Kigali having acquired 3.3 acres of prime land in Kigali.

The bond offer will be open from Monday until July 18, 2014.

The money will also be used to complete its 31-storey UAP Towers in Nairobi's Upper Hill which will be used as its headquarters in the second quarter of 2014.

The group completed its entry into the Tanzanian market in 2013 through the acquisition of a 60 percent stake in Century Insurance Company now UAP Insurance Tanzania.

The firm also recently obtained Fund Manager Licenses from the Capital Markets Authority and retirement benefits Authority for its investment management business.

"We also expect to complete the Equatorial Tower in Juba, South Sudan which will be used for commercial services," he said.

In 2013 the firm posted a 41 percent growth in insurance premium revenue which increased from Sh9 billion and 27 percent increase in pre-tax profit from Sh1.8 billion to Sh2.2 billion.

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