Nairobi — UAP Holdings Sh2 billion bond has on Friday started trading at the Nairobi Securities Exchange (NSE) on the Fixed Income Securities Market Segment.
The medium term note that was launched in early July targeting institutional and retail high net-worth investors received offers of Sh3.2billion representing a 59.6 percent oversubscription.
Institutional investors received 89.4 percent of the issue, while retail investors received the remaining 10.6 percent balance of the note.
UAP Group Managing Director, Dominic Kiarie said the corporate bond provides UAP Group with additional funds for business diversification in line with UAP's Pan-African growth strategy, centering on the creation of significant long-term value to UAP investors.
He further added that the group has already started deploying the proceeds to create capacity for growth and expansion of UAP businesses across the region.
The proceeds expected to be used for general corporate purposes including capital management, funding long term property assets and investments in its subsidiaries.
Recently, UAP launched its newest subsidiary, UAP Investments Limited that received Fund Management licenses from both the Capital Market Authority (CMA) and the Retirement Benefits Authority (RBA), to commence operations of their Asset Management and Investments Advisory business in Kenya.