Old Mutual Holdings to Acquire 6% Stake in UAP Holdings of Kenya

Old Mutual Holdings Ltd. notified UAP holdings Ltd. of its intention to acquire 12.7 million shares, or 6 percent of the issued share capital, according to a newspaper statement.

About 9.83 million shares will be bought from investor Bawan Ltd. and 2.87 million shares from James Muguiyi, a shareholder in the Kenyan company, Old Mutual said Thursday in a statement published in the Standard newspaper.

Old Mutual Holdings already holds 78.9 million shares in UAP, while Old Mutual Life Assurance Co. owns 49.3 million shares, a combined stake of 60.67 percent, according to the statement. Old Mutual doesn’t intend to make a take-over offer and will seek the Capital Markets Authority’s exemption from a requirement to do so, it said.

“It is expected that the proposed transfer will be completed not later than Nov. 30,” according to the statement. Source:  Bloomberg