{"id":19505,"date":"2022-08-15T06:12:06","date_gmt":"2022-08-15T06:12:06","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/jubilee-to-get-sh270m-from-mauritius-unit-stake-sale"},"modified":"2022-08-15T08:37:08","modified_gmt":"2022-08-15T08:37:08","slug":"jubilee-to-get-sh270m-from-mauritius-unit-stake-sale","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/jubilee-to-get-sh270m-from-mauritius-unit-stake-sale","title":{"rendered":"Jubilee to get Sh270m from Mauritius unit stake sale"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>Jubilee Holdings is set to receive Sh270 million from the sale of a 54.15 percent stake in its Mauritian subsidiary to insurance giant Allianz SE, with the transaction expected to be completed next month.<\/p>\n

Allianz will acquire a total stake of 66 percent in Jubilee Insurance Company of Mauritius Limited, buying additional shares from Aga Khan Fund for Economic Development SA (AKFED), which will sell its ownership of 11.85 percent as part of the deal.<\/p>\n

\u201cWe expect to close the Mauritius transaction in September.
\nFor Jubilee, the total consideration is Sh270 million,\u201d said Nizar Juma, chairman of Jubilee Holdings, which is listed on the Nairobi Securities Exchange. The insurer currently owns 88.15 percent of the Mauritian subsidiary and its stake will drop to 34 percent at the conclusion of the transaction.<\/p>\n

The deal is the last among a series of Jubilee\u2019s partial divestiture in its general insurance businesses including those in Kenya, Uganda, Tanzania, and Burundi which have been completed.<\/p>\n

The company in 2020 started the process of selling stakes ranging from 51 percent to 66 percent in its general insurance subsidiaries in the various markets to Allianz for a total of Sh10.8 billion.<\/p>\n

Jubilee will have received a total of Sh7.75 billion once the Mauritius deal is completed. Allianz will also invest Sh3 billion in the subsidiaries as the majority shareholder.<\/p>\n

The transactions have seen Jubilee book substantial gains, contributing to its profit growth. Jubilee recorded a 67 percent net profit jump to Sh6.8 billion in the year ended December, helped by investment income and higher net premiums. The performance saw the company declare a special dividend of Sh5 per share. This was in addition to its normal dividend of Sh9 per share.<\/p>\n

Following the agreements to acquire a majority stake in Jubilee\u2019s general insurance units, Allianz signed a deal with South Africa\u2019s Sanlam Limited to create a joint venture that could have an implication for their Kenya-based subsidiaries.<\/p>\n

Allianz is now the majority owner of Jubilee Allianz General Insurance Kenya while the Johannesburg Stock Exchange-listed insurer is the controlling shareholder of Sanlam Kenya. The 10-year joint venture will bring together the multinationals\u2019 interests in subsidiaries in several markets including Kenya.<\/p>\n

For More News And Analysis About Mauritius<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. Jubilee Holdings is set to receive Sh270 million from the sale of a 54.15 percent stake in its Mauritian subsidiary to insurance giant Allianz SE, with the transaction expected to be completed next month. Allianz will acquire a total stake of 66 percent in Jubilee Insurance Company of Mauritius Limited, buying additional […]<\/p>\n","protected":false},"author":84,"featured_media":19504,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,8,16],"tags":[233,245,241],"class_list":["post-19505","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mauritius","tag-mauritius"],"yoast_head":"\nJubilee to get Sh270m from Mauritius unit stake sale - Mauritius<\/title>\n<meta name=\"description\" content=\"Jubilee Holdings is set to receive Sh270 million from the sale of a 54.15 percent stake in its Mauritian subsidiary to i ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/jubilee-to-get-sh270m-from-mauritius-unit-stake-sale\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jubilee to get Sh270m from Mauritius unit stake sale\" \/>\n<meta property=\"og:description\" content=\"Jubilee Holdings is set to receive Sh270 million from the sale of a 54.15 percent stake in its Mauritian subsidiary to i ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/jubilee-to-get-sh270m-from-mauritius-unit-stake-sale\" \/>\n<meta property=\"og:site_name\" content=\"Mauritius\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-15T06:12:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-15T08:37:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2022\/08\/postQueueImg_2-62fa059378f4a.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1160\" \/>\n\t<meta property=\"og:image:height\" content=\"652\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/jubilee-to-get-sh270m-from-mauritius-unit-stake-sale#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/jubilee-to-get-sh270m-from-mauritius-unit-stake-sale\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Jubilee to get Sh270m from Mauritius unit stake sale\",\"datePublished\":\"2022-08-15T06:12:06+00:00\",\"dateModified\":\"2022-08-15T08:37:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/jubilee-to-get-sh270m-from-mauritius-unit-stake-sale\"},\"wordCount\":378,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/jubilee-to-get-sh270m-from-mauritius-unit-stake-sale#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2022\/08\/postQueueImg_2-62fa059378f4a.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mauritius\",\"Mauritius\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mauritius\/all-news\/jubilee-to-get-sh270m-from-mauritius-unit-stake-sale#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/jubilee-to-get-sh270m-from-mauritius-unit-stake-sale\",\"url\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/jubilee-to-get-sh270m-from-mauritius-unit-stake-sale\",\"name\":\"Jubilee to get Sh270m from Mauritius unit stake sale - 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