UAP, New public shares issuance

UAP Holding is keen on raising 750 million KES (8.887 million USD) through public shares issuance. This initiative, due on December 5, is likely to enable the company to finance its expansion in East and Central Africa. In 2012, the insurer had already obtained 4.7 billion KES (55.695 million USD) from private corporations to boost its capital. UAP intends to double the asset net value every three years by increasing its profits and turnover and by targeting acquisitions.
The group currently detains 10 active subsidiaries in Kenya, Uganda and South Sudan. Offices will be opened in Tanzania and the Democratic Republic of Congo. UAP is also planning to consolidate its operations in Rwanda. Its turnover amounts to 7 billion KES (83.7 million USD) in 2011, while asset value attained 22 billion KES (263 million USD).