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Jubilee Holdings has received Sh20.8 billion from the sale of a majority stake in its Tanzanian general insurance business to Allianz. The insurance giant has taken a 51 percent stake in Jubilee General Insurance Company of Tanzania Limited. Subject to approvals, it will change its name to Jubilee Allianz General Insurance Company Limited
Jubilee Holdings has received Sh20.8 billion from the sale of a majority stake in its Tanzanian general insurance business to Allianz. The insurance giant has taken a 51 percent stake in Jubilee General Insurance Company of Tanzania Limited. Subject to approvals, it will change its name to Jubilee Allianz General Insurance Company Limited.
The multinational bought the stake from Jubilee and the Aga Khan Fund for Economic Development, SA (AKFED). The firm-AKFED- received Sh20.8 billion and Sh11.7 billion respectively for the shares they sold to Allianz.
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Jubilee will retain a 15 percent stake in the Tanzanian unit. Six other minority shareholders will maintain their combined interest of 34 percent in the business. This is the fourth acquisition to be completed. Allianz commenced the process of buying majority stakes in Jubilee’s general insurance units in five countries including Kenya, Uganda, and Burundi. The parties said they will work together to finalise the Mauritius transaction.
