Kenya - CIC stake in Takaful Insurance falls
Monday, 09 05 2016, Category: Islamic Insurance, Country: Africa
CIC Insurance has seen its stake in Islamic insurer Takaful Insurance of Africa Limited drop to 22 per cent from the the previous 24 per cent, loosening its hold on the associate company.
The Nairobi Securities Exchange-listed firm disclosed the dilution of its holding at Takaful Insurance in its latest annual report that was occasioned by an existing shareholder paying up for its allotted shares in the company.
“The dilution was caused by an existing shareholder who paid for the shares,” Tom Gitogo, CIC’s chief executive, told the Business Daily.
Source: Business Daily