Jubilee Holdings to sell 34% stake in general insurance business; Kenya Re suspend MD.
Jubilee Holdings to sell 34% stake in general insurance business; Kenya Re suspend MD.
PWBy: Ian
IN BRIEF:
- Jubilee Holdings to exit general insurance business after sale of 34% stake to Sanlam Allianz Africa.
- Kenya Re suspend managing director Hillary Wanchinga for 21 days.
- Ashton Mombasa Apparel EPZ reports a loss of Sh705mAshton Mombasa Apparel EPZ Limited, a company that manufactures garments for export in Kenya, reported a loss of Sh704.8m for the year ended 31 March 2025:—Revenue: Sh3bn—Loss after tax: 704.8m—Assets: +48% to 3.4bnThe company's parent, Gokaldas, said that Kenya and Ethiopia are emerging as viable low cost apparel manufacturing hubs due to their low labour costs and and abundant, low-to-medium-skilled labour pools.
- Kenya Re closes 8.4% down after suspension of MDKenya Re was the top loser today, shedding Sh0.29, or 8.4%, after the managing director, Hillary Wachinga, was suspended earlier today by the company. Stanchart Kenya shares dropped by Sh8, or 2.7%, after Supreme Court dismissed their case against 629 former employees.Jubilee Holdings share price rose slightly by Sh0.50, or 0.16%, following the news that the company will be selling all its shares in the general insurance business to Sanlam Allianz Proprietary Limited.
- BREAKINGNEWSStanchart Kenya lose bid to stop Sh7bn payout to retireesThe Supreme Court has dismissed Standard Chartered Kenya's appeal bid in its dispute with 629 former employees citing lack of jurisdiction. This leaves the bank with an estimated Sh7.09bn payout liability to the former employees.
- BREAKINGNEWSJubilee Holdings sell 34% stake in general insurance businessJubilee Holdings has entered into an agreement with Sanlam Allianz Africa Proprietary Limited for the sale of all its shares in general insurance business across Kenya, Uganda, Tanzania, Burundi and Mauritius by exercising its put option rights under their current commercial arrangements with Sanlam Allianz Africa Proprietary Limited.The transaction is subject to regulatory approvals and upon completion, Jubilee Holdings will cease to hold any interests in general insurance business.In 2021, Allianz acquired 66% stake in Jubilee general insurance business across Kenya, Uganda, Tanzania, Burundi and Mauritius.Sanlam Allianz Africa Proprietary Limited is a joint venture between Sanlam Emerging Markets and Allianz and owns 57% of Sanlam Kenya, through its subsidiary Hubris Holdings.
- BREAKINGNEWSKenya Re suspend MD Hillary Wachinga for 21 daysKenya Re has suspended Hillary M. Wachinga from his position as managing director for 21 days effective 3rd September 2025. The decision was made by the board following a preliminary review of internal matters which is currently ongoing.The board has appointed Nicodemus Gekone, General Manager Property & Investment, to serve as acting Managing Director during this period.
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