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Mudavadi group pays Absa Sh3bn for insurance firms

Foreign Affairs Cabinet Secretary Musalia Mudavadi (left) with Lamu Governor Issa Timamy among other dignitaries at Mkunguni Square during the awarding ceremony in Lamu County to mark the 20th edition of the Lamu Cultural Festival in this photo taken on November 26, 2022. 

Photo credit: File | Nation Media Group

By  Patrick Alushula

Business Reporter

Nation Media Group

An investment company linked to Prime Cabinet Secretary Musalia Mudavadi and Lamu Governor Issa Timamy will pay Sh3 billion to acquire majority stakes in two insurance firms from South Africa’s Absa Group.

Absa Group in August, announced it had inked an agreement with the First Assurance Investments Limited to sell its 63.3 percent stake each in the two entities without disclosing the purchase price.

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