Jubilee Holdings raises its stake in the 250MW Bujabali power plant to 40.9%

UGANDA – Financial services holding company Jubilee Holdings has invested an additional US$40.7 million in Uganda’s hydroelectric power plant Bujagali, raising its stake in the project to 40.9 percent in the year ended December 2020. The Nairobi Securities Exchange-listed company previously held a 25 percent stake in the 250-megawatt plant which supplies half of Uganda’s effective energy capacity. Increased investment in Bujagali is part of Jubilee’s strategy of allocating capital to assets with stable, long-term returns. “Our additional investment in Bujagali totals US$40.7 million. Of this, US$20.4 million or roughly…

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Jubilee Allianz General Insurance Kenya appoints Adja Samb as CEO

KENYA – Jubilee Allianz General Insurance Limited Kenya, has appointed Adja Samb as the new Chief Executive Officer, effective July 1, 2021. Adja Samb will succeed Catherine Igathe, the current CEO of Jubilee Allianz General Insurance Limited Kenya, who is exiting the firm in July 2021 to pursue other opportunities. In early 2021, Allianz SE and Jubilee Holdings announced a 66% stake acquisition in the Jubilee General Insurance Company in Kenya to form Jubilee Allianz. Other acquisitions of Jubilee General Insurance businesses in Tanzania, Uganda, Burundi, and Mauritius are expected to follow.…

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Jubilee Life Insurance Tanzania appoints Hellena Mzena as CEO

TANZANIA – The Board of Jubilee Life Insurance Corporation of Tanzania Limited has announced the appointment of Ms Helena Christopher Mzena as the insurer’s Chief Executive Officer. Ms Mzena has been the company’s; Chief Financial Officer having joined the underwriter in 2011 and has held various senior management positions in both Jubilee Insurance Company of Tanzania and Jubilee Life Insurance Corporation of Tanzania Limited. She is considered a highly experienced professional with an extensive background in strategy and leadership. She has over ten years of experience in the insurance industry.…

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Allianz SE completes the acquisition of 66% stake in Jubilee Holdings

KENYA – German multinational financial services company Allianz SE, one of the world’s leading insurers and asset managers, has completed the acquisition of a 66% stake in Jubilee Holdings general insurance arm in Kenya making it the majority shareholder. The purchased stake represents 1,522,622 ordinary shares acquired from Jubilee Holdings Limited which now retains a 34% shareholding in the company. In a statement sent to the press, the German financial services provider expects to complete the acquisition of Jubilee General Insurance businesses in Tanzania, Uganda, Burundi, and Mauritius in due course. The…

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Allianz SE acquires majority stake in Kenya’s Jubilee Holdings subsidiaries

KENYA – German conglomerate Allianz SE has bought a majority stake in Jubilee Holdings regional general insurance subsidiaries for a total of $100 million making it one of the largest transactions in the industry in recent past. Allianz will acquire controlling stakes of between 51 percent and 66 percent in Jubilee’s short-term or general insurance units in Kenya, Uganda, Tanzania, Burundi and Mauritius. Jubilee Holdings will receive $700 million while the rest will be invested in the operating businesses. As part of the transaction, Allianz’s subsidiary in Kenya (Allianz Insurance Company…

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Jubilee Holdings acquires an additional 9% stake in Bujagali Energy

UGANDA – Jubilee Holdings Limited (JHL), an insurance company, has acquired an additional 9.44 percent stake in Bujagali Energy Ltd (BEL), increasing its shareholding in the Ugandan-based firm to 18.24 percent from 8.8 percent. The shares valued at US$40 million were held by the technical partners SN Power. SN Power, which remains with an economic majority of 55.45 percent shares in BEL, invests in clean, renewable energy on a commercial basis in emerging markets. The company’s primary focus is on hydropower and is fully owned by Norfund, the Norwegian Investment…

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