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Report: Pan Africa raises stake in Kenya's Gateway Insurance

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Report: Pan Africa raises stake in Kenya's Gateway Insurance

Pan AfricaInsurance Holdings Ltd. acquired an additional 5% stake in Kenya'sGateway Insurance at the same rate as the initial stake, costing about 55million Kenyan shillings, Business DailyAfrica reported March 28, citing CEO Mugo Kibati.

Nairobi-based Pan Africa acquired a 51% stake in Gateway inMarch 2015 and had said it would buy additional shares to ensure that thelatter firm's founders were in compliance with insurance regulations that cap ownershipby individuals at 25%, the report noted.

Pan Africa booked a 2015 goodwill impairment of 564 millionshillings in respect of its Gateway stake, according to the report, helpingdepress full-year 2015 profit to 27.3 million shillings from 871.1 millionshillings.

As of March 28, US$1was equivalent to 101.57 Kenyan shillings.