Funguo Investments Ltd (FIL), which is partly owned by parastatal ICDC, Tuesday said it had bought an additional equity stake of about two per cent in AON Kenya, bringing its total share at the insurance broker to eight per cent.
Funguo’s equity stake in AON Kenya is now valued at Sh384.8 million.
“Funguo Investments Ltd has recently finalised the acquisition of an additional equity stake in AON Kenya Insurance Brokers Ltd in a transaction that entrenches FIL as an institutional investor in AON Kenya, a member of a leading multinational group,” said the company in a public notice.
FIL chief executive officer Kenneth Muchina told the Business Daily the investment is informed by the need to capitalise on AON Kenya’s recent strong performance.
“AON Kenya has had a strong performance record in its business and these are gains we are keen on as we expand our footprint in various portfolio,” Mr Muchina said.
AON Kenya provides insurance broking, risk management, pension administration and human capital consulting solutions in Kenya.
It is part of global British insurance broker Aon Plc.
FIL results show that as of June 2015, close to two thirds of its portfolio was made up of investments in non-listed companies in diverse areas of real estate, insurance and manufacturing industries.
Other investments are in select stocks at the Nairobi Securities Exchange, Treasury bills and bonds. Source: Business Daily Africa