UAP Group eyes Pan-Africa status - Daily Nation

UAP Group eyes Pan-Africa status

Tuesday July 29 2014

UAP chief executive Dominic Kiarie during an interview on February 14, 2014. PHOTO | JEFF ANGOTE | FILE

UAP chief executive Dominic Kiarie during an interview on February 14, 2014. PHOTO | JEFF ANGOTE | FILE NATION MEDIA GROUP

By NATION CORRESPONDENT
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Financial services firm UAP Group plans to spend Sh300 million in southern Africa, with an eye on attaining a pan-African status.

The company will mainly invest the funds in acquisitions as a strategy to meet this goal.

Chief executive Dominic Kiarie said UAP was considering entering Angola, Zambia, Mozambique, and Zimbabwe.

REGIONAL REACH

“Our strategy is to be a Pan-African group. Right now, our reach is regional but we have intentions to go to other select markets in Africa, especially in the southern parts of the continent and West Africa,” Mr Kiarie said in an interview with the Nation.

He said the firm would also set up a subsidiary by the first quarter of 2015.

UAP’s Sh2 billion cash call was over-subscribed by 159.6 per cent, receiving bids worth Sh3.19 billion for its five-year bond. Part of the proceeds will finance the southern African expansion plan.