Competition Authority of Kenya Director General Wang'ombe Kariuki (PHOTO: Boniface Okendo)The Competition Authority of Kenya has approved the proposed acquisition of shares of ICEA Lion Insurance Holdings Limited by Eastern Africa Holdings Limited (EAHL) unconditionally. The proposed transaction involves the acquisition of 24.1 per cent of the issued shares with veto rights over certain decisions in ICEA Lion Insurance Holdings Limited by EAHL. Eastern Africa Holdings Limited (EAHL) is incorporated in the United Kingdom and is fully-owned by Leapfrog Strategic African Investments (LSAI). “The Competition Authority of Kenya has approved the proposed acquisition of shares, with veto rights, comprising 24.1 per cent of ICEA Lion Insurance Holdings Limited by Eastern Africa Holdings Limited unconditionally,” said CAK in its determination. “Post-merger, the merged entity’s combined market share in the market for general insurance market will not change from the current4.36 per cent.

Source: Standard Digital January 04, 2021 13:01 UTC