Moroccan firm buys 51pc stake in Monarch Insurance

Moroccan firm buys 51pc stake in Monarch Insurance
Summary
Moroccan conglomerate Holmarcom Group, through its holding company, Holmarcom Insurance Activities, has acquired a majority stake in Kenya’s Monarch Insurance.
The firms said Monday the agreement which is subject to certain closing conditions, including regulatory approvals in Kenya is expected to see Holmarcom Insurance Activities become the majority shareholder of the company with a stake of 51 percent.
Tuesday May 25 2021
Monarch Insurance Company board chairman Mr Richard Omwela (left) and chief executive Stephen Okundi. FILE PHOTO | NMG
By BRIAN NGUGI
Summary
Moroccan conglomerate Holmarcom Group, through its holding company, Holmarcom Insurance Activities, has acquired a majority stake in Kenya’s Monarch Insurance.

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