ADC African Development Buys Resolution Health Stake
Stock Chart for ADC African Development Corp AG (AZC)
ADC African Development Corp. GmbH & Co. KGaA, a German company with investments in sub-Saharan Africa, bought 25.1 percent of Kenya’s Resolution Health East Africa Ltd.
ADC bought the stake for 184 million shillings ($2.3 million), Chief Executive Officer Peter Nduati told reporters today in Nairobi, the capital. Resolution, which has operations in Tanzania, plans to expand in neighboring Uganda, Rwanda and Southern Sudan and intends to trade shares on the Nairobi Stock Exchange in four years, according to a statement handed to reporters today.
The sale boosted Resolution’s core capital to 224 million shillings from 40 million shillings. The legal capital requirement for Kenyan health insurance companies is 10 million shillings, Nduati said.
ADC, based in Frankfurt, has offices in South Africa Zimbabwe, Rwanda and Equatorial Guinea, Chief Executive Officer Dirk Harbecke told reporters. The company started trading its shares on the Frankfurt Stock Exchange on Dec. 14 after raising 43 million euros ($57 million) in its initial public offering.
AAR Holdings Ltd., a Kenyan healthcare provider with operations in Uganda, Tanzania and Rwanda, plans to list its shares on the Nairobi Stock Exchange within five years, Business Daily reported Nov. 25.
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