Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

ADC African Development Buys Resolution Health Stake

Jan. 13 (Bloomberg) -- 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.

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.