CIC Insurance Group Plc has announced the sale of land assets in both Kiambu and Kajiado counties to stay liquid and for overall financial performance.
The properties sold include a 50-acre block near Tatu City and an additional 100 acres in Kajiado.
According to the company, the two transactions have injected Ksh.1.8 billion into CIC Insurance Group’s balance sheet.
“The transaction will strengthen the liquidity and overall performance of the Group,” said Patrick Nyaga, the Group CEO and Managing Director.
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The move is expected to enhance the group’s cash position and improve its financial flexibility as it continues to streamline its investment portfolio.
CIC Group holds a diverse portfolio of investments across land and real estate, including over 200 acres adjacent to Tatu City and about 495 acres in Kajiado.
The Co-operative Bank of Kenya is a strategic investor, with a 24.8 percent stake in CIC Insurance Group.
The lender has, for some time, retained the stake as a major shareholder.
Co-op Bank increased its stake to 21% in 2010 and further raised it to approximately 24.8% in subsequent years.
