A total of 150 acres of prime land, including a 50-acre block neighbouring Tatu City and 100 acres in Kajiado, has been sold, injecting Ksh 1.8 billion into the balance sheet of CIC Insurance Group Plc and strengthening the company’s liquidity and overall financial position.
The divestment forms part of the company’s ongoing strategy to optimize its portfolio of investments in land and real estate, boosting liquidity and overall performance.
Patrick Nyaga, Group Managing Director and CEO of CIC Insurance Group Plc, said the transactions mark a major milestone in the company’s portfolio management, improving its ability to meet commitments to policyholders and stakeholders.
The successful disinvestment demonstrates CIC Insurance Group’s commitment to sustainable growth, efficient capital management, and leveraging real estate assets to support business objectives while delivering value to shareholders.
