UAP counts loses a head of merger with Old Mutual.

UAP counts loses a head of merger with Old Mutual.

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UAP Holdings has recorded a loss of ksh 237 million a head of planned merger with Old Mutual.

UAP and Old Mutual are set to merge their businesses to form UAP-Old Mutual Group.

UAP-Old Mutual Group CEO Peter Mwangi said on Friday the drop in profitability was driven by increased finance costs, resulting from Sh2 billion bond issued in August 2014 to finance regional expansion.

Old Mutual had in June increased its stake in UAP to 60.7 per cent.

This has given Old Mutual a controlling stake in UAP.

UAP chief executive, Mr Dominic Kiarie had to be retired following the takeover.

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