Old Mutual Kenya in talks with buyers for its tower as it exits property holdings
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Old Mutual Holdings is in discussions with potential buyers for its office tower and is reviewing offers on other properties as it pushes ahead with plans to dispose of its real estate holdings, its group CEO has said.
Old Mutual Holdings is in "good discussions" with potential buyers for its office tower and expects to make progress on the sale in the coming months, as the insurer pushes ahead with a plan to dispose of its real estate holdings, group chief executive officer Arthur Oginga has said.
"We are in good discussions with potential buyers of the tower. As you may know, with these kinds of transactions, until it is signed, you can't bank it," Oginga told Business Daily in an interview published on September 3.
The CEO said the group is also reviewing offers on other properties it is selling, including assets in Uganda, and hopes to close the sales by the middle of next year. In South Sudan, where the group is exiting a difficult market, he said finding a buyer for its building has proved harder given the size of the property, and the group may hold the asset for longer.
"We've got a property manager running it now, so even after we exit, we will have a few staff there past December whose job mainly will be around the property and the liquidation of the company," Oginga said, noting that the building remains intact.
The comments came as Old Mutual Holdings disclosed that it had decided to deliberately let go of some poorly performing business from its books. The interview also covered the group's pricing strategy, fraud management and its use of artificial intelligence across operations.