Nairobi, April 20 -- CIC Insurance's stake in Takaful Insurance of Africa has dropped to 7.4 percent. This is after a Djibouti-based firm, Tamini Insurance SA, acquired a 65 percent holding in Takaful Insurance, diluting the holding of the Nairobi Securities Exchange-listed insurer.

Tamini acquired the Sh500million controlling stake in Takaful in April 2025, diluting all other shareholders, including CIC, to a combined 35 percent shareholding.

CIC says the deal has seen it reclassify the investment in Takaful from an associate to an unquoted equity investment.

In accounting, a company is deemed an associate if another firm owns 20-50 percent of its equity, which is a level that gives the investing company significant influence but not ...