Nairobi, March 4 -- Jubilee Holdings Limited plans a special dividend from part of Sh4.5 billion expected from the sale of general insurance stakes in Kenya, Uganda, Tanzania, Burundi and Mauritius to Sanlam Allianz Africa.

The timing and amount are, however, not yet clear as Jubilee awaits regulatory clearance from the five markets. Part of the money will be reinvested in growing life, health and asset management business.

Jubilee chairman Zul Abdul said in an interview the expectation is to have the approval by the end of the year and reward shareholders with part of the money. This will mirror a similar move taken when it sold controlling stakes to Allianz SE in 2021.

"The principal agreement is there, but we need approvals across t...