Nairobi, Feb. 25 -- Two minority shareholders of MUA Insurance (Kenya) have lost their bid to stop the sale of its stakes in its Tanzania and Ugandan units, clearing the way for a deal aimed at plugging a Sh867.5 million solvency gap.

The High Court ruled the applicants Moyez Alibhai and Maheboob Alibhai failed to meet the legal test for an injunction.

"Mere dissatisfaction with a board decision, without cogent proof of breach of fiduciary duty or trust, does not demonstrate a prima facie case," the court said.

The case arose from a February 18, 2025 board resolution to sell MUA Kenya's majority holdings in MUA Tanzania and MUA Uganda to MUA Limited Mauritius.

The buyers are linked to the group's majority shareholder and directors.

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