Shell sells 30% stake in OML 24

The Star Early Edition - - BUSINESS REPORT -

LEAPFROG In­vest­ments, a pri­vate eq­uity firm backed by George Soros and JP Mor­gan, has bought a majority stake in Kenyan in­surer Res­o­lu­tion in a deal val­ued at 1.68 bil­lion shillings (R202 mil­lion), both firms said yes­ter­day. Res­o­lu­tion is a gen­eral in­surer with op­er­a­tions in Kenya and Tan­za­nia, and a part­ner­ship in Uganda. Leapfrog, which fo­cuses on Africa and Asia, sold its stake in Kenya’s Apollo to Swiss Re last month. There has been a flurry of deals in the Kenyan in­dus­try as firms race to get a big­ger share of a sec­tor post­ing dou­ble-digit an­nual growth rates. – Reuters ROYAL Dutch Shell had com­pleted the sale of its 30 per­cent stake in Nige­ria’s on­shore Oil Min­ing Lease 24 (OML 24) in the east­ern Niger Delta to Newcross Ex­plo­ration and Pro­duc­tion for $600 mil­lion (R6.6bn), it said yes­ter­day. French part­ner To­tal and Italy’s Eni also sold their re­spec­tive 10 per­cent and 5 per­cent stakes in OML 24 to Newcross, Shell said in a state­ment. OML 24 pro­duced on av­er­age about 13 000 bar­rels of oil equiv­a­lent a day dur­ing the first half of this year, the An­glo-Dutch oil ma­jor said in a state­ment. – Reuters

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