Published by
Business Daily
Business Daily
Johannesburg-based Absa Group has written off Sh219.5 million of its investment in Kenya’s First Assurance, indicating that the subsidiary’s performance has been below expectations since the multinational acquired it in 2015. The impaired amount represents the premium –also known as goodwill— that Absa paid to buy the company. “Goodwill relating to First Assurance Kenya Limited amounting to 29 million Rand (Sh219.5 million) was impaired,” the multinational said in a trading update. Goodwill represents the premium on the purchase price of an asset above its fair value and is written off down th…