Judul : SK Macharia's Royal Credit Ltd warns Kenyans against buying Directline Assurance shares
link : SK Macharia's Royal Credit Ltd warns Kenyans against buying Directline Assurance shares
SK Macharia's Royal Credit Ltd warns Kenyans against buying Directline Assurance shares
- Royal Credit Limited, the largest shareholder in Directline Assurance, issued a warning to the public regarding the sale of shares
- The company owned by billionaire SK Macharia made an appeal to the Insurance Regulatory Authority (IRA)
- The firm clarified how the sale of shares is made and cautioned prospective buyers against the purported sale
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Royal Credit Limited, the largest shareholder in Directline Assurance and owned by SK Macharia, has publicly rejected attempts by individuals allegedly falsely claiming ownership to sell 90% of the company's shares.
A public notice indicating a plan to sell a majority stake without the knowledge or consent of the actual majority shareholder shocked the firm led by the Mt Kenya tycoon who chairs Royal Media Services (RMS).
Why did SK Macharia's Royal Credit warn Kenyans?
It wrote a letter to the Insurance Regulatory Authority (IRA) and issued a "buyer beware" warning to the public.
The company warned Kenyans and prospective investors not to fall for what it describes as a bogus plan.
"We have seen an advertisement attached, purporting to sell 90% shares of Directline Assurance Company Limited (DAC). It is signed by purported directors on behalf of purported shareholders. The public is advised to ignore the ad and not to be trapped in a corrupt manipulation by those involved, as they stand to lose their money for no reason," Macharia stated, as reported by Citizen TV.
Why Royal Credit wants the IRA to take action
The advertisement stated that, without Royal Credit's approval, Directline management had covertly chosen to sell 90% of its shares, each of which was valued at KSh 81.
Royal Credit asked the Insurance Regulatory Authority (IRA) to verify if it received a fraudulent communication approving the sale.
The company made it clear that it has no plans to sell any Directline shares and has never applied for permission to do so.
Additionally, it urged that only legitimate shareholders may approve share sales, not unlicensed individuals, and cautioned prospective buyers to conduct due diligence before making a purchase because there are currently no Directline shares for sale.
How many years has Directline been in the market?
In June 2025, Directline Assurance Company celebrated its 20th anniversary in the Kenyan insurance sector after receiving an IRA license in October 2005.
Macharia's disputed shutdown declaration in 2024 prompted the company's leadership to use the opportunity to reassure its stakeholders and confirm its operating status and resilience.
Macharia dissolved the board of Directline, unilaterally announced that all employees would be let off, and announced that the company's assets would be taken over by Royal Credit on June 10, 2024.
He clarified that the IRA's freezing of Directline's bank accounts served as the basis for his choice.
Why did the IRA dismiss Macharia's move?
However, the IRA quickly took action the next day to revoke Macharia's declaration.
Godfrey Kiptum, the CEO of IRA, stated that all of Directline's current policies were still in effect and that the company was still licensed and operating.
Any asset transactions carried out without regulatory clearance, he cautioned, were unlawful.
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