SA’s Sanlam in further regional expansion
by MTHULISI SIBANDA
JOHANNESBURG – SANLAM Emerging Markets (SEM), entity of the financial services group, has announced all the conditions have been met to complete the acquisition a stake in NICO Holdings’ general insurance businesses in Malawi, Tanzania, Uganda and Zambia.
The transaction was agreed to in June 2014.
Following the completion of the transaction, SEM, the cluster within the Sanlam Group tasked with expansion into international emerging markets, now holds 49 percent in NICO’s general insurance operations in Malawi, 49 percent in Zambia, 48,4 percent in Uganda and 32,7 percent in Tanzania.
SEM already held a 49 percent stake in NICO Life insurance in Malawi and a 25,1 percent stake in NICO Holdings.
SEM’s Chief Executive Officer, Heinie Werth, confirmed the transaction on Tuesday.
“We are pleased with the conclusion of this transaction which further entrenches our relationship with NICO and strengthens our position in the region,” he said.
“We look forward to working with our partners in growing a sustainable business. We believe our industry experience and expertise will continue to add value to both our business partners and customers.”
SEM has recently concluded a number of acquisitions including the Soras Group of Rwanda and MCIS Insurance Berhad of Malaysia.
It recently acquired a stake in the leading global micro-insurance specialists, MicroEnsure Holdings Ltd, which is based in the UK and has a footprint across Africa and India, serving more than 10 million enrolled clients.
– CAJ News
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