Alexander Forbes divests insurance activity in Namibia
Thursday, 16 April 2020 17:58
Alexander Forbes Namibia Holdings (AF Namibia Holdings), 75% owned by the South African financial services group Alexander Forbes, announced it is selling all the shares it holds in its subsidiary Alexander Forbes Insurance Company Namibia (AFI Namibia).
The buyer is Momentum Short Term Insurance Namibia (MSTI Namibia), a short-term insurance company operating in the Namibian market and owned by the South African group Momentum Metropolitan. Momentum offered R50 million ($2.6 million) for the operation, which is subject to the approval of the Namibian regulatory authorities: the Namibian Competition Commission and the Namibia Financial Institutions Supervisory Authority. It is expected to be completed in the second half of 2020.
The sale of this unit is part of the group's strategy to divest its insurance business. Last February, Momentum Metropolitan finalized the acquisition of Alexander Forbes' short-term insurance business in South Africa.
As part of the new sale, part of the financial resources obtained will be redistributed to Alexander Forbes' shareholders. The other part will be used to finance the Group's liquidity and investment needs.
Chamberline Moko
Live News
-
Glencore to Prioritise Copper in DR Congo in 2026 as Cobalt Export Quotas Limit Shipments
06:55
-
Mozambique central bank cuts interest rate again, to 9.25%
05:23
-
East African Breweries First-Half FY2025/26 Profit Jumps 38% to $86.8M; Dividend Up 60%
05:16
-
Flour Maker Sonoco Seeks IFC Loan for Guinea Poultry Project as Output Covers Under 5% of Demand
05:13
-
U.S., Togolese Lawmakers Discuss Formal Dialogue on Health, Food Security, Security
15:30
-
Gabon Launches Digital Skills Program for 1,000 Youths With U.S. Firm Cybastion
15:27
-
Somali Parliament Approves Cybersecurity Law Amid Rising Threats
15:23
-
Fintura Founder Bernice Houy Targets Efficiency in Accounting Firms
15:20
-
Nicolas van Zyl Rethinks Online Advertising With Social-First Formats
15:15
-
SOCAPALM Cuts Dibombari Estate by 23%, Returns 2,566 Hectares to State for Community Use
14:15
Except for Tunisia entering the Top 10 at Libya’s expense, and Morocco moving up to sixth ahead of A...
Circular migration is based on structured, value-added mobility between countries of origin and host...
BRVM listed the bonds of the FCTC Sonabhy 8.1% 2025–2031, marking Burkina Faso’s first securitiz...
CBE introduced CBE Connect in partnership with fintech StarPay. The platform enables cross-border...
President Tinubu approved incentives limited to the Bonga South West oil project. The project tar...
Glencore issued 2026 copper guidance, withheld cobalt forecast amid uncertainty DRC cobalt exports constrained by quotas, copper production...
Mozambique central bank cut benchmark rate to 9.25% Inflation eased to 3.2% in December, supporting policy easing Thirteenth consecutive rate cut...
EABL first-half net profit jumped 38% to 11.2 billion shillings Revenue rose 11%, helped by resilient volumes and lower finance costs Interim dividend...
Perseus Mining gold output fell 14% to 431,684 ounces in 2025 Lower production reported at Ivorian mines and Ghana’s Edikan Output dip aligns with...
The Khomani Cultural Landscape is a cultural site located in northern South Africa, in the Northern Cape province, near the Kgalagadi Transfrontier Park....
Three African productions secured places among the 22 films competing for the Golden Bear at the 76th Berlin International Film Festival. Berlinale...