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
-
CEMAC Commission’s Unpaid Contributions Hit CFA263.5bn, With Cameroon Owing 23%
19:59
-
NSIA Repositions Its Brokerage Unit to Play Larger Role in African Financing
19:55
-
After Years of Silence, Cameroon Tries to Fix and Relaunch Its Farm Market Platform
19:50
-
Falling Cocoa and Oil Prices Add Pressure on Central Africa’s Export Earnings
19:27
-
After a Decade on the Ground, Camair-Co Returns to Saudi Route as It Tests a Broader Comeback
19:25
-
Liberia Prepares for Major Jump in Iron Ore Output as ArcelorMittal Scales Up
19:23
-
Facing Youth Job Pressures, Congo Launches Plan to Train 250,000 in Digital Skills
19:20
-
Glencore Chases Bigger Copper Output in Congo — but Sells Down Assets
19:17
-
Togo launches Assinyon digital marketplace to promote local products
17:05
-
Dakar Positions Itself as Gaming Hub Through Efest Africa Initiative
14:08
Absa Kenya hires M-PESA’s Sitoyo Lopokoiyit, signalling a shift from branch banking to a telecom-s...
Ziidi Trader enables NSE share trading via M-Pesa M-Pesa revenue rose 15.2% to 161.1 billio...
MTN Group has no official presence in the Democratic Republic of Congo, where the mobile market is d...
Ghana has 50,000 tonnes unsold cocoa at ports Cocoa prices fell from $13,000 to around ...
This week in Africa, Africa CDC is stepping up its drive for health sovereignty, building new partne...
Production could rise to 25–30 million tons this year, from about 10 million in 2025 Growth driven by ArcelorMittal’s $1.8bn expansion and new...
First group of 500 trainees begins “train-the-trainer” program in Kinshasa 200 top performers will be selected to train others nationwide Five-year...
Agreement with Gécamines could extend KCC mine life into the 2040s Copper output target raised toward about 300,000 tons a year Move comes as Glencore...
Five local banks to mobilize CFA41.2bn ($74.4m) for Grand-Zambi mine Funding to be refinanced through BEAC’s “Window B” for productive...
“Dao” ranks among the three films in official competition at the 76th Berlinale and marks Alain Gomis’ second bid for the Golden Bear. The film...
Fort Jesus is a fortress located in Mombasa, on Kenya’s coastline, at the entrance to the natural harbor that long made the city a hub of trade in the...