Share

OM, Swaziland National Provident Fund in JV

Johannesburg - Old Mutual Life Assurance Company Swaziland (OMLACSWA), a subsidiary of the Emerging Markets Business Unit of Old Mutual [JSE:OML], has announced that it has concluded a joint venture transaction with local partner, Swaziland National Provident Fund (SNPF).

This transaction sees SNPF acquiring a 15% ownership stake in Old Mutual's life company operation in the country.

The transaction is mandated by Insurance Act No. 7 of 2005, which legally requires all life companies to have a minimum ownership of 25% by local shareholders. An announcement regarding the remaining 10% will be made in the near future.

Old Mutual Swaziland does not anticipate having to make any extensive operational changes or staff changes as a result of this transaction.

"At Old Mutual, we believe fundamentally that what is good for Swaziland is good for Old Mutual. Hence, when we were provided with this great opportunity to not only to comply with the recently-implemented regulations, but also to invest meaningfully and tangibly in the sustainable growth of this country in the shape of this joint venture, we did not hesitate to take the opportunity," said Old Mutual African Operations Managing Director, Johannes Gawaxab, at the announcement of the transaction.

"Old Mutual takes very seriously the challenge of collaborating to create a society that coming generations can be proud of. We believe in putting our customers at the centre of everything we do" he said. "Our ability to run a business that can withstand some of the worst economic challenges the world has ever experienced can be seen by the way we have emerged from the recent global economic crisis.

"We possess wisdom gained over many years, that - when shared - has the potential to set each and every one of our customers on their respective paths to greatness,' Gawaxab concluded.
   

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.2%
Rand - Pound
23.92
-0.1%
Rand - Euro
20.47
+0.0%
Rand - Aus dollar
12.36
-0.1%
Rand - Yen
0.13
-0.3%
Platinum
911.60
+1.6%
Palladium
1,012.97
+1.1%
Gold
2,213.47
+0.9%
Silver
24.80
+0.6%
Brent Crude
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.9%
Resource 10
57,251
+2.9%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders