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Brimstone hunts for Lion

Cape Town - Empowerment group Brimstone [JSE:BRT] looks set to make a play to secure 100% of promising black-owned short-term insurance company Lion of Africa.

At the Brimstone annual general meeting (AGM) on Tuesday evening, executive deputy chairperson Fred Robertson made a passing reference to "owning 100% of Lion of Africa pretty shortly".

In December last year, Brimstone bumped up its stake in Lion of Africa to 74% after buying out shares held by short-term insurance giant Santam.

The remaining 26% stake in Lion of Africa is held by Commlife, an unlisted financial services company controlled by Robertson.

Speculation has been rife for some time that Robertson might be convinced to sell out or swap his stake in Lion of Africa.

In the year to end-December 2009, Lion of Africa produced a strong showing, generating after-tax profits of R28m after writing gross premiums of R619m.

Brimstone also received a R11m dividend from Lion of Africa.

Brimstone's annual report valued the 76% stake in Lion of Africa at R165m.

 - Fin24.com

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