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Cape Town - Sanlam [JSE:SLM] Emerging Markets (SEM), has announced that it is currently finalising agreements to acquire 49%
of NICO Holdings’s stake in the NICO group’s general insurance
operations in Malawi, Zambia, Uganda and Tanzania.
SEM is the cluster within the Sanlam Group tasked with expansion into international emerging markets.
“SEM already holds a 49% stake in NICO Life insurance in Malawi and the current discussions form part of SEM’s strategy to deepen relations with existing partners in our pursuit of appropriate opportunities in emerging markets," said Heinie Werth, Chief Executive Officer of SEM.
"The life operations in which we became involved during 2011 have done well despite difficult trading conditions in Malawi in recent years. We are looking forward to broadening our relationship with NICO Holdings.”
SEM, which is currently doing business in India, Malaysia and 10 countries in Africa, delivered growth of 83% in gross result from financial services for the half year to June 30 2013.
"This was despite a challenging operating environment across all markets," said Werth.
"Africa remains a key investment destination for the Sanlam Group. "
Sanlam would inform the market in due course regarding the conclusion of the talks with Nico Holdings.
- Fin24
SEM is the cluster within the Sanlam Group tasked with expansion into international emerging markets.
“SEM already holds a 49% stake in NICO Life insurance in Malawi and the current discussions form part of SEM’s strategy to deepen relations with existing partners in our pursuit of appropriate opportunities in emerging markets," said Heinie Werth, Chief Executive Officer of SEM.
"The life operations in which we became involved during 2011 have done well despite difficult trading conditions in Malawi in recent years. We are looking forward to broadening our relationship with NICO Holdings.”
SEM, which is currently doing business in India, Malaysia and 10 countries in Africa, delivered growth of 83% in gross result from financial services for the half year to June 30 2013.
"This was despite a challenging operating environment across all markets," said Werth.
"Africa remains a key investment destination for the Sanlam Group. "
Sanlam would inform the market in due course regarding the conclusion of the talks with Nico Holdings.
- Fin24
