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Johannesburg - Old Mutual said on Thursday it would open an office in Swaziland on May 5, and plans to sell a 25% stake in the operation to a local partner, as it expands in Africa.
"We will probably finalise the sale of a stake to Swaziland locals in the next six to eight months," Nicolette Hendricks, managing director of Old Mutual Swaziland, told Reuters.
Old Mutual plans to invest R50m in the Swaziland operation, Hendricks said.
The company will reinvest a quarter of revenue generated from client premiums in Swaziland to help finance a number of infrastructure projects, the group said in a statement.
According to new legislation, foreign companies setting up operations in Swaziland are required to partner with a local company.
London-listed Old Mutual also has operations in Kenya, Malawi, Namibia and Zimbabwe. "We are on a drive to expand within Africa," Hendricks said.
- Reuters