Nico says discussions on general insurance business underway

Financial services group Nico Holdings Limited has renewed its caution to its shareholders, saying discussions are still underway with strategic investors in one of its subsidiaries, Nico General Insurance Company Limited.

Currently, the Malawi Stock Exchange (MSE)-listed group has subsidiaries in Zambia trading as Nico Insurance Zambia Limited, in Tanzania as Niko Insurance Tanzania Limited and Nico Insurance Uganda Limited.

It also has a 49 percent stake in SFG Holdings (Private) Limited, a general insurance firm in Zimbabwe.

Mid last year, the International Finance Corporation (IFC), the private sector financing arm of the World Bank Group, acquired a 16.5 percent stake in the group’s subsidiary, NBS Bank, also listed on MSE.

Nico Holdings Limited company secretary Victor Jamu said on Thursday upon conclusion of the negotiations, the group may have strategic investors in general insurance.

“Shareholding at Nico Holdings Limited level will remain unchanged. Shareholders and investors are advised to continue to exercise caution when dealing with the company’s securities until a further announcement is made,” said Jamu in a statement.