Sanlam completes acquisition of three Nico Holdings’ subsidiaries

Sanlam Emerging Markets (Proprietary) Limited, a South African-based life insurer, has finalised the acquisition of 49 percent stake in three of Nico Holdings Limited’s general insurance subsidiaries.

The three subsidiaries, according to the Malawi Stock Exchange (MSE)—listed financial services group’s company secretary Emily Makuta, are Nico General Insurance Company Limited of Malawi, Nico Insurance Zambia Limited and Nico Insurance Uganda Limited whose sale completed last Friday.

But she said the sale of the 49 percent stake in Nico Insurance Tanzania Limited, which has been put on hold, will complete when the remaining condition precedent relating to the company is fulfilled.

“The parties agreed to complete the sale of the 49 percent shareholding in respect of the three general insurance subsidiary companies so as to make progress in the transaction rather than wait until all the four general insurance subsidiary companies were ready for completion,” said Makuta.

The group has since advised its shareholders and the public that in view of the phased completion, they have to exercise caution when dealing with its shares on MSE.

Shareholders of Nico Holdings Limited duly approved the sale of the subsidiaries’ stake on November 4 at its extra ordinary general meeting in Blantyre.

Sanlam, which has interests in India, Malaysia and 10 African countries, already owns 49 percent of Nico Life Insurance, which it acquired two years ago.