HARARE, – Zimre Holdings says it has reached an agreement to dispose of 49 percent of its Malawi subsidiary, United General Insurance Compan...
HARARE, – Zimre Holdings says it has reached an agreement to dispose of 49 percent of its Malawi subsidiary, United General Insurance Company (UGIC), to its associate NicozDiamond for nearly $1,3 million as it starts selling off non-performing assets and non-core investments.
The regional insurance group in May said it will refocus its business after reporting an operating profit of $1,6 million in the full-year to December from a loss of $2,2 million previously due to lower claims.
Selling off UGIC will help it realign its group assets in order to focus on the reinsurance business, it said.
“An agreement has been reached for Zimre Holdings to dispose 49 percent of its Malawi subsidiary, United General Insurance Limited, at a consideration of $1,274, 962 million effective 1 January 2015,” Zimre and NicozDiamond said in a joint statement on Monday.
Zimre owns 28.78 percent shareholding in NicozDiamond and after the disposal will retain a residual interest of 25 percent in UGIC.
NicozDiamond, Zimbabwe’s largest short-term insurer, has been managing UGIC on behalf of Zimre and says the acquisition is part of plans to expand its regional footprint and sees Malawi as an attractive market.
UGIC is one of Malawi’s leading short-term insurers and has operated in the southern African country for more than 40 years. – The Source
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| Zimre sells-off Malawi subsidiary to NicozDiamond |
Selling off UGIC will help it realign its group assets in order to focus on the reinsurance business, it said.
“An agreement has been reached for Zimre Holdings to dispose 49 percent of its Malawi subsidiary, United General Insurance Limited, at a consideration of $1,274, 962 million effective 1 January 2015,” Zimre and NicozDiamond said in a joint statement on Monday.
Zimre owns 28.78 percent shareholding in NicozDiamond and after the disposal will retain a residual interest of 25 percent in UGIC.
NicozDiamond, Zimbabwe’s largest short-term insurer, has been managing UGIC on behalf of Zimre and says the acquisition is part of plans to expand its regional footprint and sees Malawi as an attractive market.
UGIC is one of Malawi’s leading short-term insurers and has operated in the southern African country for more than 40 years. – The Source
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