Momentum Metropolitan Namibia, through its subsidiary Momentum Short Term Insurance Namibia, plans to acquire all of the issued shares of Alexander Forbes Insurance Namibia on the Johannesburg Stock Exchange, we read on Friday, April 17 on the company’s website .
MSTI Namibia will pay 50 million rand (2.6 million dollars) to acquire the securities on the financial market.
The deal is expected to close by the end of August 2020, subject to approval by the Namibian Competition Commission and the Namibia Financial Institutions Supervisory Authority.
Dawie de Villiers, CEO of Alexander Forbes, said: “We are pleased with the proposed transaction which ends the sale of all of our short term insurance business. By selecting Momentum Short Term Insurance (Namibia) Limited, we guarantee customers will continue to enjoy the superior benefits and excellent service they have at Alexander Forbes. “
About Alexander Forbes Insurance Namibia
Alexander Forbes Namibia Holdings (AF Namibia Holdings) is 75% owned by the South African financial services group Alexander Forbes.
The financial services group acquired short-term insurance business from Alexander Forbes in South Africa in July 2019 for ZAR 1.94 billion ($ 104 million).
The acquisition was made through its subsidiary Momentum Metropolitan Strategic Investments Proprietary.
About Momentum Short Term Insurance Namibia (MSTI Namibia)
Momentum Short Term Insurance Namibia (MSTI Namibia), is a short term insurance company operating in the Namibian market belonging to the South African group Momentum Metropolitan.
MSTI Namibia is 70% owned by Momentum Metropolitan Namibia and 30% by the Namibian investment company Quanta.
Momentum Metropolitan Namibia is 99.28% owned by Metropolitan International, a wholly-owned subsidiary of the South African financial services group Momentum Metropolitan.