Nico Holdings 25.1% stake sold to BIHL
Malawi Stock Exchange (MSE)-listed Nico Holdings Limited has sold 25.1 percent stake held by Sanlam Emerging Markets Proprietary Limited (SEM) to Botswana Insurance Holdings Limited (BIHL).
The development means shareholding in Nico Holdings Limited has changed with 34.24 percent of the stake now being owned by the public (Malawi and foreign) and Nico Employees Trust (Malawi and foreign) hold 1.1 percent while BIHL 25.1 percent. International Finance Corporation (IFC) has 11.65 percent stakes while Africap LLC holds 27.91 percent.
In a statement issued on Thursday signed by the group’s secretary Emily Makuta, the transaction was completed on December 1 2015.
SEM, a South African- based life insurer, came into the Malawi market in 2013 and bought 49 percent stake of Nico Holdings Limited shareholding in general insurance business in Malawi, Zambia and Uganda, but also holds 58.3 percent shareholding in BIHL.
Established in 1975, BIHL wholly owns subsidiary companies such as Botswana Life Insurance Limited, Botswana Insurance Fund Management and Legal Guard.
The financial services group has footprints in Zambia, Tanzania and Uganda where it is operating general insurance business.
Nico Holdings Limited owns listed NBS Bank, Nico General Insurance, Nico Life Insuarance, Nico Technologies and Nico Asset Managers Limited. n
