Masawara Plc Intended disposal of minority shareholding (8530N)
21 Maggio 2015 - 8:02AM
UK Regulatory
TIDMMASA
RNS Number : 8530N
Masawara Plc
21 May 2015
Masawara PLC
("Masawara" or the "Company")
Intended disposal of a minority shareholding in an
investment
Masawara PLC (AIM:MASA), the AIM quoted investment company,
announces that it has conditionally entered into a strategic and
equity relationship with Sanlam Emerging Markets (Proprietary)
Limited ("SEM"), in terms of which SEM will acquire a minority 40%
interest in Masawara Investments Mauritius Limited ("MIM") for a
consideration of US$11.6 million (hereinafter referred to as the
"Transaction"). SEM is an indirect subsidiary of Sanlam Limited, a
financial services and insurance holding company listed on the
Johannesburg Stock Exchange.
Implementation of the Transaction is subject to fulfilment of
various conditions precedent, including the obtaining of relevant
regulatory approvals. Upon implementation of the Transaction, MIM
will hold the Masawara Group's interests in the short-term and life
insurance and reinsurance businesses in Zimbabwe, which comprise
Zimnat Lion Insurance, Zimnat Life Assurance and Grand Reinsurance
("the Insurance Businesses"). The Transaction valuation is at a
premium to the combined net asset values of the Insurance
Businesses.
In addition to acquiring an equity interest in MIM, SEM, through
its affiliates, will also offer technical support services to the
Company's insurance businesses in Zimbabwe. MIM and SEM will also
explore new opportunities in other countries in Africa.
Further announcements will be made upon fulfilment of the
conditions precedent and implementation of the Transaction. Should
the Transaction be successfully concluded, the proceeds will be
applied in line with Masawara's investment strategy.
About Masawara
Masawara is a proactive investment company focussed on
identifying growth opportunities that deliver cash returns, both in
Zimbabwe and the southern African region. The Company continues to
appraise investment opportunities, and is intent on unlocking
intrinsic value from the existing investment portfolio.
Contact details
Masawara Zimbabwe (Private) Limited (as Investment Advisor to
Masawara PLC)
Pride Masamba / Oliver Lutz: +263 4 751 805
This information is provided by RNS
The company news service from the London Stock Exchange
END
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