PRESS ANNOUNCEMENT
10/January/2010

NICO HOLDINGS LIMITED HAS ACQUIRED SUBSTANTIAL SHAREHOLDING INTEREST IN SFG HOLDINGS (PRIVATE) LIMITED, A GENERAL INSURANCE COMPANY IN ZIMBABWE WITH EFFECT FROM 1st JANUARY 2010. THE LEVEL OF THE ACQUISITION IS THE MAXIMUM PERMISSIBLE UNDER THE CURRENT ZIMBABWE LAW.

IN LINE WITH THE INVESTMENT, NICO HOLDINGS LIMITED HAS ASSUMED MANAGEMENT RESPONSIBILITY OF THE COMPANY THROUGH A TECHNICAL SERVICES SUPPORT AGREEMENT.

THE ACQUISITION BRINGS TO FIVE THE NUMBER OF COUNTRIES IN WHICH NICO HOLDINGS LIMITED IS OPERATING GENERAL INSURANCE BUSINESS. THE OTHER COUNTRIES ARE UGANDA, TANZANIA, ZAMBIA AND MALAWI.

INVESTMENT IN SFG HOLDINGS (PRIVATE) LIMITED IS IN LINE WITH NICO'S LONG TERM VISION AND REGIONAL GROWTH STRATEGY. WE BELIEVE THAT SFG, JUST LIKE ALL OUR OTHER BUSINESSES, WILL MAKE SIGNIFICANT CONTRIBUTION TO THE PERFORMANCE OF THE NICO GROUP

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