NICO clarifies ownership shift


NICO clarifies ownership shift

By William Kumwembe - The Daily Times

Malawi Stock Exchange (MSE) listed NICO Holdings Limited has described as normal the shifting of shares by one of its main shareholders Sanlam Emerging Markets to the Botswana Insurance Holdings Limited (BIHL).

The business announced at the end of last year plans to move 25.1 percent shares it held in the company to its Botswana based subsidiary, BlHL.

This came almost two years after Sanlam acquired a stake in NICO Holdings general insurance businesses in Malawi, Zambia, Uganda and Tanzania However, according to NICO Managing Director, Vizenge Kumwenda, the business has already shifted its shareholding to one of its subsidiaries, Botswana Insurance.

The development means shareholding in NICO Holdings has now changed with the public holding 34 percent and NICO employees owning 1.1 percent.

BIHL now holds 25.1 percent shares while Africap LLC holds 27.91 percent.

"Sanlam have effectively transferred their shareholding to Botswana Insurance Holdings limited which is a company they also own. Basically, they are moving the shares from one entity to another but within the Sanlam Group. We still have Sanlam, but through their rationalisation. they have also brought on board Botswana Insurance,” said Kumwenda.

He also hinted that the International Finance Corporation, which held 11.61 percent stake in the business, also sold out its stake.

“IFC always do their investment for a fixed period of time and during that time, they have specific objectives that they want to achieve in terms of helping the institutions they have invested,” said Kumwenda

NICO owns NBS bank as well as NICO General Insurance, NICO Life Insurance, NICO Technologies and NICO Assets Managers.