Vunani says subsidiary acquires majority shares in Metropolitan Life Swaziland
JOHANNESBURG - Fund manager Vunani said on Tuesday its subsidiary Telos had concluded a deal to acquire 67 percent of Metropolitan Life Swaziland for R55 million, subject to regulatory approval.
The remaining balance of 33 percent will continue to be held by Eswatini Development and Savings Bank which originally invested in MetLife Swaziland in 2010.
Vuvani said the acquisition was in line with its strategy to expand its financial services activities, especially in niche markets both in South Africa and across the continent with a focus currently on the Southern African Development Community.
"Vunani has established financial services operations in Zimbabwe, Malawi and Zambia," it said.
"The acquisition of MetLife Swaziland will further expand Vunani’s SADC regional presence while adding further depth in the insurance sector in partnership with its local, long-standing and experienced management."
Vunani said it had umbrella facilities with its commercial banker to draw on for purposes of the transaction.
- African News Agency (ANA)