JOHANNESBURG - Financial services company today Vunani Limited said on Wednesday it had acquired Stanlib Investment Management Services (Stanlib Botswana) by purchasing all the shares previously held by Liberty Holdings Botswana.
The transaction is the second in Vunani’s expansion strategy in the last seven months following its acquisition of the MMI insurance business in Swaziland in February.
Vunani said the Stanlib deal was achieved through a special purpose vehicle in which it holds a 60 percent stake while Botswana citizens have 40 percent.
“This is an opportunity to acquire an existing asset management business, with strong management and to establish a solid foothold in Botswana," Vunani CEO Ethan Dube said.
"In line with our SADC (Southern African Development Community) strategy this opportunity provides a platform for a growth business in-country and closely aligns with our existing asset management business in South Africa, which is well positioned to provide consistent returns for our stakeholders.”
Vunani already has established financial services operations in Zimbabwe, Eswatini, Malawi and Zambia.
Established in 2002, Stanlib Botswana has 4.3 billion Botswana pula (approximately R5.6 billion) in total funds under management across five unit trusts: money market, income, managed prudential, equity and segregated.
The business will be rebranded as Vunani within a period of three months from the effective date.
- African News Agency (ANA)