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GMB
GMB
GMB - Glenrand M?I?B - Glenrand announces the strategic acquisition of Finrite
GLENRAND M?I?B LIMITED
(Incorporated in the Republic of South Africa)
Licensed Financial Services Provider
(Registration number 1997/008001/06)
Share code : GMB ISIN : ZAE000078010
("the company" or "Glenrand M?I?B" or "the group")
Glenrand announces the strategic acquisition of Finrite
Johannesburg, 22 August 2007 - Glenrand M?I?B today announced the acquisition of
Finrite Insurance Administrators (Pty) Limited.
Finrite specialises in `end to end` administration & claims fulfilment of high
volume insurance products for underwriters. A key component of such
administration is cellphone handset insurance and related claims that are
managed through an integrated multilingual contact centre with direct point of
sale link to retailers.
Rajen Govender, Head of Glenrand MIB`s Business Solutions unit, comments: "This
is a significant acquisition for Glenrand. It diversifies and reduces the
cyclicality of our revenues. It also enables us to enhance our services by
deploying them as a centralised service behind distribution channels that would
otherwise be inaccessible to us. Most significantly the acquisition provides us
with a great opportunity to grow this area of broking activity and ensures we
remain on top of insurance market trends."
Finrite was founded in 1993. Finrite also administers comprehensive credit life
(including death, disability and retrenchment) and extended product warranties
catering for the retail segment customer base.
The acquisition is subject to Competition Commission approval. The initial
consideration for the acquisition is R50 million, of which R30 million is
payable on the effective date and the balance over two years. The initial
consideration will be adjusted upwards upon the achievement of certain profit
thresholds over a period of two years from the effective date of the
acquisition. The cumulative final purchase consideration will, however, not
exceed R70 million. The consideration will be settled in cash, financed through
own cash and debt resources.
Glenrand MIB is a leading provider of insurance broking services to a broad
range of Southern African and international clients.
- ENDS -
For further information and enquiries please contact;
Glenrand:
Andrew Chislett: 011 329 1302
Rajen Govender: 011 329 1080
College Hill:: 011 447 3030
Date: 22/08/2007 14:01:01 Produced by the JSE SENS Department.
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