ZSA - Zurich Insurance Company South Africa Limited - Disposal of equity
ZSA
ZSA
ZSA - Zurich Insurance Company South Africa Limited - Disposal of equity
interest in Escape Premium Collection (Pty) Limited
Zurich Insurance Company South Africa Limited
Incorporated in the Republic of South Africa
(Registration Number 1965/006764/06)
ISIN: ZAE000094496
Share Code: ZSA
("Zurich SA")
DISPOSAL OF EQUITY INTEREST IN ESCAPE PREMIUM COLLECTION (PTY) LIMITED
Zurich SA shareholders are referred to the announcement released by Escape
Premium Collection (Pty) Limited ("Escape") today regarding the process
entered into by Zurich SA to dispose of its equity interest in Escape.
"Escape announced that its shareholder, Zurich SA, has entered into an
agreement to sell its interest to Premium Financing Solutions (Pty) Ltd
("PFS") ("the proposed Transaction").
The Escape business of premium collection has been a non-core activity for
Zurich SA and the Escape Board has been investigating the possibility of
aligning the business with that of a shareholder for whom the business
provides a better strategic fit.
The proposed Transaction is subject to regulatory sanction (which includes
the approval of the South African competition authorities) and could take
between 6 to 9 weeks to complete.
PFS is already a major player in the premium financing and collection
business and the Escape Board believes that the proposed Transaction should
complement the existing offering of both companies to the insurance market.
Collectively, the executive management at PFS have in excess of 30 years`
experience in the insurance, premium finance and premium collection
business and the Escape Board is confident that they have both the
financial backing and experience to ensure the continuity of the excellent
service customers have received from Escape over the years."
Johannesburg
6 December 2011
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 06/12/2011 16:00:01 Produced by the JSE SENS Department.
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