MUTUAL & FEDERAL INSURANCE COMPANY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1970/006619/06)
Share code: MAF ISIN: ZAE000010823
("Mutual & Federal")
FEDSURE GENERAL INSURANCE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1949/034504/06)
("Fedsure General")
Acquisition of Fedsure General Insurance Namibia Limited ("FGI Namibia") by
Mutual & Federal Insurance Company of Namibia Limited ("Mutual & Federal
Namibia")
Mutual & Federal is pleased to announce that, with effect from 30
September 2001, Mutual & Federal Namibia has acquired from Fedsure General
100% of the share capital of FGI Namibia for a cash consideration of
approximately R70 million. The consideration represents a premium of R22
million to the net asset value of FGI Namibia.
The acquisition of FGI Namibia will consolidate the position of Mutual &
Federal Namibia, giving it a significant market share. This will create
economies of scale and further improve the ability of the organisation to
deliver quality products at competitive rates.
The acquisition holds strategic significance for Mutual & Federal as it
enhances its existing regional base beyond South Africa with strong
representation in Namibia, Botswana, Zimbabwe and Malawi.
All conditions precedent to the conclusion of the transaction have been
obtained, including the approval of the Namibian Financial Institutions
Supervisory Authority.
Johannesburg
10 October 2001
Investment Bank and Sponsor to Mutual & Federal
Nedcor Investment Bank
Merchant bank to Fedsure General
Investec Bank Limited
(Registration number 1969/004763/06)
Corporate Law Advisers and Consultants
Edward Nathan & Friedland (Pty) Ltd
(Registration number 1999/026464/07)
Attorneys to Fedsure General
Werksmans Attorneys
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