New Africa Capital - Transfer of CU Life to Metrop
New Africa Capital - Transfer of CU Life to Metropolitan approved
New Africa Capital
JSE code - NAC
NSX code - NWC
ISIN number - ZAE 000033361
Press release
Further to an announcement made by New Africa Capital (NAC) holding company for
the Metropolitan businesses, the group confirmed today (10 December) that it has
been successful in obtaining the necessary regulatory approval from the
Financial Services Board (FSB) and the High Court to transfer the insurance
business of CU Life into Metropolitan Life.
"One of our primary concerns is to make sure that the interests of transferring
policyholders are protected, so CU Life`s assets and liabilities will initially
be transferred into a separate sub-fund within Metropolitan. The "ninety-ten
rule", which deals with how profits made by CU Life are divided between
policyholders and shareholders, will continue to apply to this sub-fund, but not
to the rest of our business," says Doyle.
"Once the transfer is bedded down, we can move on to the final step in the
process, which is quantifying the inherited estate and deciding how it should be
equitably distributed to policyholders and shareholders. Once again, the
interests of policyholders must be protected, and be seen to be protected, and
we have agreed with the FSB that we will not implement any further integration
of the businesses without first obtaining their approval."
End
ISSUED BY NICO OOSTHUIZEN
MANAGER: INVESTOR & FINANCIAL MEDIA RELATIONS
NEW AFRICA CAPITAL
TEL 021 9406111 OR 083 285 7092
DATE 10 DECEMBER 2002
QUERIES PETER DOYLE
GROUP CHIEF EXECUTIVE
NEW AFRICA CAPITAL
TEL 2711 9405681 OR 082-889-2040
NIGEL SHANNON
PROJECT CO-ORDINATOR
NEW AFRICA CAPITAL
TEL 2711 9406090 OR 082-880-2690
Date: 10/12/2002 04:32:25 PM Produced by the JSE SENS Department
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