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GMB
GMB
Glenrand M I B Limited - Sells underwriting interest for R61,92 Million
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 MuIuB")
GLENRAND MIB SELLS UNDERWRITING INTEREST FOR R61,92 MILLION
Insurance broking and employee benefits group Glenrand MIB has announced
the sale of its 60% holding in Holmwoods and Back and Manson (HBM) for
R61,92 million.
The company has announced that it has reached an agreement whereby
Innovation Group, a subsidiary company of London Stock Exchange-listed
The Innovation Group plc, is to acquire the group"s interest in HBM.
HBM is an investment holding company, with an investment in an
underwriting management company specialising in medical related
insurance administration. The underwriting management company held by
HBM operates from Johannesburg, Cape Town and Durban and is focused on
providing specialist skills on behalf of insurance companies and certain
underwriters at Lloyd"s of London.
Dudu Kunene, Chairman and Acting CEO of Glenrand MIB, says the sale
follows a strategic decision by the group to return to its core
insurance broking and employee benefits functions. "The nature of the
underwriting agency and its client base requires access to various
distribution channels and high tech information technology systems that
are available in the international arena," he explains.
Kunene adds that the future marketing of clients" portfolios also needs
a shareholder with ready access to an internationally represented
organisation to facilitate the further growth and development of the
business in the handling of existing business and sourcing of new
opportunities.
"It is the considered view of the Glenrand MIB board of directors and
management of the underwriting company that the inability to achieve the
above two objectives would have held back the progress of the
underwriting business in a more competitive global market environment.
The business is well equipped in terms of intellectual capital and is
likely to benefit substantially from the linkage to a global leader in
the information technology business," says Kunene.
The R61,92 million in cash realised through the sale will be used to
fund strategic acquisitions and expansions.
With the disposal, which is effective retrospective to 1 October 2006,
the company has ceased to trade under a cautionary announcement.
Ends
About Glenrand MIB
JSE-listed Glenrand MIB Limited (www.glenrandmib.co.za) is a leading
provider of insurance broking and benefit consulting services to a range
of South African and international clients.
Its core business is focused on an extensive risk advisory capability
for corporates, commercial ventures and individuals through innovative
combinations of conventional short-term cover and tailored solutions.
The benefit services division specialises in employee benefits, health
risk management and investment consulting. With it"s head office in
Randburg and 13 branches in South Africa, Glenrand also has interests in
Namibia, Zimbabwe, Swaziland, Mozambique and Botswana.
ISSUED FOR: GLENRAND MIB LIMITED
CONTACT: Dr Dudu Kunene, Chairman and Acting CEO: 011 293 2932
FAX NO: 011 293 2755
E-MAIL: dkunene@glenrandmib.co.za
WEBSITE: www.glenrandmib.co.za
ISSUED BY: LETSEMA COMMUNICATIONS
CONTACT: Tish Stewart: 011 325 4195 / 082 443 6399
FAX NO: 011 325 4199
E-MAIL: tish@letsemacom.co.za
DATE : 01 November 2006
Date: 01/11/2006 12:48:34 PM Produced by the JSE SENS Department
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