South Africa’s MMI Holdings takes over United Metropolitan Life
South Africa has continued to spread its tentacles on the Nigerian economy landscape as one of the country’s leading life insurers, MMI Holdings, today announced its full acquisition of United Metropolitan Nigeria Life Insurance after purchasing the 50 per cent stake which it did not already own.
The Chief Executive Officer (CEO) of MMI Holdings, Nicolaas Kruger, said in a statement as reported by Reuters: “The acquisition of the remainder of United Metropolitan demonstrates MMI Holdings’ commitment to grow our market presence in Africa.”
United Capital Plc, one of the leading African investment banking and financial services firm sold its 50 per cent holding in United Metropolitan Life, a joint venture established in 2005, to its Joint Venture partner, Metropolitan International Holdings (Proprietary) Limited.
The purchase consideration for the shares in United Metropolitan Nigeria Life amounted to N3.25 billion and the transaction closed on 10 May, 2016. United Capital realised a capital gain of N1.5 billion from the transaction.
Group Chief Executive Officer, United Capital, Mrs. Oluwatoyin Sanni, said this about the sale: “This marks the conclusion of a very successful investment. Our objective is always to maximise shareholder return and we look forward to redeploying the capital in further ventures. We remain strongly convinced of the opportunities in the Nigerian financial services sector.”
Sanni thanked Metropolitan International, saying it has been an excellent joint venture partner. “This partnership has led the way in South African and Nigerian businesses working together for the benefits of Africans. Through this partnership, we established a pioneering insurance business, which has led in customer satisfaction and product innovation,” she said then.
She explained that all requisite regulatory approvals have been obtained and the Nigerian Stock Exchange has since been notified of the divestment.
“United Capital Plc remains committed to achieving its goal of building Africa’s leading investment and financial services group and to continue delivering service excellence across all of its business units in pursuit of these strategic objectives,” Sanni assured.
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