12 °c
London
Wednesday, April 21, 2021
No Result
View All Result
FurtherAsia FurtherArabia FurtherBrazil FurtherRussia
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

Zimbabwe Social Security raises stakes in NicozDiamond

FurtherAfrica by FurtherAfrica
May 3, 2017
in Africa, Banking, Economy, Finance, Insurance, M&A, Malawi, Mozambique, Zambia, Zimbabwe
Reading Time: 1 min read
0
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

The National Social Security Authority has raised its stake in insurance group, NicozDiamond Insurance Limited to 50,9 percent after a mandatory offer to minority shareholders which closed last week.

Before the mandatory offer, which closed on April 24 having opened three weeks prior, NSSA held 254 186 084 or 44,8 percent and minority shareholders controlled 55,2 percent or 312 578 689 shares.

Share options exercised amounted to 23 249 965 or 4,1 percent while shares surrendered in terms of the offer amounted to 46 077 100 or 8,1 percent.

This means that after the mandatory NSSA moved to 300 263 184 or 50,9 percent and minority shareholders 289 751 554 or 49,1 percent.

Total number of NicozDiamond shares after the offer amounted to 590 014 738.

NicozDiamond is one of the most recognised insurance groups in Zimbabwe with six branches in the country, regional operations in Malawi, Zambia and Mozambique and Bancassurance arrangements with four banks.

Born out of a merger of National Insurance Company of Zimbabwe (NICOZ) and Diamond Insurance Company in 2002 and subsequently listing on the Zimbabwe Stock Exchange the same year, NicozDiamond has gone through a regeneration which has seen the group extend its influence in the region, having seen the need to diversify away from Zimbabwe’s country risk.

In Malawi, NicozDiamond owns United General Insurance Company Limited (UGI) is one of Malawi’s leading short term/general insurance companies that has been operating which has been in operation for over 40 years.

The group is invested in Diamond Companhia de Seguros (DSM), SA a Mozambican company which specialises in non-life insurance while in Zambia it is in Diamond General Insurance Company Limited (DGI), a privately owned short term insurance company.

Source: Chronicle

Related

Tags: Airports of MozambiqueBancassuranceDiamond Companhia de SegurosDSMMalawiMozambiqueNational Insurance Company of ZimbabweNational Social Security AuthorityNicozDiamond Insurance LimitedNSSAUGIUnited General Insurance Company LimitedZambiazimbabweZimbabwe Stock Exchange
ScanSendShare320Tweet200Share56Pin72Send
Previous Post

Mozambique: World Bank endorses $1.7b strategy to enhance diversification

Next Post

Angola: Sale of foreign exchange duplicates

FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

Mozambique

Mozambique: Five companies pre-selected to build solar plant

by FurtherAfrica
April 21, 2021
African Fintech: Growth, Profit and Forecasts
Finance

28 money transfer services checked for Africa: an extensive guide

by Jens Ischebeck
April 21, 2021
Mozambique

Mozambique: US$30M needed to rebuild Beira Airport

by Club of Mozambique
April 21, 2021
Procedure for registration of a Limited Liability Partnership in Nigeria
FDI

The role of government in securing FDI

by Africa Oil & Power
April 21, 2021
Angola’s Sonangol reiterates payment commitment of drill ships
Africa

Maersk Drilling secures US$24M Exploration Contract in Gabon

by Africa Oil & Power
April 21, 2021
Next Post
Angola: BNA’s foreign currency sales doubled

Angola: Sale of foreign exchange duplicates

Mozambique domestic air routes opened to competition

Mozambique is determined to restructure state business sector

Afrox expands operations in Mozambique, new HQ supports Africa’s gases market

Afrox expands operations in Mozambique, new HQ supports Africa’s gases market

Leave a Reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

2021 AFSIC
2022 Indaba Mining

FurtherAfrica Partners

The Exchange Club of Mozambique Taarifa Rwanda
CrudeMix Africa TechGist Africa Farmers Review Africa
Botswana unplugged Financial Insights Zambia Africa Oil & Power
Harambee Africa Novafrica  

Subscribe to FurtherAfrica

Enter your email address to receive notifications of new articles on your email.

Join 73,051 other subscribers.

FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • OpenTalk
  • Understanding
  • Videos
  • Weekend
  • About

© 2021 FurtherMarkets

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?