By Alex MacDonald
LONDON--Masawara PLC (MASA.LN), an investment company focused on
southern Africa, said Thursday it has agreed to sell a 40% stake in
its Zimbabwe-focused unit, Masawara Investments Mauritius Ltd., to
South Africa-based investment firm Sanlam Ltd. (SLM.JO) for $11.6
million.
The Masawara unit will hold the group's interests in the
short-term and life insurance, and reinsurance businesses in
Zimbabwe, which comprise Zimnat Lion Insurance, Zimnat Life
Assurance and Grand Reinsurance.
In addition to acquiring an equity interest in MIM, Sanlam,
through its affiliates, will also offer technical support services
to the Masawara's insurance businesses in Zimbabwe.
The deal is subject to regulatory approvals.
Masawara's shares were unchanged at 51.5 pence a share as of
0904 GMT, resulting in a market capitalization of 63 million pounds
($99 million).
Write to Alex MacDonald at alex.macdonald@wsj.com
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