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Momentum Metropolitan concludes exit from Zambia

Published: Dec 14, 2020 8:30:00 AM South Africa Standard Time

Momentum Metropolitan’s employee share ownership programme (ESOP) to strengthen its B-BBEE ownership and retain its competitive Level 1 B-BBEE rating, has received the requisite approval from shareholders and will now proceed to implementation. The vote took place during a General Meeting, held in Johannesburg on 26 November 2020. The transaction was resoundingly supported by more than 99% of shareholders, more than the 75% required.

Momentum Metropolitan has announced the conclusion of the 100% sale of its Zambian businesses to Finsbury Investments Limited. Finsbury, one of the largest investment groups in Zambia has significant in-country knowledge and relevant expertise and we believe is therefore well placed to continue the company’s growth and success trajectory.

Momentum Metropolitan has been a major shareholder in Metropolitan Zambia for the past eight years, having launched in July 2012, and has steered the company successfully through its start-up phase. Every effort has been made to ensure a seamless transition to the new owners, especially for clients, intermediaries and employees.

Momentum Metropolitan’s decision to exit Zambia is in line with its 2017 announcement to initiate an ongoing review of its African operations. The company advanced this focus with the announcement of its Reset and Grow strategy in September 2018. The strategy includes an increased focus on successfully growing the core businesses in South Africa, ongoing review of African operations, as well as delivering and enhancing shareholder value in the countries in Africa where Momentum Metropolitan will maintain a market presence.

“We would like to take this opportunity to thank various stakeholders that have fully supported us during our time in Zambia. In particular, our staff, clients and intermediaries in Zambia have been instrumental in enabling Momentum Metropolitan to build strong businesses in a relatively short period. In Finsbury we see a strong and reputable local shareholder who will continue to serve its clients, grow the business and support its intermediaries and other distribution partners.

Finsbury comes with impressive credentials and a range of banking, insurance, IT, mining and manufacturing expertise that would complement the healthcare and insurance businesses that Momentum Metropolitan established and enable them to grow the businesses to new heights. We wish Finsbury continued success and prosperity,” said Kudakwashe Mudzengi, CEO of Momentum Metropolitan Africa.


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