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Momentum Metropolitan Holdings Limited (Momentum Metropolitan)

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Momentum Metropolitan’s shareholders approve empowerment transaction incorporating all permanent South African-based employees

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.

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Q1 - Momentum Metropolitan performs well despite Covid-19 challenges

Group delivers solid first quarter results for F2021. The company performed very well during the first quarter of their financial year, increasing normalised headline earnings by 18% to R1 042 million.

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Momentum Metropolitan’s empowerment transaction for all permanent SA-based staff

Momentum Metropolitan announced a proposed transaction to strengthen its B-BBEE ownership and retain its competitive empowerment rating. This will be an inclusive employee share ownership scheme that will benefit all permanent South-African based employees and includes all races.

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MMI withdraws appeal against conditions imposed by Competition Tribunal

The board of directors of MMI Holdings Limited (MMI) has decided to withdraw the appeal, lodged at the Competition Appeals Court, regarding employment-related conditions imposed by the Competition Tribunal of South Africa (the tribunal).

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MMI lists on the JSE main board

MMI Holdings Limited ("MMI"), the new financial services company born from the merger of Metropolitan and Momentum, listed on the Johannesburg Stock Exchange today (1 December 2010), following eight months of intensive behind-the-scenes activity since the first transaction announcement in March 2010.

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MMI Holdings leadership announced

Momentum and Metropolitan today announced the business structure and leadership team for MMI Holdings Limited (MMI), in the proposed merger between these two insurance-based financial services companies. After completing one of the most comprehensive due diligence processes in South African corporate history and gaining all the requisite regulatory approvals, MMI will form the third largest listed insurer in South Africa, with an embedded value of around R30 billion. The Group is set to list on the JSE Limited on 1 December 2010.

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Metropolitan and Momentum merger unconditional

All the suspensive conditions to the transaction between FirstRand, Momentum and Metropolitan were fulfilled this week, paving the way for the creation of the merged entity, MMI Holdings.

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Competition Tribunal reaches decision on Metropolitan/Momentum merger

The Competition Tribunal approved the proposed merger of Metropolitan and Momentum to form MMI Holdings, subject to certain employment-related conditions. MMI Holdings will be the third largest listed life assurer in South Africa.

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Momentum/Metropolitan merger proceeds MMI Holdings created

FirstRand, Momentum and Metropolitan today announced that they have reached agreement on the final terms to proceed with the merger of Metropolitan and Momentum, which will create the third largest listed insurer in South Africa with an embedded value of around R30 billion.

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FirstRand to unbundle merged entity to facilitate transaction and unlock value for shareholders

All the suspensive conditions to the transaction between FirstRand, Momentum and Metropolitan were fulfilled this week, paving the way for the creation of the merged entity, MMI Holdings.

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