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Guardrisk / MMI Holdings transaction finalised
MMI HOLDINGS LIMITED
Incorporated in the Republic of South Africa)
(Registration number: 2000/031756/06)
ISIN Code: ZAE000149902
Share Code: (JSE) MMI
Share Code: (NSX) MIM
(“MMI Holdings”)
Guardrisk / MMI Holdings transaction finalised
The sale of Guardrisk to MMI Holdings, which was announced in November 2013, has now
been approved by the Financial Services Board and the South African competition
authorities. The transaction – which was approved by the Competition Tribunal without any
conditions – comes into effect on 3 March 2014. The relevant authorities in Mauritius and
Gibraltar have also approved the transaction in relation to Guardrisk’s operations in these
two jurisdictions.
“We are pleased that the transaction has now been finalised and we look forward to
welcoming Guardrisk into the MMI Holdings family. The Guardrisk transaction demonstrates
our strategic intent to grow our business through diversification. This is a significant
milestone for both our companies as we continue to pursue and realise growth both locally
and outside of South Africa,” says Nicolaas Kruger, CEO MMI Holdings.
According to Herman Schoeman, Guardrisk Managing Director, being part of MMI Holdings,
a JSE-listed financial services group, will provide many exciting new growth opportunities for
the Guardrisk group of companies, which is South Africa’s leading specialist-insurance
group.
Schoeman, who will continue to lead the company along with the current management team,
foresees that the new partnership will enhance both businesses’ offerings to clients as well
as personal and career growth opportunities for Guardrisk employees.
“In an industry where the scarcity of skills is a key factor, the Guardrisk team brings to the
table some of the country’s top alternative risk transfer skill and experience,” says
Schoeman.
The purchase price of R1.6 billion will be funded from MMI's capital buffer.
ENDS
Centurion
3 March 2014
Sponsor:
Merrill Lynch South Africa (Pty) Limited
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