UK-BASED FUND EYES TANZANIAN BANK, INSURANCE FIRM - FINANCIAL-24
Dar es Salaam. UK-based investment fund - Old Mutual Group PLC – is targeting to acquire an indirect control in Ecobank Tanzania Limited and UAP Insurance Tanzania Limited as part of the fund’s internal reorganization.
Tanzania Fair Competition Commission (FCC) said it’s now investigating the intended deal whose price was not disclosed before approving the acquisition as required by the local rules.
“FCC has received a merger notification to the effect that Old Mutual PLC, as a result of its internal reorganisation, will acquire indirect control of Ecobank and UAP Insurance,” said FCC in a public notice published on its website.
“FCC is currently investigating the intended acquisitions in line with the provisions of the Fair Competition Act and the Fair Competition Commission Procedure Rules, 2013,” it added.
UAP Insurance Tanzania made its entry into the Tanzanian market in 2013 through the acquisition of a majority 60 per cent shareholding in Century Insurance Company Limited. It provides General Insurance services including, marine and aviation insurance services.
Ecobank Tanzania is a Subsidiary of Ecobank Transnational Incorporated (ETI) - a multinational bank present in 34 African Countries. It opened its doors in January 2010 and has since grown to include 9 branches across the country.
Old Mutual PLC is a public company incorporated in England and Wales and it is also listed on the London and Johannesburg Stock exchanges.
FCC asks the parties having sufficient interest to register their interests or objections if the mergers are likely to have material effect on their interests.
The Citizen
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