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02 June 2021 | 5 - 8 min read
Momentum Metropolitan Holdings has announced the conclusion of the transaction to sell its equity stake in its Tanzanian Businesses, and thus exiting the Tanzanian market. The closing conditions of the transaction have now been completed which sees local shareholders acquiring Momentum Metropolitan’s 67% interest in Metropolitan Tanzania Insurance Company Limited (MTICL) and Metropolitan Tanzania Life Assurance Company Limited (MTLACL) (together the “Companies”).
Momentum Metropolitan Holdings has been the majority shareholder in Metropolitan Tanzania for over 14 years, having launched in 2006. Momentum Metropolitan Holdings, along with the local shareholders have been involved with the business since inception and together have been instrumental in steering the Companies successfully through their start-up phase. The migration of transitional services from Momentum Metropolitan Holdings to the new shareholders was concluded on the 31st of May 2021.
Momentum Metropolitan Holdings’ decision to exit the Tanzanian market is in line with its 2017 announcement to initiate a review of its African portfolio.
“We wish the shareholders and employees all the very best going forward. This team have the expertise and commitment to drive success and profitably. It has been an exciting road that we travelled together, and we are confident that we leave the clients, employees and other stakeholders of the Tanzanian businesses in good hands,” said Kudakwashe Mudzengi, CEO of Momentum Metropolitan Africa.
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