Local shareholders step up as majority owners, as Momentum Metropolitan exits Kenya.

South African financial services company Momentum Metropolitan Holdings (MMH) has announced the conclusion of the final exit transaction from its interests in Kenya.

The transaction sees MMH (via Metropolitan International Holdings (MIH)), selling its 66.29% equity stake in the two Kenyan businesses, Metropolitan Cannon General Insurance Limited (MCGIL) and Metropolitan Cannon Life Assurance Limited (MCLAL), to a consortium of local shareholders.

A transitional planning team is in place to facilitate a seamless handover of client care processes, employee and intermediary engagement and the efficient transition of the company into new hands.

The local shareholders have been part of this business for a long time and are committed to the long-term growth of the company for the benefit of all stakeholders and the safeguarding all current and future clients’ financial interests. The company will be renamed to reflect the new ownership, in due course.

MMH’s decision to exit its business interests in Kenya forms part of its ongoing strategic review of its portfolio of businesses globally.

Kudakwashe Mudzengi, CEO of Momentum Metropolitan Africa concluded, “We would like to take this opportunity to thank various stakeholders who have fully supported us during our time in Kenya. In particular, our employees, clients and intermediaries who have been instrumental in enabling Momentum Metropolitan to build strong businesses in a relatively short period. I would also like to thank the new shareholders for stepping up to take ownership and we are confident that the business is in safe hands and will continue to grow”.

ENDS

Momentum Metropolitan Africa
MM Africa is operational in Botswana, Ghana, Lesotho, Mozambique and Namibia and provides Life and Non-life Insurance, Healthcare, Asset Management and Pension Administration. The business unit has over a million clients across five countries, with various distribution models applied in each country, tailored to the need of the local market via tied agents, independent financial advisers, call centres and direct or mobile technology. Strengths include a diversified, value-driven, product offering along with strong relationships and an understanding of the market in regions in which we operate. As reported in MMH’s Interim results (presented March 2022). MM Africa improved its new business volumes by 38% to R2.1 billion on the back of good growth in Namibia, Lesotho and Botswana.