By Our Reporter
South Africa’s Sanlam Emerging Markets Proprietary Limited (SEM), through its subsidiary, Sanlam General Insurance Uganda Limited (SGIU), has bought out Lion Assurance Company Limited (LAC), a leading insurance company in Uganda.
It has acquired close to a 100% interest in the share capital of Lion Assurance Company Limited in Uganda from Trans Industries Proprietary Limited and certain minority shareholders for an initial purchase price of USD6.5 million.
SGIU, which offers a broad range of general insurance products for both personal, commercial and corporate clients, has some 5% market share. It will merge its businesses with LAC, thereby increasing its overall market share in the general insurance industry.
“Uganda is a key market in Africa and the transaction supports SEM’s strategy of bolt-on acquisitions to achieve scale. We are also confident that this transaction will offer us an opportunity to strengthen our position in the market while benefiting our clients who will have access to the combined expertise of our staff as well our product range,” says Junior Ngulube, SEM’s Chief Executive Officer
Following the successful conclusion of the transaction, LAC will be rebranded to SGIU in line with the Sanlam Group’s aim of strengthening its identity and expanding its visibility in Uganda and in East Africa, where it also has a presence in Kenya, Rwanda and Tanzania.
Going forward, LAC will renew all existing client policies under the Sanlam brand. In addition, LAC client policies will be managed by SGIU who will administer claims, organise any changes to existing policies and provide cover for any new requirements that existing LAC clients may have.
Commenting on the transaction, SGIU’s Chief Executive Officer, Mr Gary Corbit said: “This is an exciting development for all stakeholders. Policy holders will have the same or better policy terms and conditions. On the other hand, staff will have the training and development opportunities that the largest insurer in Africa, Sanlam, can provide. The overall market can be assured that Sanlam will continue to offer innovative and customer-centric solutions for all insurance and wealth development requirements.”
East Africa Development Bank marks 50 years
This year, East African Development Bank clocks half a century excelling in being the leading development finance institution for member states. It marks the 50th year when the bank first opened its door for business. With primary focus on interventions in food security, infrastructure, education, health, natural resources, environment and regional integration. Since its establishment in 1967, the bank has remitted financial and other support to its member states.
In contrast to other development finance institutions, EADB has over the five decades successfully adapted to an industry in complete transformation, owing to the bank’s strategy of promoting sustainable socio-economic development in East Africa. In 1977, the bank suffered a scare of extinction after the collapse of East African Community due to operational and ideological differences between member states. The Bank was later reenacted by the signing of the Arusha Accord, which divided the assets of the former EAC and agreed that EADB should operate as a joint East African institution.
A celebration of 50th anniversary
Over the fifty years journey, EADB has made significant contribution to member states in areas of education, health, environmental and natural resources protection and trade
“All these success wouldn’t have been possible without the hospitality of our wonderful host country Uganda her people & her leadership. We also thank our shareholders who remained unwavering in their support to the EADB over the last 50 years even in cloudy and stormy weather “said Ms. Vivienne Yeda, Director General EADB, during the celebrations at Serena Kampala Hotel.
EADB’s next Strategic Plan (2020-2025) and a 50 Year Vision for Sustainable Development in Africa.
In order for EADB to impact the region and continue to support efforts by member states, towards realization of next 50 years vision of prosperity for our people, we must Create the Future we Want, hence #Generation2068 macroeconomic symposium in Kampala. The EADB has assembled the greatest minds from Academia, Business, Donors and Government to envision the sustainable development required in Africa during the symposium in an event dubbed “Think Tank”.
“We know that the future generations will face different challenges that we do due to the diminishing resources in our planet. We have come along & have many opportunities to shape the destiny of future generations so that they would be better off in real terms than we are today. We must address our challenges and difficulties with resolve and wisdom “added Ms. Vivienne.
Coca-Cola Beverages Africa Uganda signs MOU with Royal Danish Embassy in Uganda
Coca-Cola Beverages Africa (CCBA) Uganda has signed a Memorandum of Understanding (MOU) with the Royal Danish Embassy in Uganda to help amplify their plastic collection effort as they drive their commitment as Coca-Cola to a World without Waste.
The Head of Mission at the Embassy of Denmark Ms. Majbrit Holm Jakobsen welcomed the partnership with CCBA and said “Sustainable development and green growth are focus areas of both Denmark and the Danish Embassy in Kampala, and Danish companies are leading when it comes to developing sustainable products and services. The cooperation with PRI is therefore a great opportunity to support Ugandan companies working towards the same goal”.
Speaking at the ceremony, Mr. Conrad van Niekerk, the Managing Director of Century Bottling Company and Rwenzori Bottling Company, both subsidiaries of Coca-Cola Beverages Africa in Uganda noted “Food and beverage packaging is an important part of our modern lives, yet the world has a packaging problem, which we as CCBA, together with The Coca-Cola Company, have a responsibility to help solve. Clearly, plastics are a significant global challenge. Our commitment is to invest in our planet and our packaging, to help make the world’s packaging problem a thing of the past, focusing on PET plastic.”
“Through our PRI initiative, CCBA is leading the industry to bring people together to achieve a bold and ambitious goal: to help collect and recycle a PET plastic bottle for every one sold by 2030. This gives every package more than one life while contributing to job creation and growing adjacent local industries.” he added Van Niekerk explained the importance of partnerships in achieving this goal: “We want to support the Government’s environmental management objectives by making recycling more accessible for everybody to get involved.”
On their part, Ms. Majbrit Holm Jakobsen concluded: “We are excited at the shared opportunities that this recycling initiative creates for all of us and we are committed to ensure that the Embassy and all our staff participate to make this successful.”
“We are happy that the Danish Embassy can contribute to a more sustainable and climate conscious Uganda through this initiative. We will like to do even more, and are at the moment looking for more opportunities of recycling of waste in Uganda.”
CCBA’s 2030 recycling target is part of a larger strategy to create partnerships in plastic collection in all 13 countries where it currently operates.
Akuna Muchezo Development Club wins “Battle for Cash” challenge season 2
dfcu Bank, in partnership with NTV Uganda and Price Waterhouse Coopers (PwC) have awarded the winners of the second edition of the nationwide Savings and Investment campaign dubbed ‘Battle for Cash’. Aimed at building a savings and investments culture in Uganda, the ‘Battle for Cash’ challenge in form of a TV show engages various investment groups through saving and financial literacy workshops across the country and selects Clubs to take part in a competition.
For the past six (6) months, dfcu Bank’s carried out workshops focusing on; Why and how to save, where to invest money so it can grow, things to think about when thinking of investing and so much more. This was aimed at changing the perceptions on money, savings and investments. dfcu Bank received applications from over two hundred (200) Investment clubs across the country and these were independently vetted by PwC to select top 20 clubs that entered the TV competition.
The Battle for Cash challenge has been running on NTV every Sunday at 6:00pm. As part of the application process, clubs were tasked to develop a Business plan for an innovative investment project. At the start of the show all shortlisted 20 clubs had to defend their business plans to a panel of judges to make it to the next show. The clubs were trained in different aspects and assigned weekly tasks to demonstrate their ability to put into practice what they had been taught.
According to Pamela N. Bahumwire, Partner at PwC Uganda there is a lot to learn from the Challenge. “The teams that put themselves forward to participate in the challenge are courageous and we could a lot from them. We all have a lot of potential that we may never realise until we put it to test,” she added.
Speaking during the grand finale event, the dfcu Bank CEO, Juma Kisaame said: “Financial inclusion is high on dfcu Bank’s agenda. We believe that providing financial literacy is critical in driving financial inclusion in a sustainable way. There is a pressing need to raise domestic savings in our country and convert it into financing – loans – for infrastructure, housing and small business creation. As dfcu Bank, it gives us a sense of pride that we are playing our
role in the savings equation. We have a long history of promoting a Savings and Investment culture that dates as far back as 2007 when we introduced the Savings and Investment Clubs proposition to foster group savings. To date we supported the formation of over 20,000 Savings and Investment clubs across the country with a savings turnover of over UGX 600 billion. We believe there is a greater opportunity to raise more awareness and challenge ourselves about savings and investments,” he concluded.
Following last year’s inaugural campaign, dfcu registered an increment in Investment Clubs with over 6,000 new Clubs being set up since January 2018.
“The Battle for Cash competition has offered many lessons for us and we have been able to use these lessons to work towards the ultimate prize. This has been a great opportunity for us to get new ideas on how to handle different business challenges,” said a representative from Akuna Muchezo Development Club the winner of the Battle for Cash Season II finale.
Speaking at the Award ceremony, the Katikiro of Buganda Owekitibwa Charles Peter Mayiga, commended dfcu Bank on choosing Nairobi as a destination for the Study tour for the participating Clubs. “Many Kenyan companies now registered on the Stock Exchange started as Investment Clubs and are turning the economy around. If you stay the course, get advice from experts like PwC, on top of the exposure you have got, you may be the biggest businesses this continent has ever seen,” he added.
An amount totaling to UGX 100 million in prize money was set aside for the Investment Club challenge including regional draws carried out in different parts of the country. Additionally, one delegate from each of the 20 selected clubs that entered the competition is to be sponsored to attend a study tour in Nairobi in January 2019. This as the top seven (7) clubs will receive free advisory services for a period of one (1) year courtesy of PwC.
HOT RIGHT NOW
- Celebrity Gossip5 days ago
Jose Chameleone explains what Happened between him and Hon. Ruth Nankabirwa, apologises
- Celebrity Gossip5 days ago
“I was looking for something artistic and unique”- Spice Diana on ASFAs outfit
- Celebrity Gossip4 days ago
Bebe Cool set to resume public performances
- Celebrity Gossip3 days ago
Weasel opens up on how Radio’s death affected him
- Entertainment News3 days ago
Kitara Music Awards 2018 full list of winners
- Entertainment News4 days ago
Christian fashion show slated for Saturday
- Companies1 day ago
Thousands of Kampala kids embrace the StarTimes kids run 2018
- Celebrity Gossip3 days ago
Cardi B agrees on 10M USD deal to halt divorce with Offset