Bifm to downscale Zambian stake to fit new statute

Friday, March 05, 2010

Botswana Insurance Fund Management (Bifm) will have to cut its stake in its Zambian asset management subsidiary from 71 percent to 49 percent before the end of the month.

This, according to outgoing Bifm CEO Victor Senye, will be done to comply with new legislation in Zambia that requires all asset management companies in the country to be at least 51 percent owned by Zambian citizens.

Speaking at the presentation of the results of parent company BIHL in Gaborone this week, Senye said they were in the process of identifying potential buyers of the stake and that priority would be given to current shareholders.

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Bifm to downscale Zambian stake to fit new statute

Botswana Insurance Fund Management (Bifm) will have to cut its stake in its Zambian asset management subsidiary from 71 percent to 49 percent before the end of the month.