A new Aon-CEDA venture to enhance citizen empowerment

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Insurance brokers, Aon Botswana, announced this week that they had entered into a deal in which they will transfer 25 percent of their shares, worth P25 million, to local shareholder CEDA Venture Capital Fund, in a move aimed at boosting citizen participation in the firm.

The P200 million CEDA Venture Capital Fund was set up in 2003 and Venture Partners Botswana (VPB) was appointed as its fund managers. Aon Botswana's move now puts 30 percent of the company shareholding into the hands of citizens as employees of Aon already hold five percent in the company, which they acquired in 2004.

The remaining 70 percent is held by the Netherlands-based Aon Holdings.
Announcing the deal this week, the chief executive officer of Aon Botswana, Dora Moremi, said that the decision to partner with CEDA Venture Capital Fund was influenced by the fact that the two shared a lot of synergies, especially with regard to citizen empowerment and commitment to the economy. An upbeat Moremi said CEDA Venture Capital Fund was preferred over other forms of empowerment - such as floating shares on the stock exchange - since the decision to give 25 percent shareholding to the fund was not a cash-raising move.

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