Bigwigs lose big in Fleming takeover deal

Lekalake
Lekalake

Some of Botswana�s biggest businesspeople will part ways with a small fortune after a loss of key investment contracts significantly knocked down the value of their company, Fleming Asset Management Botswana.

Mmegi Business has learnt that the shareholders of fund manager, Fleming Asset Management have reportedly accepted a P20 million bid for the company, which is a fifth of an offer price they declined just over year ago before the firm ran into trouble.

Hamstrung by the loss of a P4 billion mandate with Botswana Public Officers Pension Fund (BPOPF) in July last year, Fleming has been knocked down from being one of the oldest and largest asset management companies in the country, losing other key clients and staff in the past eight months.

Editor's Comment
Micro-procurement maze demands urgent reform

Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...

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