BIHL holds steady in Letshego despite P106m hit

Mukushi says Letshego is a long term investiment
Mukushi says Letshego is a long term investiment

Botswana Insurance Holdings Limited (BIHL) suffered a P106 million impairment from its associate company, Letshego Holdings for the six months ended June 30, but has no immediate plans of reducing its investment in the microlender.

The loss continues a pattern seen last year when, for the year ended March 31, 2018, BIHL incurred a P140 million impairment from Letshego.  BIHL holds a 26.2% stake, the largest by any single shareholder.

In its recently unveiled results for the half-year to June 2019 BIHL, which is the country’s largest diversified financial group, saw its pretax profits fall 29% to P223.5 million largely as a result of lower profits from associate companies.

Editor's Comment
A step in the right direction

It has only been a month since the newly elected government, the Umbrella for Democratic Change (UDC), took power, and there are already a lot of changes. Across different ministries, ministers are hard at work. Following heavy rainfall and storms that hit Francistown recently, the Minister of State Presidency, Moeti Mohwasa, made a commitment that government will assist those affected by the heavy rains. Mohwasa, when addressing the media in...

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