BIHL Seals P57 Million Purchase Of Letshego Subsidiaries

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Botswana Insurance Holdings Limited (BIHL) is one step closer to finalising the P57 million purchase of two Letshego subsidiaries, a deal that would consolidate the insurance giant's dominance of the sector.

Letshego Guard and Letshego Guard Insurance Company went up for sale last year, when parent company, Letshego Holdings Limited, decided to focus on its core business of lending. Through the purchase, BIHL plans to add the two subsidiaries' weight to its blue chip portfolio comprising, BIFM and Botswana Life.

Last week, it emerged that BIHL had fulfilled several conditions linked to the sale, which include renewal of the Letshego Guard Insurance Company's short-term licence by the Non Bank Financial Institutions Regulatory Authority (NBFIRA).

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