Thursday, October 29, 2020

Alexander Forbes under R 8.4 billion bid

Alexander Forbes, the titanic financial solutions firm, said Thursday that it is being courted by a private equity fund, Actis, for R 8.4 billion in one of the recent corporate take-over actions.

“We are being bought by Actis and I am happy to say that the deal has received a positive vote from our shareholders,” the Alexander Forbes Group Chief Executive Officer, Peter Moyo, said.
“We have managed to push the deal high,” he said, adding that the move will see the giant financial solution firm being de-listed from the stock exchanges.

“Our interest has to be aligned with the interest of our customers and we can offer the full advantage of advise,” he said.

Alexander Forbes is listed on the Botswana Stock Exchange, JSE and the Namibian Stock Exchange.

The de-listing is expected to be effected on July 28 following the June 18 shareholders approval.

The company is administering over R 150 billion and in Botswana it controls 90 percent of private administered funds with a total value of P 30 billion.

“We will continue to grow our business in Africa, Europe and Brazil. And we are going to list an instrument on the market which will float as a quasi- Alexander Forbes.

Alexander Forbes, which is ranked in the top ten biggest fund administrators, is expected to roll-out some new products in the local market in the next or early in the coming year. And according to Alexander Forbes Botswana Managing Director, Paul Masie, plans are afoot to market the member investment choice.

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