Monday, June 5, 2023

The return of Bramer Life….New shareholders unveiled

Botswana Opportunity Partnership (BOP) ÔÇô 40%

Botswana Opportunity Partnership (BOP), a joint venture between Botswana Public Officers Pension Fund (BPOPF) and Capital Management Botswana (CMB), now owns 40 percent of Bramer Life Botswana under the new ownership structure. BPOPF, the country’s largest pension fund, launched an ambitious three-year investment strategy in 2014 with particular focus and bias towards private equity, infrastructure and strategic investment in Botswana. The new strategy is expected to create employment and position BPOPF as a key player in the national economy.

In previous years, BPOPF heavily invested in off-shore markets, claiming ‘limited investment opportunities’ in the local economy. 70 percent of BPOPF’s billions were invested in off-shore markets and only 30 percent locally. At inception, BOP announced plans to invest in Botswana companies that demonstrate potential to develop new products, create jobs and viability to create a blended rate of return of at least 20 percent.

Capital Management Botswana (CMB) ÔÇô 25%

CMB came about when two former directors of BIFM Capital, Timothy Marsland and Rhys Carr parted ways with the country’s leading insurance giant, Botswana Insurance Holdings Limited (BIHL) not so long ago. They later formed CMB; a partnership with BPOPF that seeks to invest in local businesses by providing mostly growth capital.CMB now owns 25 percent of Bramer Life Botswana. The new shareholding is structured such that 82.5 percent shares are citizen owned and 17.5 percent owned by non-citizens.

Regina Sikalesele-Vaka ÔÇô 25%

The former Chief Executive Officer (CEO) of the country’s biggest insurance group, Botswana Insurance Holdings Limited (BIHL) made a dramatic return to the insurance industry on Wednesday 18th June 2014 when she was unveiled as the owner and CEO of Bramer Life Botswana. However, the dream shrivelled into a horrific nightmare almost a year later when a crippling scandal involving Bramer Life Botswana’s mother company, Bramer Banking Corporation Limited broke out in Mauritius. Labelled by Mauritian Prime Minister, Sir Anerood Jugnauth as an “unprecedented financial scandal,” the matter hit Bramer Life Botswana hard and compelled NBFIRA to place the local firm under statutory management. But Sikalesele-Vaka fought tooth and nail to reclaim her company, and on Monday she stood on the podium alongside the appointed statutory manager, Nigel Dixon-Warren to announce a transaction that would resuscitate Bramer Life and guarantee her a 25 percent stake in the new entity. Sikalesele-Vaka is a power house in the insurance industry as she was at the helm of Botswana Life for years before her premature exit from the Botswana Stock Exchange (BSE) listed blue chip insurer as a result of boardroom brawls.

Bramer Life Botswana Staff ÔÇô 10%

Bramer Life Botswana will embark on a trend setting restructuring and rebranding exercise that will give birth to an indigenous company with an indigenous identity. The company will retain at least 10 percent of its shares for an upcoming staff share scheme. KPMG’s Dixon-Warren confirmed Monday that the transaction has been approved by all relevant stakeholders including the relevant boards such as NBFIRA and the Competition Authority. Dixon-Warren’s role as statutory manager was to replace the board of directors and shareholders of the company and also ensure that the interests of policy holders are protected.

“The 10 percent staff scheme was part of the negotiations and it will be set up going forward,” he said.


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