TELOS ACQUIRING 67% OF METROPOLITAN LIFE

 MBABANE - The acquisition of 67 per cent shares in Metropolitan Life Swaziland Limited by Telos Proprietary Limited has been approved by Eswatini Competition Commission

The acquiring party, Telos, is an enterprise registered and incorporated in accordance with the laws of Eswatini. Telos is a special purpose vehicle, which was created specifically for purposes of the proposed transaction and does not have any activities in Eswatini.

Telos forms part of the Vunani Group. The Vunani Group is involved in providing financial services, in particular in stock broking, property investment and development, private equity, investment banking, assets management and research as well as corporate finance through Vunani Limited, an enterprise incorporated in accordance with the company laws of the Republic of South Africa.
The Vunani Group is further involved in capital raising transactional support services, due diligence investigations, capitalisation issues and share buy-backs through Vunani Capital Proprietary Limited.

The target firm, MetLife Swaziland is an insurance company, which provides both long-term and short-term insurance products, solely in Eswatini, and has been doing so since 2008. MetLife Swaziland offers long-term life insurance products.  MetLife Swaziland has a wholly owned subsidiary namely Momentum Insurance Swaziland Limited which offers short-term insurance products.  MetLife Swaziland is a registered company duly authorised by the Financial Services Regulatory Authority

Eswatini Competition Commission explained that they considered the products of the firms and concluded that the relevant market was the provision of long-term and short-term insurance products in Eswatini.
“Post-merger, the market shares in the relevant market, market concentration, countervailing power and barriers to entry will not be affected by this transaction.

The Commission concluded that the transaction is unlikely to result in the substantial lessening or prevention of competition. The transaction was therefore, approved without conditions,” said the Commission.

Subsidiary

Metropolitan Life Swaziland is a subsidiary of Metropolitan Momentum International Holdings (MMI) and was established in March 2008, having been granted a license to operate as an insurance company by the office of the Registrar of Insurance and Retirement Funds in November 2007.
The local company aims to provide equally affordable financial solutions to the corporate and retail sector in Swaziland and enjoys the financial strength of Metropolitan Momentum International Holdings Limited (MMI).

Metropolitan Life Swaziland Ltd uses its risk management expertise to ensure that the issues affecting companies in the Swaziland market are managed in a way that protects the interests of policy holders and shareholders.
Capitalising on the expertise of Metropolitan that has always been a leader in the development of the affordable financial solutions, our capability has already found its way into the product development for the Swaziland market.

The Metropolitan Life Swaziland suite of products addresses the needs of the Swaziland corporate sector, brokers and individuals through a range of new generation life, investment and retirement products that address the needs of the local life insurance market.

Metropolitan Life Swaziland’s ability to provide an efficient service to brokers and policyholders is the result of combining modern, flexible and integrated administration platforms with people-skills and an investment in the capabilities of our staff through training.
(Source: www.metropolitan.co.sz) 

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