Brainworks exits Get Sure Life Assurance in a $7 mln transaction
By Insurance24
HARARE, Brainworks capital management has entered into a share sale and purchase agreement with Nhaka Life Assurance Company Private Limited, in terms of which Brainworks will dispose 100% equity investment in
Get Sure Life Assurance private limited comprising 200 million ordinary shares to Nhaka for a total purchase consideration of US$7 million.
In an update Brainworks said the transaction which is classified as a category 2 transaction in terms of the listings requirements of the Johannesburg Stock Exchange (JSE) limited does not require approval by the shareholders.
“The broad or directors of Brainworks(the board) hereby advises shareholders that Brainworks capital management (private) Limited
(Brainworks capital management ) being a wholly owned subsidiary of the company has entered into a share sale and purchase agreement (the agreement) with Nhaka Life Assurance Company(private) Limited in terms of which Brainworks capital management will dispose of its
100% equity investment in Get sure Life assurance (Private) limited (Get sure) comprising 200 000 000 ordinary shares(sale share) to Nhaka for a total purchase consideration of US$6855 043 (the transaction),”.read the update.
The company last week announced that it had decided to dispose of its financial services section to focus on hospitality, leisure and real estate.
The plan is to restructure the company, by reducing its financial services component, focusing on leisure and real estate sectors through seeking investment opportunities in the supply chain to these sectors.
Nhaka shall have assumed a loan made by GetSure to Brainworks Capital Management to the value of US$ US$4 839 657 (“GetSure Liability”), and GetSure shall have entered into an off-exchange transaction for the
sale of 10 833 333 shares in GetBucks to GetSure (Proprietary) Limited (RSA) in full settlement of the debt due by GetSure to GetSure (Proprietary) Limited (RSA).
GetSure was granted its operating licence in December 2014 by the Insurance and Pension Commission of Zimbabwe and commenced operations in August 2015.
GetSure also holds 4.47% shares in GetBucks Microfinance Bank Limited (“GetBucks”), being 48908 810 shares in GetBucks.
