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Britam touts growth, services

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Britam says the rebranding exercise it carried a few months ago has helped to boost penetration and customer base subsequently leading to growth of the business.

Britam Chief Executive Officer, Grant Mwenechanya, said the business is also now better positioned in service delivery after shareholders injected additional capital into the business.

Mwenechanya was speaking at a press briefing as part of the customer service week the company held in all countries of its operations. At the beginning of the year, Britam acquired 99 percent shares from Real Insurance under a deal involving cash and share exchange valued at $15.74 million.

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According to Mwenechanya, the acquisition has significantly influenced further growth of the business in the country.

“We have seen some growth in the business that is coming through. And a few things have changed in the way we are doing business,” Mwenechanya said.

After purchase of majority shares, the company bought 87.5 million ordinary shares from minority shareholders at K 3.00 per share, which paved way for its delisting from the Malawi Stock Exchange.

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Following court approval of minority share buy-out scheme, the firm delisted from the stock market, a move that made MSE concede has created new pressure for the bourse to find ways of listing new companies.

This was part of restructuring of the company in an attempt to recapitalise and meet the Reserve Bank of Malawi newly set capital requirement of K750 million for general insurers, from K50 million previously.

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