Sanlam in talks for another stake in Malawi's NICO Holdings

JOHANNESBURG Fri Oct 11, 2013 6:25am EDT

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JOHANNESBURG Oct 11 (Reuters) - South African life insurer Sanlam said on Friday it is in talks to acquire 49 percent of the general insurance business of Malawi's NICO Holdings in four African countries for an undisclosed amount.

Sanlam, which already owns 49 percent of NICO's life insurance business in Malawi, said in a statement it was in talks to take a similar stake in NICO's general insurance operations in Malawi, Tanzania, Uganda and Zambia.

Sanlam said last month it had a 3.2 billion rand ($322.65 million) war chest for acquisitions in Malaysia or Indonesia and expansion in Africa.

Listed in Blantyre, Malawi's commercial capital, NICO Holdings has life insurance, general insurance and banking units.

The company had 26.44 billion Malawi kwacha ($70.5 million)in revenue in 2011, according to Reuters data.

Sanlam also has interests in India, Malaysia and 10 African countries.

Sanlam's shares are up 1.3 percent at 1023GMT, compared with a 0.66 percent rise by Johannesburg's All-share index.

($1 = 9.9178 South African rand) ($1 = 375.0000 Malawi kwacha) (Reporting by Helen Nyambura-Mwaura; editing by David Dolan)

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