Africa-Press – Tanzania. SANLAM Life Insurance Tanzania Chief Executive Officer Julius Magabe wants to acquire 5.0 per cent shares of the insurer.
However, Mr Magabe share purchase is subjected for approval from the country’s Fair Competition Commission (FCC).
Mr Magabe, who is also Regional Executive – East Africa for Sanlam Pan Africa, wants to acquire 18,847 shares which equal to five per cent shares of Sanlam Life, according to FCC.
The FCC said in a public notice published yesterday that based on Competition Rules 2018 they “review and investigate of the intended acquisition with a view to examine whether the move is likely to harm competition”.
“According to Rule 49 read together with Rule 41(6) of the Competition Rules, 2018, parties, both legal and natural (petitioners) who deem themselves as having sufficient interest in this merger or the merger is not objected to, it will have or is likely to have a material effect on their interests, are invited to submit their interests, objections or information (Petition),” read part of the notice published on this paper.
Mr Magabe a seasoned insurer with over 22 years’ experience in insurance and risk management is Tanzanian.
Sanlam Life opened doors in Tanzania over a decade and half ago and its pre-tax profit has tremendously increased by over 80 per cent last year.
The life insurer firm engages in business of life assurance as licensed by Tanzania Insurance Regulatory Authority (TIRA).
