FMHL to merge Nicoz Diamond, TristarInsurance

FMHL to merge Nicoz Diamond, TristarInsurance
Published: 11 August 2017
First Mutual Holdings Limited (FMHL) is planning to merge Nicoz Diamond Insurance Limited (NDIL) and TristarInsurance Company Limited if its proposed acquisition of the former goes through.

The implementation of the proposed merger will depend on FMHL's ultimate shareholding in NicozDiamond after the completion of the acquisition that is expected to take up to 24 months.

The insurance firm will seek shareholder approval for the proposed acquisition, a renounceable rights offer to raise $17,25 million and the proposed merger at an extraordinary general meeting to be held on August 31, 2017.

This follows FMHL's proposed acquisition of NDIL after the National Social Security Authority (NSSA) disposed of its controlling stake in the insurance firm within nine months after boosting its equity in the company.

TristarInsurance Company Limited, into a single short-term insurance entity.

NSSA is the largest shareholder in both NicozDiamond and FMHL. The merged entities are therefore expected to enjoy the benefits of having NSSA as their largest investor.
- Herald
Tags: FMHL,


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