Leading financial services provider Alexander Forbes East Africa Limited is rebranding after a change of ownership that has resulted in Alexander Forbes Group of South Africa reducing its stake.
Alexander Forbes Group of South Africa, which is listed on the Johannesburg Stock Exchange (JSE), has cut its shareholding in Alexander Forbes East Africa to comply with an amendment to the Retirement Benefits Act that restricts foreign ownership in a pension fund administrator to a maximum of 40%.
Alexander Forbes (South Africa) is now a minority shareholder with a 31.3% stake down from 60% and this has necessitated a change in the brand from Alexander Forbes to Zamara.
“We have valued our partnership with Alexander Forbes, but the legislative change has given us a unique opportunity to chart our own destiny and strategy that will include new products and services and an expansion drive,” said Alexander Forbes East Africa Group Chief Executive Officer Sundeep Raichura.
Mr Raichura said that there will be no interruption in operations or a change in management as a result of the rebranding exercise.
“We wish to inform our customers, employees and other stakeholders that our operations will continue uninhibited as we enter a new and exciting phase in our business and bring a fresh perspective to financial services. Our team is committed to continue providing the highest quality of actuarial, pensions, medical and insurance solutions,” said Mr Raichura.
The new entity is now majority-owned by Kenyan investors and the Employee Share Ownership Plan (ESOP). The leadership ladder will remain unchanged led by Board Chairman Mr Michael Waweru, Group Chief Executive Sundeep Raichura and Executive Director James Olubayi.
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