BEM seeks to buy Western Insurance Botswana

The Competition and Consumer Authority has received a merger notification for the proposed acquisition of 100 percent of the issued share capital in Western Insurance Botswana by Boago Emerging Markets.

According to a statement, the acquiring enterprise, BEM, is a special purpose vehicle created for the purpose of the transaction. BEM, is wholly controlled by Acute Investments Holdings which is in turn a wholly owned subsidiary of Acute Global Ltd ultimately controlled by Patricia Moshoke, a Motswana business woman. These companies are limited liability companies incorporated in accordance with the Laws of Botswana. BEM has a sole director, Judith Oabile ( Motswana).

The target enterprise, WIB, is a limited liability company incorporated in accordance with the Laws of Botswana. WIB, is directly controlled by Western National Insurance Company Ltd , which is in turn a 100 percent subsidiary of Western Group Holdings Ltd. These are Namibian based entities. Western Holdings is ultimately controlled by PSG Group, a company listed on Johannesburg Stock Exchange. WIB, is a short- term or general insurance provider duly licensed with the Non- Bank Financial Regulatory Authority. The Directors of WIB are Victor Biki Nnoi ( Motswana) and Jurgen Hellweg ( Namibian).