Alexander Forbes Financial Services Uganda will become Zamara Actuaries, Administrators and Consultants in a partnership that now gives Kent Holdings a majority stake in the new entity.
In a statement sent to Daily Monitor yesterday, Mr Kwame Ejalu, the Kent Holdings chairman, said the name change, which was gazetted on July 17, will be a partnership between Kent Holdings, which yesterday announced a 51 per cent acquisition in Alexander Forbes Financial Services Uganda, and Zamara Group.
The partnership, he noted, will blend Kent’s 22 years of local experience and strategic leadership with Zamara’s 23-year African heritage and technical capacity.
“Zamara Uganda will now add to our portfolio pan-African expertise, actuarial services and other online solutions that we previously did not offer,” he said, adding that the company would provide more details after the transaction between Alexander Forbes and Kent Holdings has been fully completed.
Yesterday, Daily Monitor reported that Alexander Forbes Financial Services Uganda had sold 51 per cent of its stake to Kent Holdings, after the South African company announced its exit from Uganda in May.
Kent Holdings had previously held a 49 per cent stake in Alexander Forbes Financial Services Uganda. .
In a joint statement signed by Mr Bonga Mokoena, the Alexander Forbes chief executive officer and Mr Ejalu, no further details of the deal were provided, noting that: “The terms and conditions of the sale agreement remain confidential.”
“Alexander Forbes Financial Services (Uganda) Limited, has been by a special resolution passed on July 10 2019 and with the approval of the registrar of companies changed its name to Zamara Actuaries Administrators and Consultants Limited – July 17, 2019,” a general notice no. 762 of 2019, reads in part.
Mr Ejalu yesterday, said Zamara would inherit and continue to serve a 40 per cent market share of the managed private pension funds sector in Uganda and managed assets under administration portfolio in excess of Shs380b.
Mr James Olubayi, the Zamara Group executive director, yesterday said Uganda was “one of the key strategic” markets in the region with largely unexploited potential.
“We are seeking to elevate the quality of advice and solutions offered to stakeholders and inevitably be a game changer for clients in Uganda,” he said noting that they were looking forward to the extended partnership with Kent Holdings, clients, stakeholders across Africa.
Uganda is the sixth Zamara operation after Kenya, Nigeria, Rwanda, Tanzania and Malawi.
Zamara started operations in Kenya over 23 years ago as Hymans Robertson and later changed to Alexander Forbes but changed to Zamara Actuaries, Administrators and Consultants Limited, following the exit of Alexander Forbes from Kenyan in 2017. According to Ms Miriam Ekirapa Musaali, the Zamara Uganda chief operating officer, who had previously been working with Alexander Forbes, the company will continue with its energetic, creative team that is committed to offer superior services in the areas of consultancy, advisory and administration to pension funds in Uganda and “further enhance our offering and advice to truly world class levels.”