Saturday, June 06, 2020
Text Size

Acquisition of 49% shares in NIKO African Investment Limited by Santam Limited (South Africa)

On 30th July, 2012, NICO Holdings Limited applied to the Commission for authorisation of the acquisition of 49% stake in NIKO African Investment Limited owned by NICO Holdings Limited (NICO) to Santam Limited of South Africa. NICO Holdings Limited was a holding company whose business extends to financial service provision such as banking, short term insurances, pension administration, asset management and information technology. The applicants owned 100% shares in its subsidiary, NIKO African Investment Company, domiciled in Mauritius.

Under the transaction, first step was the transferring of shares held by NICO Holdings in its subsidiaries namely NICO General Malawi, NICO Zambia, NIKO Uganda, NIKO Tanzania and SFG Zimbabwe to NIKO African Investment Company.

 The second stage, involved the selling of 49% shares in NICO Holdings owned in NIKO African Investments to Santam Limited. After the transaction NICO Holdings would remain with 51% controlling shares. On the other hand, Santam Limited, a subsidiary of Sanlam Limited, is engaged in short term insurances in South Africa.

An assessment conducted by the Commission showed that the transaction was not likely to lead to substantial lessening of competition in the relevant market. Instead, the transaction would assist NICO Holdings Limited to acquire technical competencies and skills from Santam Limited. On that account, the Commission authorized the transaction.

Request a copy of the full determination: This email address is being protected from spambots. You need JavaScript enabled to view it.


Complaints Form

You can post a quick consumer complaint by filling the form below. Alternatively, Click here to download our complaints form which you can fill and drop at our offices (view map) or email to

Full Name (*)

Please type your full name.
E-mail (*)

Invalid email address.
Tel/ Mobile

Invalid Input

Invalid Input

Company/ Institution Involved

Invalid Input
Its Physical or Postal Address

Invalid Input
Details of Complaint

Invalid Input

Please let us know how and when to contact you.

How should we contact you?

When would you like to be contacted? (*)

Please select a date when we should contact you.


CFTC – Just Competition, Fair Trading

Consumer Complaints

Click here to download our complaints form which you can fill and drop at our offices (view map) or email to