Momentum Metropolitan has concluded 100% sale of its Zambian businesses to Finsbury Investments Limited.
Momentum Metropolitan Chief Executive Office Kudakwashe Mudzengi thanked various stakeholders that have fully supported them during their time in Zambia.
Mr Mudzengi said the staff, clients and intermediaries in Zambia have been instrumental in enabling Momentum Metropolitan to build strong businesses in a relatively short period.
He said Finsbury is a strong and reputable local shareholder who will continue to serve its clients, grow the business and support its intermediaries and other distribution partners.
Finsbury, one of the largest investment groups in Zambia has significant in-country knowledge and relevant expertise and we believe is therefore well placed to continue the company’s growth and success trajectory.
Momentum Metropolitan has been a major shareholder in Metropolitan Zambia for the past eight years, having launched in July 2012, and has steered the company successfully through its start-up phase.
Every effort has been made to ensure a seamless transition to the new owners, especially for clients, intermediaries and employees.
Momentum Metropolitan’s decision to exit Zambia is in line with its 2017 announcement to initiate an ongoing review of its African operations.
The company advanced this focus with the announcement of its Reset and Grow strategy in September 2018.
The strategy includes an increased focus on successfully growing the core businesses in South Africa, ongoing review of African operations, as well as delivering and enhancing shareholder value in the countries in Africa where Momentum Metropolitan will maintain a market presence.
