Citizens buy majority stake in First Sun
Isaac Pinielo | Thursday April 7, 2016 18:00
The firm, which prides itself on being an ‘all-risk insurance provider’, announced on Tuesday that it has enlisted new citizen shareholders; Tiny Kgatlwane, Tebatso Lekalake, Keneilwe Mere and Kgaotsang Matthews, to acquire a majority stake of 51 percent in First Sun Alliance.
FSA managing director, Paul Chitate told Mmegi Business that the inclusion will put the company on a more competitive edge through citizen empowerment and joining up with qualified people in a high level.
“It is all part of a regional programme that First Sun wishes to undertake by empowering citizens,” he said.
Before the transaction, the Chitate family held 100 percent shareholding in FSA.
Commenting on behalf of the new shareholders, Kgatlwane who is now the FSA executive director, noted: “It is the general expectation in the country that all entities operating in Botswana should endeavour to do citizen inclusion and empowerment”.
In a press release issued by the company, the former BIFM CEO expressed gratitude at joining the firm, adding that she looks forward to contributing towards its growth and enhancing the prevalent peace of mind of the company’s clients.
Sharing Kgatlwane’s sentiments, Chitate noted that the new majority shareholders have been entrusted to take FSA to even greater heights. “Our business approach is premised on building personal relationships and excelling on service. Our commitment to service will now be enhanced by Kgatlwane’s extensive experience and exceptional business acumen,” he said. FSA’s main business is to manage risk and ensure that client’s investments and properties are secure and sustainable.
First Sun Alliance primary service provisions include individual and group life insurance, marketing and administration, risk management, short-term, offshore life insurance, investments marketing and administration, fund and asset management, group benefit risk and benefit scheme administration and unit trusts.
“First Sun Alliance is the insurance broker of choice, for short-term, long-term, offshore investments, fund and asset management, and risk management,” read the press release.
Founded by Chitate in 1999 as an insurance broking company under the provision of the Botswana Insurance Act, First Sun Alliance has since grown to a regional operator and is now registered in South Africa and Zimbabwe.
Management pointed out that its establishment was primarily motivated by First Sun Alliance management’s desire to operate a viable independent business and play a role in the indigenisation of the insurance industry in Botswana.
Chitate has indicated that it is on course to grow its regional footprint grounded in one of the most stable markets in the region.
He said the company strives to be continuously relevant to clients’ needs at the same time ensuring that appropriate attention is given to all clients.
“We pride ourselves as being in a position to look after both individual and corporates needs,” said the MD.
Having started operations with a staff complement of five, the firm has since grown to an average of 80 employees over the past 10 years.
Its head office is located at Kgale View, Gaborone and also has offices in Francistown and area representatives in Maun and Phikwe.