A consortium led by South African financial services company Vunani Ltd. agreed to acquire all the shares of Botswana-based Stanlib Investment Management Services Pty. Ltd. from Liberty Holdings Botswana (Pty) Ltd.
Vunani Capital (Pty.) Ltd., the investment arm of Vunani, owns 60% of the consortium while the local citizens of Botswana hold the remaining stake.
The transaction is part of Vunani's diversification strategy to expand its presence in the Southern African Development Community region.
Stanlib Botswana's funds under management stand at 4.3 billion pula. The company and its business will be renamed within three months following the closing of the transaction, which is subject to regulatory approvals.
As of Sept. 5, US$1 was equivalent to 10.93 Botswana pula.
