Alexander Forbes Financial Services Uganda Limited has rebranded to Zamara Actuaries, Administrators and Consultants (U) Limited, following the exit of the South African financial services group from Uganda.

In a statement released on August 21, 2019, Alexander Forbes confirmed that they had sold their 51% stake in the Ugandan operation to Kent Holdings Limited- who previously owned 49% of the Ugandan operations.

“Alexander Forbes Emerging Markets (AFEM) and Kent Holdings are pleased to announce that an agreement has been reached on a sale of shares to Kent Holdings Limited.

On 2 July 2019, a sale of shares agreement was executed in terms of which, AFEM sold 51% in Alexander Forbes Financial Services Uganda Limited, to Kent Holdings Limited, a co-shareholder in Alexander Forbes Financial Services Uganda Limited,” read a joint statement released by Bonga Mokoena the AFEM Chief Executive Officer and Kwame Ejalu, the Kent Holdings Limited Chairman.

The statement however said that “the sale of shares agreement is subject to fulfilment of conditions precedent.”

“The terms and conditions of the sale agreement remain confidential,” both executives announced, but confirmed that Alexander Forbes has effected a name change and will now be known as Zamara Actuaries Administrators and Consultants (Uganda) Limited.

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