A prescient deal for African Bank chair
Former Liberty CEO and African Bank chair Thabo Dloti's Sithega Financial Services finally takes a controlling share of Prescient Holdings and plans to invest in life and short-term insurers focused on the mass market
Two years after Thabo Dloti left the hot seat at Liberty, he has re-emerged as the new controlling shareholder of Prescient Holdings. It is only about two weeks since his company, Sithega Financial Services, launched its website, but the process to buy control of Prescient has taken more than a year as it needed the approval of regulators in SA, Ireland, Jersey and China. Sithega will own 75% of the Prescient Empowerment Trust, which in turn owns 56% of Prescient Holdings. It has paid R360m for this stake, with support from a range of long-term stakeholders. These include Yellowwoods, the holding company of the Enthoven family, which controls Hollard. Prescient has R88bn under management and R415bn under administration, a stockbroker in the equities, derivatives and fixed income markets, and a small wealth management business in Cape Town.Dloti says Sithega will not invest in any business which competes with Prescient. But it will invest in life and short-term insurers, particularly...
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