Zurich evaluates a potential offer to buy the remaining stake in Zurich Insurance Company South Africa

Zurich Insurance Company South Africa (the Company) confirms that its board of directors is authorised to announce that the Company’s majority shareholder, SA Firehouse Limited, a wholly owned subsidiary company of the ultimate holding company Zurich Insurance Group Ltd, intends to make an offer to all minority shareholders at a price of R240 per share to acquire their shares by means of a scheme of arrangement in accordance with the Companies Act, 2008 (“the Offer”). The Company has received irrevocable undertakings from three shareholders, representing over 75% of the minority shareholders, that they will support the offer. 

Accordingly, shareholders are advised to exercise caution when dealing in the Company’s shares until a further announcement is made.