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AfLife Celebrates 30th Anniversary

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Lusaka, November 2, 2022 – African Life Financial Services (AfLife), Zambia’s largest private fund manager is celebrating its 30th Anniversary. To mark this milestone, AfLife has engaged the market over the last few weeks with selective activities including an Investors Conference, Investor education clinics, press briefings and is also hosting a one-of-a-kind Gala Dinner on 3rd November, 2022 at the Inter-Continental Hotel. Hon Situmbeko Musokotwane Minister of Finance & National Planning will be the Guest of Honour.

The evening affair will also serve as the launch of the AfLife Holdings Group – a cluster of 6 companies namely AfLife Financial Services, AfLife Capital, AfLife Properties, AfLife Private Wealth Management, Benefits Consulting Services and Zambian Home Loans.

Mr Muna Hantuba, Group Chief Executive Officer of AfLife Holdings Group says “As we celebrate our 30-year journey, we are grateful to all our clients, our international partners and our regulators for the roles they have played in our growth. The launch of the AfLife Holdings Group is a testament to our clients’ trust.

They have made it possible for AfLife Holdings Group to become a home-grown success story as well as beacon of excellence in our nation.” He adds that “by consistently delivering results, our clients can count on us to deliver returns on their investments and ultimately securing their financial futures. This trust is what has collectively led to AfLife becoming the largest private sector investment managers in Zambia.”

AfLife has over 8 Billion Kwacha in assets under management, covering over 275 pension schemes under pooled and segregated mandates, with underlying individual members in these schemes totalling over 55,000.
The AfLife genesis dates back to 1992 when a division of Anglo-American Corporation (Anglo) in Zambia was created to manage the pensions of its subsidiaries under a pooled fund called Saturnia Regna Pension Fund. The division would later become a subsidiary, ACCA Management Services Limited (AMSL) under the Financial Services division of Anglo.

AMSL quickly captured significant market share by on-boarding non-Anglo companies into Saturnia while introducing segregated funds through the acquisition of clients independent of Saturnia. Today, the Group also manages the Golden Sunset Pooled Pension Fund and several individual pension plans.

In 2000, AMSL went through a regulatory restructuring as Anglo prepared to exit Zambia, which saw 50% shareholding being acquired by Johannesburg Stock Exchange (JSE) listed company, African Life Assurance Services of South Africa, through their Botswana subsidiary, Botswana Insurance Fund Managers (BIFM), ultimately leading to the name changing to AfLife.

After Anglo exited AfLife in 2004, Menel Management Services (Menel), a consortium of local Zambians backed the AfLife senior management and acquired a 30% stake, while BIFM increased its stake to 70%. BIFM’s stake would later be diluted to 49%, making the local Zambian consortium majority shareholder as a result of changes to the Pensions Scheme Regulation Act which required that pension fund service providers be majority Zambian-owned.

In 2012 a strategic decision was made to embark on the separation of service offerings such that management of investments would be independent of the management of the administration of pensions, properties, and other activities associated with the management of pension funds in general. This led to the formation of Benefits Consulting (BenCon) which would focus on pensions administration, AfLife Capital to focus on transactions and advisory services, AfLife Properties to focus on managing property assets in the portfolio, while AfLife Financial Services would focus on investment management.

In addition to this, Zambian Home Loans was established to provide mortgages to the Zambian market, while AfLife Private Wealth Management is currently being set up to provide a platform for managing wealth for affluent individuals. Each of these entities have different management teams, and are under the oversight of different boards of directors.

To coordinate the activities of the respective business units much more effectively and to ensure efficient utilisation of resources while exploiting the synergies that exist between the business units, AfLife Holdings Group was established in 2022, with the unique positioning of being able to provide seamless and integrated savings and investments services as well as related financial services to its clients, both at home and abroad.

About AfLife Financial Services
AfLife Financial Services is Zambia’s largest private investment manager and a pioneer of the Zambian investment management industry, having a track record that goes back 30 years to the liberalization of the Zambian financial services sector.

AfLife Financial Services has capabilities across all major asset classes that are managed either through segregated or pooled mandates depending on the investor’s preference. In addition to pension fund management AfLife Financial Services has proven capabilities in managing the life and non-life assets of insurance companies as well as a retail offering under the Mpile Unit Trust umbrella of collective investment schemes.

Through Mpile Unit Trust platform, AfLife offers individuals an opportunity to save and build up financial resources towards any aspiration of their choice.

Business

Experience the Next Level of great entertainment with DStv Step Up!

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IT’s February and still feels like Jan-worry, but we have just the thing for you! Introducing the Step Up campaign, designed to elevate your viewing experience without breaking the bank. Welcome to the big leagues of entertainment!

From January 15th to March 31st, 2024, subscribers have the chance to upgrade their package and enjoy a plethora of additional channels at an unbeatable price.

Here’s a brief overview of how the Step Up campaign works and how you can make the most of your DStv subscription:

What is the Step Up Campaign?

Step Up is a limited-time offer for DStv subscribers. During this campaign, subscribers can upgrade their package to a higher tier and receive a further upgrade to an even higher package within 48 hours of payment. It’s like getting a premium experience at a fraction of the cost, courtesy of DStv!

How does it work?

• If you’re on DStv Lite (K120), upgrading to DStv Access (K190) will bump you up to DStv Family (K345), unlocking lifestyle channels, more music options, top-notch kids’ entertainment, and premium European football coverage.

• Subscribers on DStv Access (K190) who upgrade to DStv Family (K345) will enjoy access to DStv Compact (K520), featuring the best in local content, the Premier League, and more.

• Upgrading from DStv Family (K345) to DStv Compact (K520) grants you a whole month’s access to DStv Compact Plus (K770), offering UEFA Champions League matches, international series on 1Magic, and captivating documentary channels like History Channel.

• Those on DStv Compact who upgrade to DStv Compact Plus (K770) will find themselves enjoying DStv Premium (K1,200), where blockbuster movies, hit series, and premium sports like Tennis, Golf, and F1 await.

Take the leap and Step Up today to indulge in a wide array of entertainment options, experience your favourite shows in high definition, and access exclusive content available only on higher-tier packages.

If you’ve recently been disconnected, fear not! Simply reconnect to one of the eligible packages mentioned above and elevate your viewing experience. Plus, enjoy the convenience of watching your new package on DStv Stream, anytime and anywhere.

Don’t let this opportunity pass you by in the new year. Step Up to a whole new level of entertainment with DStv!

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Delta Mines acquires 51% stake in Mopani Copper Mines in $1.1 billion deal.

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DELTA Mines Plc, has concluded the acquisition of 51% shareholding in Mopani Copper Mines (MCM) translating into a US$1.1 billion investment into the mine.

In a statement, ZCCM-IH Corporate Affairs Manager Loisa Mbatha said ZCCM-IH will retain 49% shares in Mopani, with 3 out of 9 board seats while Delta will have 5 and government one seat

She said the approval was made during a Shareholder’s Extraordinary General Meeting (EGM) held in Lusaka last week.

“ZCCM Investments Holdings Plc (ZCCM-IH) shareholders have unanimously approved the Mopani Copper Mines Plc (Mapani) transaction where Delta Mining Limited (Delta), a subsidiary of International Resource Holdings (IRH), has agreed to acquire a 51% shareholding in Mopani for a total investment of up to US$1.1 billion,”she said.

ZCCM-IH Board Chairperson Kakenenwa Muyangwa said the transaction is a landmark achievement that delivers significant value to ZCCM-H, Mopani, and the Zambian people.

“It’s pleasing to note that IRH has committed to retain Zambian workers, including the management team, who will be complimented by new skills and expertise from Delta to facilitate the expansion of MCM production to 200, 000 tonnes per annum”, said Mr Muyangwa.

ZCCM-IH Board Director Phillippe Taussac who represents minority shareholders said that “the extinguishing of the Mopani $1.5billion debt that ZCCM-IH had guaranteed, will certainly lead to significantly improved financial performance for all ZCCM-H’s shareholders.

(Mwebantu, Tuesday, 27th February, 2024)

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Zambia aims for enhanced healthcare accessibility, as Japan donates 100 hospital beds to Zambia

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ZAMBIA’S Ambassador to Japan, Tobias Mulimbika, says the Government is committed to ensuring equal access to quality healthcare for all citizens.

The Ambassador highlighted efforts to improve healthcare accessibility, noting nationwide upgrades and construction of health facilities.

He noted the conversion of several clinics to district hospitals, supported by JICA. Specifically, clinics in Lusaka Province such as Matero, Chilenje, Chawama, Kalingalinga, and Kanyama were upgraded, along with Chamboli clinic in Kitwe District and Mushili clinic in Ndola District of Copperbelt Province.

Dr Mulimbika made these remarks during the official handover of 100 hospital beds donated to Zambia from Yao Tokushukai General Hospital.

The event took place at the Zambian Embassy in Tokyo on Wednesday.

“We is hope to further strengthen the cordial relations between the two countries, especially considering that this year marks 60 years of bilateral relation between Zambia and Japan,” he said.

Speaking earlier, Dr Toshiko Abe, a member of the House of Representatives in the Japanese Parliament, explained that the Ministry of Health in Zambia had requested her office to lobby for beds to supplement the Government’s effort in the provision of health care services.

Dr Abe emphasised that the 100 beds were intended for use in both existing and newly constructed hospitals across the country.

She reiterated her commitment to further enhancing cooperation between Zambia and Japan in many priority sectors.

The Yao Tokushukai General Hospital is affiliated with the Tokushukai Medical Corporation, established in 1973 with a focus on providing high-quality medical care, research and education. The corporation has assisted Zambia establishing the first renal unit at the University Teaching Hospital in Lusaka.

This is according to a statement issued by First Secretary Press and Public Relations Faith Chilube.

(Mwebantu, Saturday, 24th February, 2024)

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