Catalyst acquires 25% stake in ins. brokerage, OIH exists Pakistani subsidiary
Investment firm Catalyst Partners has acquired a 25% stake in Public Partners Ins. Brokerage (PPIB) as part of its plans to expand into ins. services, Al Borsa reports. The firm did not provide any other information on the value or specifics of the transaction.
The acquisition will see Catalyst Partners offer ins. services alongside the non-bank finance and direct investment it already provides to SMEs and family businesses, while PPIB clients will be offered existing Catalyst services. The two firms are also looking to set up tech infrastructure that would allow PPIB to offer ins. to individuals for the first time.
Just in time for the Ins. Act: The draft Ins. Act, which is currently in discussion by the House of Representatives, would make ins. compulsory for SMEs and freelancers.
ALSO IN M&A- OIH exits Pakistani subsidiary: Orascom Investment Holding (OIH) has sold its 51% stake in its Pakistani internet subsidiary Transworld Associates (TWA) for USD 35 mn (c. EGP 550 mn), the company announced in a disclosure (pdf) to the EGX on Tuesday. OIH didn’t disclose the identity of the buyer.
OIH telegraphed this nine months ago: The company announced its intention to exit its entire stake in the company in April 2021.
TWA is an internet service provider in Pakistan and owns a 1.3k km subsea cable connecting the country to the UAE and Oman.