CTC approves the acquisition of NicozDiamond by First Mutual

Competition and Tariff Commission (CTC), an organization tasked to oversee competition, has approved the takeover of NicozDiamond Insurance by First Mutual Holdings Limited (FMHL).

South African group, previously in possession of a 30.03% stake in the Zimbabwean insurer, now detains 80.92% of its capital.

FMHL has already initiated merger process of the entity acquired with Tristar Insurance Company Limited (TICL), a local subsidiary it detains at 100%.

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• First Mutual Holdings acquires NicozDiamond