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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Pan African Resources plc    PAF   GB0004300496

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Pan African Resources : Insurer Ends Group Board Meetings in Monrovia

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04/25/2017 | 05:06pm CEST

The construction of a national headquarters in Monrovia that would cost hundreds of thousands United States dollars as well as robust reinvestment in the operations of ACTIVA International Insurance company, not just in the Liberian branch (ACTIVA-Liberia), but the region, were some of the highlights of the just ended ACTIVA Group Board Meetings convened in Monrovia.

According to the Group's Founder and Executive Board Chairman, Richard Lowe, ACTIVA wants to construct its national headquarters in the country in order to assure Liberians that the company is here to stay and help contribute to the country's development plans.

Speaking to the Daily Observer at the end of the week-long meetings last Thursday, Lowe said Liberia is an ideal environment for business and that the company's commitment to help in the development drives of each African country has made it more compelling for ACTIVA to strengthen its operations in Liberia.

ACTIVA executives brainstorming in Monrovia

The ACTIVA continental boss indicated that since 2012, the operations of ACTIVA-Liberia have tremendously improved, thanks to the good leadership and strategic skills of the Managing Director, Atty. Saye Gbalazeh, "who has been doing a very great job." He described Atty. Gbalazeh as a very experienced and skillful insurance executive who has the charisma and the technical knowhow to lead its operations here.

"Our presence here in Liberia is to have Board Meetings for our branches. ACTIVA Insurance Group is one of the Pan African groups on the continent. We decided this year to have the Board Meetings of Ghana, Sierra Leone and Liberia here in Monrovia," he said.

Also present at the meetings were ACTIVA-Liberia Board Chairman Stephen Kyerematen and twenty (20) officials from ACTIVA's operations in Liberia, Sierra Leone, Ghana, and Cameroon.

At the Board Meetings in Monrovia, Chairman Lowe said that major discussions were centered on the group's financial status for the year 2016. "This is the time we close the previous year so it has been very important for us to meet here and see the figures. We will see what the branch did last year and review some of the major decisions that were taken.

"The choice of having this meeting in Monrovia is not neutral because we believe in this country, we believe in the growth of its economy and we believe in the future of this country's economy.

"So we wanted to take this opportunity to be here and get more informed about how the country is developing. This is why, concerning specially Liberia, we have to project the construction of our headquarters as soon as we will be able to have a land for that purpose," he said.

Meanwhile, Chairman Lowe has echoed the longstanding calls of African Development Bank (AfDB) presidents, including immediate past presidents Dr. Donald Kaberuka and Dr. Adesina, that Africans should take ownership of the development of the continent to improve the lives of the people.

"I totally agree with this concept that we Africans are the ones who are able to develop our continent. We should or must not wait for foreigners to come," he added.

He indicated the continent has the requisite skills to engender its own development, adding: "We just need collective commitment from the governments and our people. We got the natural resources, the human resources, and the requisite skills and talents to move Africa forward."

Chairman Lowe called on Liberians to cultivate deep-seated love for their country, further indicating that Liberians must appreciate what they have--with reference to the country's beauty--stressing how all Liberians should work collectively for the forward march of the state.

He said Liberia is a blessed country with diverse natural resources and a good business environment.

Richard Lowe is the founder (1998) and Executive Chairman of the ACTIVA Group. In this role, he successfully led the expansion of the group throughout Africa and the development of its insurance and reinsurance businesses.

In addition to Lowe's position in the ACTIVA Group, he created and Chairs the Board of the Globus Network ("Réseau GLOBUS") - the largest insurance network in Africa - which delivers insurance solutions in almost 40 countries on the continent.

Prior to founding the ACTIVA Group, Richard LOWE spent more than 18 years in senior management roles with a leading international insurance company. He serves on the Board of several companies in the financial sector (insurance and reinsurance, banking) and is a former Chairman of the Association of African Francophone Insurers (FANAF).

For his part, ACTIVA-Liberia Board Chairman Stephen Kyerematen lauded Atty. Gbalazeh for "the tremendous job in the country" that has placed the company second to none in a little over four years since the inception of its Liberia operations.

Kyerematen said he has a close connection to Liberia. "I have some good friends in this country dating as far back as the 1980's. This is why the ACTIVA group mandated me to come and prospect here for the establishment of ACTIVA Liberia in late 2012," he said, adding that he feels at home whenever he visits Liberia.

He said the ACTIVA Group is an African sub-regional insurance group made up of a holding company domiciled in Mauritius; and the mother company itself, ACTIVA Assurance, is domiciled in Duala, Cameroon. Other subsidiaries of the group are in four other countries in West Africa.

"The Holding Company has a 19% capital participation by the International Finance Corporation (IFC), which is an organ of the World Bank," he noted.

Kyerematen said the group is gradually taking over the insurance market in Africa because of the ideal business practices the group has employed, adding: "What we do is to offer the most professional services possible in insurance and reinsurance to all categories of insurance clientele, be it international or global clients, or local or Liberian clients."

Copyright Liberian Observer. Distributed by AllAfrica Global Media (allAfrica.com)., source News Service English

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Financials ( GBP)
Sales 2017 205 M
EBIT 2017 38,4 M
Net income 2017 34,0 M
Debt 2017 27,2 M
Yield 2017 4,92%
P/E ratio 2017 6,81
P/E ratio 2018 5,36
EV / Sales 2017 1,85x
EV / Sales 2018 1,73x
Capitalization 352 M
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Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 0,21  GBP
Spread / Average Target 33%
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NameTitle
Cobus Loots Chief Executive Officer & Executive Director
Keith Cousens Spencer Independent Non-Executive Chairman
Anaki Karigeni Chief Operating Officer
Gideon Petrus Louw Finance Director & Executive Director
Hester Helena Hickey Independent Non-Executive Director
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