Millicom Sells Part of its Stake in BIMA

PR Newswire

LUXEMBOURG, Dec. 19, 2017 Millicom announced today that it has reduced its ownership stake in BIMA from 20.4% to 12.0% as part of a transaction that sees Allianz X investing $96.6m in the micro-insurance business. As a result of the transaction, Millicom receives $24m in cash.

BIMA is a leading digital micro-insurer utilizing mobile technology to serve low-income customers in Africa, Asia and Latin America. BIMA's proprietary technology delivers affordable insurance and health products to emerging markets customers. Since launching in 2010, BIMA has scaled operations in 14 countries and has 24 million registered customers to date.

Mauricio Ramos, CEO of Millicom, commented: "Being one of the founding shareholders of BIMA, we see this new strategic investment of a leading insurance company such as Allianz into the company as a big success, and as a testament that digital technology has the power to transform lives in emerging markets."

Millicom remains an investor in BIMA who has continued belief in the company's potential and supports its partnerships in Ghana, Tanzania, Senegal, Honduras and Paraguay.

The sale is part of a larger transaction including sales by shareholders such as Leapfrog, a new investment by Allianz, and additional investment by existing shareholder Kinnevik.

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