adminthe deal would see his company initially investing in information technology infrastructure, human resources and motor vehicles.
“Most likely our delegation will head for South Sudan the first week of July to sign the deal with a private company known as the National Insurance Company of South Sudan and the venture will be on a 50-50 basis.
“The company expressed their desire to partner with us as they seek to tap into long- term insurance and our initial investment into the company would be in terms of IT infrastructure, motor vehicles and the human resource aspect of operations,” he said.
Mr Chapereka added that if everything goes according to plan then the deal is likely to bring returns by next year though he could not be drawn into divulging what the financial rewards would be.
Mr Chapereka also revealed that Fidelity Life Assurance was also in the process of rationalising its business structures as it seeks to achieve a reduction in expenses and said the assurance portion in Fidelity Life Assurance is being merged with the Individual Life division at the main.
“This move will result in rationalisation of licences, elimination of the duplication expenses both administrative and marketing while focusing on similar business under one roof but the funeral services business will be left as a stand-alone though it will be recapitalised for a competitive edge,” added Mr Chapereka.
Responding to questions from the media on the sidelines of the AGM, Mr Chapereka added that employees would not be affected and no jobs will be lost. Instead the move will result in the company saving up to 20 percent on business expenses incurred and added that the only consequence on their staff was possible re-assignment.
The company has also said its Fidelity SouthView Park housing project is going according to plan and currently council is numbering the stands.
Once that is completed then they will go to tender for servicing of the stands with the actual servicing expected to commence by August this year.
Online Reporter