Continental Re extends $156.1m Botswana listing offer to October

Continental Reinsurance Holdings Limited has extended its $156.1 million public offer on the Botswana Stock Exchange to October 9. The extension, approved by the exchange, follows the original closing date of September 16.

The offering aims to make Continental Re the first reinsurer listed on the Botswana Stock Exchange. Of the total proceeds, $126.1 million is designated to buy out existing shareholders, while $30 million will serve as fresh primary capital for the company.

Group Managing Director Lawrence Nazare stated that the fresh capital will be used to strengthen underwriting capacity, support solvency and credit ratings, and scale the firm’s Alternative Solutions unit. The company operates through six regional hubs across Africa, including Gaborone, Lagos, Nairobi, Douala, Abidjan, and Tunis, serving over 50 countries.