A WEE DRAM
CHRIS GILMOUR: AfroCentric to focus on trimming fat while preparing for possible state scheme
AfroCentric believes by applying several innovative interventions, costs can be significantly reduced
Healthcare investment holding company AfroCentric is a hidden gem, founded in 2005 by former SABMiller chairman Meyer Kahn, Bidvest pioneer Brian Joffe and Netcare founder Motty Sacks. It has a solid earnings and dividend track record, has made significant acquisitions over the past two years and the group is now more highly focused than ever. Financially, AfroCentric is solid, with no debt and R700m of cash on its balance sheet, and management believes it is well-positioned for future growth. Its most notable investment is a 71% holding in Medscheme, one of the country’s largest medical scheme administrators, which has 3.6-million lives under management. Medical aids that fall under Medscheme include Bonitas and the Government Employees Medical Scheme. Additionally, AfroCentric has a strategic alliance with Sanlam, which owns 29% of Medscheme.
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